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The Paris market takes a few colors on Friday. In this holiday, where the activity is reduced, the CAC 40 was up. In mid-session, the index rose 0.65% to 3084.49 points after opening up 0.21%. Yesterday, he finished down slightly. In Frankfurt, the DAX index also advanced 0.96% to 5923.95 points while the FTSE-100 in London gained 0.49% to 5471.75 points.

Investor sentiment is supported by advanced this week in the eurozone. Management of public finances in Greece and Italy, two countries that focus on crisis fears of European debt, will change hands. In Greece, Lucas Papademos, former Vice President of the European Central Bank (ECB), has been appointed head of a government of national unity. In his first statement, he said that the euro is a "guarantee of monetary stability online payday loans."The United States and reported a reduction in trade deficit while new jobless claims fell to their lowest level since April. This morning, Asian stock markets were also in the green. In Tokyo, the Nikkei closed up slightly from 0.16% to 8514.47 points.

The AMF opened an investigation

The Financial Markets Authority (AMF) has announced the opening of an investigation after the blunder of Standard & Poor's last night, the rating agency has mistakenly sent a message indicating a degradation of the triple A French before denying the information two hours later.

On the currency markets, the euro has regained some ground. The European currency changes above $ 1.36, above the low of 1.3484 in one month.

Philip Hall, the new boss of Altran, promised to refocus. It does this. Friday, the board of the technology consulting group examined the future of its subsidiary, Arthur D. Little. Among the different scenarios studied, the sale of the consulting firm strategy its leaders holding the rope, according to our information. While the managers of the subsidiary offer for months to redeem, Altran, assisted by Messier Maris & Associates, contacted several consulting firms, BCG at Monitor Group through Sia, to explore alternatives.

But these tracks did not result: competitors were primarily interested in the brand Arthur D. Little, well known, at the same time alienating the teams.A complex equation, in a world of service where the value of the firm is keen to its consultants.

Altran, which publishes this morning's quarterly revenue, could take the opportunity to announce the opening of exclusive negotiations. According to the proposed scheme, the group would agree a loan managers to its subsidiary, deficit in 2010, so they fund the recovery. To secure this commitment, the brand remains the property of Altran until the loan is repaid. This will result in a depreciation in the accounts of the group. Until this summer, it hoped to sell its subsidiary to 70 million euros. The transaction amount will be much less. Altran in 2002 had bought the European operations of U.S. giant Board Arthur D. Little. This acquisition has not been successful due to lack of synergies between parent and subsidiary.In the first half, the group has cut 39 million the value of Arthur D. Little in his accounts. Contacted by Le Figaro, Altran declined to comment.

Debt crisis: the hope of a European agreement yet repelled

The first pieces seem certainly find their place. But the puzzle is far from complete. The Europeans have agreed on strengthening the capital of their banks, with a budget of up to 100 billion euros. Nicolas Sarkozy was also close to Angela Merkel on the future arsenal EFSF, after a frank discussion in Frankfurt. But there is so much more to do before finding a complete agreement, most detailed and validated by the whole euro area. That is why the French President and German Chancellor confirmed on Thursday night, the sounds that had run all day: a second summit of Heads of State and Government held "no later than Wednesday," after that of Sunday. In addition, Sarkozy and Merkel will meet on Saturday night in Brussels to prepare its crucial deadlines.This new adjustment schedule confirms that markets foresee that this time, European leaders are no longer allowed to make mistakes. The first tangible plans must begin to blur out that night, after a first closed session of the seventeen ministers of finance of the euro.

Recapitalization of banks

In the preamble, the bloc cleared the table of a bulky dossier. They agreed on the recapitalization of banks weakened by the crisis, two months after the IMF has sounded the alarm. The bill, estimated at between 85 and 100 billion euros, less burdensome previously announced. It should allow banks to increase to 9% of their capital ratio "hard" a recognized strength. To achieve this, banks will first use their private shareholders, and if necessary of public funds bad credit payday advance. The EFSF intervene as a last and final resort.Uncertainty remains about the date of implementation, 2012 or 2013.

On Thursday, Paris and Berlin have also tried to dispel the misunderstanding about the previous meeting on Wednesday between the President and the Chancellor. The stakes: the future modalities of action of EFSF and the famous "leverage" critical piece of the arsenal to stop the European debt crisis and prevent contagion.

The German Finance Minister Wolfgang Schäuble ensures that the two capitals are in fact "in total agreement." But he hastens to add that there is still no agreement at European level. French side, it was confirmed by noting that if there is a discrepancy, it is rather with Spain and especially Italy.In Brussels, witnesses of the appointment of Frankfurt continues to describe "a cold atmosphere" between Nicolas Sarkozy and Angela Merkel, barely warmed by the announcement of the birth of the president's daughter.

To further complicate the picture, the Greek press spoke of a setback yesterday on what promised to be the easiest section of the summit: the release and payment of EUR 8 billion international loan in Athens. The European Union grows. But the IMF question the ability of Greece to address its long-term debt without the involvement of Europeans more convincing.

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Public debt reached 1.692 trillion euros

French public debt continues to swell. It increased by 46.4 billion euros in April-June, peaking at 1.6927 trillion euros, INSEE reported Friday. This represents approximately 86.2% of gross domestic product, that is to say, the wealth generated by France in one year.

The state is primarily responsible for this increase. His contribution has indeed increased in the second quarter of 52.6 billion euros. "This is essentially its long-term marketable debt," said INSEE. Clearly, these are bonds issued by the state to investors and repayable on a long horizon (ten years). However, local governments have reduced their debt by 2.7 billion euros, and the government social security declined 2.3 billion.

Loans to Portugal and Ireland as part of the bailout in the euro area weighed 2 credit report.4 billion euros (1.6 billion for the first 0.8 billion for the second). Conversely, the French car manufacturers have paid up to € 2 billion loans at the height of the crisis, in 2009.

Reduce government debt returns to stop a ship at full speed. The effect of inertia is such that it takes time-years-in order to stop its progression. The government intends to reduce the amount of debt in the coming years. It will peak at 87.4% of GDP at end 2012 and to decline 87.3% in 2013, 86.2% in 2014 and 84.1% in 2015.

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Yet the conditions for a sustainable rebound

• The stock market environment is in many ways more fragile than in 2008

After the capitulation market in recent days, many investors are wondering whether it is time to return the purchase. Beyond a simple technical rebound, the chances of quick recovery courses are limited for the simple reason that the current stock market is in some ways more fragile than in 2008. Signs of slowdown are multiplying in the United States, Europe could enter recession in the coming months, and the deterioration in manufacturing activity in China shows that the theory of decoupling between emerging and rich countries no longer holds the ramp. Response capacity of government to stimulate consumption are practically nil, and the effect of accompanying policies of central banks has reached its limits.The current crisis comes mainly from the usual market issues related to the level of market valuation or the correction of excesses after a period of intense speculation. The epicenter of the crisis is now in the euro area, with governments overwhelmed by the level of public debt and unable to agree on the management of their common currency. The solution to these difficulties lies in the hands of "political" and not in the trading rooms and in business. This is what the operators despair!

• The core business is a real force that

The recovery will be difficult, but much of the bad news began to be integrated into the course. The precipitous decline of the indices shows that the Exchange has already taken a good step ahead of the crisis.A CAC 40 to 2800 points means, for example, that investors expect an increase, not corporate profits, but a 30% drop in profits in 2012. This pessimism is starting to become excessive, especially for industrial groups, such as Air Liquide, Schneider Electric and Michelin, a strong presence in emerging markets where business slows but does not decrease instant personal loans guaranteed. The same goes for business as L'Oreal, Essilor International and Pernod Ricard, which have strong brands and where margins are not challenged. The treatment of more defensive companies, such as France Telecom, Sanofi, or GDF Suez, also reached its limits.These values ​​offer attractive yields of between 10 to 6%.

• The plight of the shareholders of the banks could come to an end

In three months, the market value of the three largest French banks, Societe Generale, Credit Agricole and BNP Paribas, has been halved. This collapse is comparable to the fall in prices occurred after the collapse of Lehman Brothers in 2008. Investors have punished the weak provisions made in the accounts to meet the commitments of banks in the peripheral countries of the euro area and a general loss of confidence in respect of institutions in the euro area. Far from scaring the market, the rumor of a possible entry of the state in their capital in the form of preference shares is now likely to reassure investors.10 to 15 billion euros to recapitalize matter which it would lead to a "dilution" of shareholders limited. After the destruction of 50 billion capitalization in the summer, the amounts mentioned are already largely taken into account by the markets. Bank stocks will certainly remain under pressure, but the plight of their shareholders might come to an end.

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"Investors remain on the alert

"The Paris Bourse is expected to remain on guard

Moody's ready to break down the French banks

Three months after threatening to degrade the notes of BNP Paribas, Societe Generale and Credit Agricole, put under surveillance, the U.S. rating agency Moody's could increase to act shortly shortly. According to sources familiar with the matter, the decision was "imminent." "It comes at the end of three months to impose surveillance," says a source. The rating agency that had accompanied its implementation in June under the supervision of a negative outlook was indeed clear the way for a deterioration in credit ratings. One step for BNP Paribas and Credit Agricole and Societe Generale for two.And because of their exposure to Greece amounted to 4 billion euros to BNP Paribas, Société Générale 1.6 billion and 320 million to Crédit Agricole (June 2011 figures).

With the crisis of government debt in the euro area, to which Europeans are struggling to meet, investors are increasingly worried about the strength of the European banking system. The situation has become such an outflow of Greece in the euro area is openly discussed by senior politicians in Germany and the Netherlands. In exchange, banking stocks suffered a pounding in order. Since the beginning of the year, BNP Paribas, Credit Agricole and Societe Generale have lost between a "large" third and 60% of their value.On the first day of September, the losses of the three titles are respectively 17.45%, 22.33% and 27.69%.

Analysts relativize

Especially, a controversy arose in late August on the valuation of debt securities by certain Greek French banks. The IASB, the body responsible for setting international accounting standards, criticized some financial institutions are not named, have valued their claims on the Greek state in ways internal development rather than by using market prices. Which would have allowed banks to spend less severe impairment in their accounts. Even if they have applied a discount of 21% on government debt they have in their accounts, the three banks still have about six billion euros of Greek sovereign debt.

Some analysts relativize however, the scope of the surveillance on June 15 the three French banks by Moody's by saying that the other two rating agencies, Standard & Poor's (S & P) and Fitch attributed to them have lower grades. Crédit Agricole SA is now rated "Aa1" by Moody's, and BNP Paribas and Societe Generale are rated "Aa2". S & P assigned the notes 'AA' with a negative outlook to BNP and "A +" with stable outlook to Crédit Agricole and Societe Generale. Fitch is on his side to "AA-" with stable outlook to BNP Paribas and Credit Agricole, and "A +" with stable outlook for Societe Generale.

Wall Street ends on a rebound after Fed speeches

A disappointment, yes, but short-lived. After opening down moderately, Wall Street initially widened its losses after the speech, as expected, Ben Bernanke. This involved the measurement of the Fed to support the U.S. economy at annual meetings of the Fed's Jackson Hole (Wyoming). But the New York indexes were quickly taken: at the close, the Dow Jones gained 1.20% to 11,283.17 points. The S & P 500, wider, takes 1.49% to 1176.57 points. The Nasdaq dominated by technology advance on its side of 2.47% to 2479.44 points. Over the whole week, the Dow gained 4.3% and the S & P 500 4.7% and the Nasdaq 5.9%, reversing some losses last week.

The Fed chairman did not communicate further decisions to boost growth, leaving the possibility of a new monetary easing later.Yet he managed to reassure the markets by stating that "the foundation of growth" were still there in the United States. "It is clear that the recovery after the crisis was much less robust than we had hoped," he acknowledged, however,

He also announced that the Fed would meet two days in September, instead of originally planned to study, among other things, instruments designed to bring a new economic stimulus money. Ben Bernanke promised that his institution will "do its utmost" to ensure growth and price stability.

Concerning the debt crisis in the eurozone, "I trust," he said, convinced that the Europeans will do what it takes to get by.

Just in Europe, the indices sank after the speech of Ben Bernanke: The CAC 40 ended the session on a drop of 2.30%, the Dax in Frankfurt loose 3% and the FTSE 100 in London 2.13%.Yesterday Wall Street had already ended down sharply in anticipation of disappointing announcements from Ben Bernanke. This morning too, the seats were won by Asian nervousness.

GDP revised down

Before the appointment of Jackson Hole, investors were aware of the second estimate of gross domestic product (GDP) for the second quarter. During this period, U.S. GDP grew by 1% annual rate over the previous three months, said the Commerce Department, revising and down 0.3 points his first estimate of growth in the spring published in late July. Analysts had forecast a less pronounced rate revision, to 1.1%, according to their median forecast.

As for currencies, the euro is regaining ground against the dollar after the speech of Ben Bernanke. To 22h (French time), the European currency was worth 1.4486 dollars against 1.4378 dollars on Thursday night.As for the oil markets, U.S. crude oil ended up slightly, and snapped a series of four weeks of losses. Since Monday, oil gained 3.11 dollars or 3.78%. On the Nymex, the contract on October U.S. crude (WTI) finished with a gain of 7 cents to 85.37 dollars baril.Dans the same time, Brent advanced 0.61%, or 68 cents to 111.30 dollars.

Wall Street should open normally by Monday morning as Hurricane Irene is expected to reach the East Coast of the United States this weekend. The New York Mayor Michael Bloomberg on Friday ordered the mandatory evacuation of more than 250,000 New Yorkers living in vulnerable coastal areas before Saturday 17 hours. "We intend to be open for trading Monday.We have a device to respond to such events, to the market to function while ensuring the safety of our staff, "said a spokesman for the New York Stock Exchange AFP.

Values ​​of the day

On the corporate side, Madison Square Garden (1.31% to 23.14 dollars), Frontline (-0.15% to 6.47 dollars) and Royal Bank of Canada (-2.69% to 49.89 dollars ) must be published.

Tiffany (9.35% to 69.01 dollars) reported Friday a profit of 69 cents per share in the second quarter, while the consensus gave 70 cents. Sales came out at 872.7 million (consensus: 786 million). The jeweler raised its guidance range for the BPA 2011, it now expects between 3.65 and 3.75 dollars. (Consensus: 3.56 dollars per share).

HollyFrontier (7.17% to 70.73 dollars) has reported a dividend increase of 17% to 8.75 cents.MTS Systems (-1.09% to 34.55 dollars) also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio (-2.50% to 8.20 dollars) which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year offset, and sales more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts (9.31% to 8.57 dollars) has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier. Sales jumped 11% to $ 97.9 million.

Boeing (-2.78% to 62.80 dollars): 787 Dreamliner, its new aircraft, for which more than 800 orders have already been registered, received Friday certification authorities in the U.S. civil aviation.The first deliveries of the aircraft, the Japanese company promised to All Nippon Airways, lagging about three years, due mainly to disruptions in the supply chain components.

The Paris Bourse expected a slight increase

European stock exchanges succeed they continue their rebound started the day before? Investors should prove once again nervous at the end of a week marked by extreme market volatility, which saw the CAC 40 push the psychological threshold of 3000 points during trading Thursday before returning to the colors.

Friday morning, the Paris index is expected a slight increase of 0.4%. Thursday, ACC closed up 2.59% to 3089.66 points, after falling in mid-session. The day before, the Paris index plunged more than 5%. The same volatility dominates in Frankfurt the Dax closed up 3.28% and in London where the FTSE-100 index gained 3.11%.

Investors were reassured by the announcement of a meeting between Nicolas Sarkozy and German Chancellor Angela Merkel on August 16 to issue joint proposals on the governance of the euro area.In addition, U.S. markets were supported by two good indicators of the jobless and real estate. Wall Street has ended sharply higher: the Dow Jones has gained 4% and the Nasdaq 4.69%.

Another announcement that should bring some calm markets: such as Belgium, Spain and Italy, France announced Thursday the ban on short selling in the securities of eleven banks and insurance companies to counter the extreme volatility of the stock market values. Among the relevant securities, BNP Paribas, which issued a statement Thursday night to reaffirm the strength of its capital, Societe Generale and Credit Agricole online payday loans.

No growth in the second quarter

On the macroeconomic front, INSEE reported this morning from zero growth in the second quarter in France (0.0%), against an increase of 0.9% in the first quarter.Inflation also slowed: the consumer prices fell by 0.4% in July, resulting in an increase of 1.9% over the year (against 2.1% from June 2010 to June 2011 ).

Oil is, meanwhile, resumed its decline in trade in Asia, having recovered Thursday in the United States. In morning trading, a barrel of "light sweet crude" lost 47 cents to 85.25 dollars and that of Brent North Sea fell by 57 cents to 107.45 dollars.

Other values ​​to follow, Europacorp, the production company of Luc Besson, Thursday reaffirmed its goal of a return to balance for the current year, despite a sharp decline in sales the first quarter.

Derichebourg Thursday confirmed its target of improving its annual net income, after recording a sharp increase in sales over the first nine months of the year.

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New Storm on the Paris Stock Exchange

New slump in the Paris Bourse. At the close on Wednesday, the CAC 40 index showed a loss of 5.45% to 3002.99 points and manages to maintain a narrow margin the psychological threshold of 3000 points. In a volume of trade of 6 billion euros, the volatility was again very strong.

Like him, other European indices loosen: the FTSE-100 index in London lost 3.05% to 5007.16 points at closing. The Dax in Frankfurt tumbles 5.13% to 5613.42 points after falling 6% during the session. The index featured the Milan Stock Exchange, the FTSE Eb, closed Wednesday on a drop of 6.65% at 14,676 points, its lowest level since April 2009. The Madrid Stock Exchange closed on a fall of 5.49%.

The banking sector collapses

All markets are penalized by the banking sector, while Greece is planning to expand its exchange program to include obligations of the securities in the longer term, which penalizes first private creditors. In Paris, Societe Generale gives 14.47 (after a 20.83% drop in session) to 22.18 euros, Crédit Agricole 11.81% to 6.07 euros, BNP Paribas 9.47% to 35.61 euros and Natixis 9.11% to 2.68 euros.

Banks have suffered rumors of degradation of the note of France, while Moody's, Fitch and Standard & Poors reiterated that the AAA rating of the Hexagon was accompanied by a stable outlook online cash advance. Even Bercy denies "formally" the rumors of degradation.But the surprise meeting convened by Nicolas Sarkozy interrupted his holiday to deal with several ministers the theme of economic and financial crisis has rekindled investor concerns.

Also in Europe, the divisions between countries are delaying the implementation of the rescue plan agreed in June In addition, fears of renewed extension of the debt crisis in Italy explains the new fall. The market is concerned about the ability of Italian banks to refinance.

Industrial production declined in France

As on Wall Street, markets been unable to continue the strong rebound in the day that followed the speech by U.S. Federal Reserve.The latter, however, assured that it would extend its monetary policy ultra-accommodating while maintaining zero interest rates until at least mid-2013 and exploring other measures to support the U.S. economy, which will probably end detailed August, at the final communiqué of the U.S. central bank. But the Fed confirmed that the U.S. economy is in trouble, especially since the deterioration in the debt rating of American long-term.

For the economist Nicolas Bouzou, the previous day had already not reassuring:

The player is used by default in the articles of figaro.fr. Maj7

The uncertainty weighs on the Paris Stock Exchange

Caution prevails at the Paris Stock Exchange on Thursday. After starting this crucial day for Europe in the green, the CAC 40 lost 0.88% to 3721.38 points in mid-day. The London Stock Exchange was down 0.80% to 5807 points and the DAX index of the Frankfurt Stock Exchange loose 0.87% to 7158 points.

As with other global exchanges, all operators will have the eye to Brussels where to begin 1:01 p.m. at the extraordinary summit of the leaders of the euro area. They have an obligation to find a solution on a new plan of aid to Greece if they want to prevent contagion from the debt crisis. Angela Merkel and Nicolas Sarkozy on Wednesday reached a common position on the new financial rescue plan and a private sector participation.The content of the agreement between the German Chancellor and French President was not specified but to do so, it took seven hours of talks "very tight" in Berlin, according to members of the French delegation. The two leaders called on mid-term president of the European Central Bank, Jean-Claude Trichet, to join them in Frankfurt, suggesting that the compromise has its support. José Manuel Barroso, President of the European Commission launched Wednesday a warning more serious than usual to the leaders of the euro area.

But doubt was again set on Thursday after the statements of leading finance ministers of the euro area, Jean-Claude Juncker, who did not rule out a possible default of Greece.Jean-ClaudeJuncker also considered that an agreement on a tax on European banks to help finance a new aid program in Athens would be difficult. "I do not think there will be an agreement," he said.

Obama confident

On the foreign exchange market, the euro declined sharply against the dollar. Around 11:30 in Paris, the single European currency was worth 1.4147 dollars against 1.4212 dollars late Wednesday. Oil prices were up, however, supported by market expectations of seeing the debt crises lead to solutions.A barrel of "light sweet crude" for delivery in August took 28 cents to 98.68 dollars and that of Brent North Sea crude for September delivery took nine cents to 118.24 dollars.

United States, President Barack Obama received Wednesday several leaders of Congress and the White House has once again expressed confidence in a political solution to the crisis of debt before August 2, to avoid a default. "I expect us to find a solution," the president said in an interview with local TV KMBC Kansas City, renewing his call for compromises from both sides, whether its Democratic allies or his Republican opponents.

Rafale indicators

In addition to the meeting, the markets should observe the indicators that will be published on both sides of the Atlantic.In France, the composite PMI, which includes industry and services, is version 52.8 "flash" from 54.9 in June. "The financial crisis of 2008/2009 aside, the latest survey data suggest lower growth in overall activity since the third Gulf War in 2003," said Jack Kennedy, economist at Markit.

Activity in the private service also slowed against all odds in Germany in July to its lowest in two years, according to preliminary results of the survey Markit. The composite PMI stood at 52.2 in both "flash" against 57.3 in June.

United States, the day will begin with the weekly jobless claims. It will be followed index of home prices in the Federal Housing Finance Agency (FHFA), the index of manufacturing activity Philadeplhie Fed, then the index of leading indicators.

China's manufacturing activity shrank in July for the first time last year, registering its largest decline in 28 months, according to preliminary PMI HSBC published this morning. PMI Purchasing Managers calculated fell to 48.9 against 50.1 in June, the lowest level for this indicator since March 2009. This new atmosphere was sealed on the Asian markets.

Values ​​to follow

Banking

Banks eagerly awaiting the end of the EU summit. Their participation in the rescue of Greece is at the heart of the debates. Moreover, the institutions of the European Union will face fines of up to 10% of their net banking if they do not meet new international requirements for capital and liquidity, said Michel Barnier.

After opening in the green, the area was about-face in the middle of martinée. A mid-term securities of large establishments accuse all of declines. Societe Generale (-1.22% to 35.56 euros), Credit Agricole (-0.67% to 8.85 euros), Natixis (-1.10% to 3.16 euros), and BNP Paribas (-3, 01% to 47.33 euros) are among the largest declines the CAC

EADS: 0.24% to 24.90 euros

Airbus is ready to look "seriously" the increase in the production of single-aisle A320 to carry it beyond the already record a goal, but has not so far committed to this, its president said Wednesday Excecutive.

Eutelsat: 1.20% to 31.16 euros

The Strategic Investment Fund (ISF) on Monday rejected a proposed takeover of Eutelsat joint push by the Spanish Abertis, reported Thursday the newspaper Les Echos.

The benefits of Publicis climb

Plastic Omnium: 6.12% to 24.97 euros

The Group expects a net profit in 2011 "strong growth" after a rise of 26% in the first half to 91.4 million.

Publicis: -2.85% to 36.75 euros

In the first half, the Group generated revenue of 2.7 billion euros in organic growth of 7.1%, exceeding the expectations of analysts whose estimates ranged from 6.2% to 6.5%.

Remy Cointreau: 4.73% to 60.95 euros

The group reported a turnover of 198.6 million euros in the first quarter organic growth of 22.5%.

Unibail-Rodamco: 0.26% to 143.88 euros

The group said it had signed for 1.1 billion euros of asset sales in the first half and accelerated its development plans after reporting an earnings growth supported by its recurring rental income.

Ubisoft: 3.83% to 6.15 euros

The group announced that its sales better than expected first quarter gross margin should support a few days after being heavily penalized by the stock market concerns about future profitability.

Mersen: 3.43% to 40.10 euros

The group released a turnover up 17% in the second quarter, supported by sales in solar activity, which is the group to provide a statement of objectives for the entire year.

APRR: 0.11% to 46.90 euros

The group announced it had recorded a traffic decrease of 0.8% in the second quarter 2011, impacted by the decline in light vehicle traffic.

Cegid: 1.91% to 20.49 euros

The group reported a 32% decline in net profit in the first six months of the year to 4.8 million, despite a 5% increase in sales. The publisher of management software specialist said that last year, accounts for the first half was boosted by a reversal of provision for risk.