French Media, Entertainment Stocks Rise After First Round of Presidential Election
The shares of Vivendi, TV companies and Luc Besson's EuropaCorp gain in Monday trading as investors expect pro-European Union centrist candidate Emmanuel Macron to win a runoff.
French media and entertainment stocks rose Monday as the country's stock market recorded gains following Sunday's first round of the country's presidential election.
Observers said investors now seemed to expect that pro-European Union centrist candidate Emmanuel Macron would win a runoff against anti-EU right-wing candidate Marine Le Pen.
The CAC 40 index of French stocks as of 11 a.m. Paris time was up 4.3 percent, with prominent media and entertainment stocks also higher.
The stock of French media conglomerate Vivendi surged 5.5 percent to 18.63 euros ($20.24), outperforming the index. TV network giant Television Francaise 1, owner of channel TF1, even jumped 6.9 percent to 11.18 euros ($12.14), while fellow TV player M6 Group was up 2.2 percent at 20.96 euros ($22.77).
Meanwhile, shares of Luc Besson's film studio EuropaCorp rose 0.6 percent to 3.50 euros ($3.80), and fellow film firm Gaumont saw its stock rise 0.5 percent to 74.90 euros ($81.36).
The Stoxx Europe 600 Index climbed 1.7 percent at 8:20 a.m. in London, while the CAC 40 Index surged 3.6 percent, poised for the biggest advance since August 2015, boosted by gains in French banks. The Euro Stoxx 50 Index rallied 3.2 percent, heading for its biggest advance since before the Brexit referendum.
Stock markets in other European countries also opened the week higher as investors seemed to bet on France electing Macron, who has said he wants the country to stay in the EU.