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CAC trades weak, Kering falls 4%

FXStreet (Mumbai) - The French equity index, Cac, is trading weak today led by a sharp decline in the French luxury Conglomerate Kering.

The Cac is trading 0.20% lower at 4146 levels. The index breadth is negative with an advance decline ratio of 14:26. The Oil and Gas sector is the biggest loser so far, down by 0.81%, followed by Basic Materials sector which is trading weaker by 0.72%.

Meanwhile, Kering share price has declined by 4.15% after it reported a 1.6% decline in Gucci sales. Meanwhile, Saint Laurent's revenue rose nearly 28% and Bottega Veneta's sales grew 10% in the quarter. However, Gucci brand accounts for around half of the company’s luxury activities’ sales. Moreover, Kering’s third-quarter revenue rose 3.3% to EUR 2.6, compared with the previous year.

Cac Technical levels

The index has an immediate resistance at 4150 levels, above which it can rise to 4200 levels. On the flip side, prices can decline to 4080 levels if the immediate support of 4109 is breached.

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