3 for the whole of the DJ Stoxx 600 companies

Taking advantage of good results announcements, major European markets have completed, yesterday, in progress. The DJ Stoxx 600, has advanced 1.28, to 333,64 points, with more than 10 progression since its annual low point on 13 June, at 301,66 points. "The rebound of this summer has been fairly atypical because it is made in a context of lack of visibility", noted Roman Boscher, Director of the management shares of Groupama AM.

Especially, the progression of the indices of recent weeks has not been uniform.

"The increase was mainly on the defensive and rate sensitive values." "European indices have not been fired, as had been the case at the beginning of the year, by values at high beta, that is very sensitive to changes in the market", commented François-Xavier Chevallier, Director of strategy of CM - CIC Securities.

The top of the performance of the 18 segments of the DJ Stoxx 600, since mid-June, include the insurance, financial services, food and beverages, as well as the construction and materials. Conversely, the oil and gas, telecoms, media and technology are tail.

A catch-up effect

"The winners of the recent rebound were the values of the financial sphere." "All the ingredients were present: movements of mergers and acquisitions, increase in shares and bond rally", noted Roman Boscher. In particular, insurance show an increase of more than 15. "The sector benefited from an effect remedial, but the announcement of excellent results and impressive growth rates (especially in life insurance)," says Catherine Garrigues, responsible of the management shares UCITS of AGF AM.

Conversely, oil and gas have clearly been less well than the European index in recent weeks. "The last few months, the major integrated oil values were deadlocked with the rise in oil." "They are facing an explosion of their exploration-production expenses and presented a growth profile disappointing in the first half", notes Catherine Garrigues. "With oil rising to near $ 80 this summer, investors thought crude flight scenarios, which are not made", adds Romain Boscher.

The technology remain at the bottom of the rankings since mid-June, even if they have recently found favor with several large offices of analysis. Yesterday, a positive note of Credit Switzerland has benefited many values of the sector.

On their side, telecoms continue to sentence, penalized by prospects of result disappointing and concerns over the fate of their models, in a landscape in full reconstruction reflected in the Iliad (Free) and Telecom Italia ads early in the week. According to data from Thomson Financial, the sector should be the only one in 2006 to a decline in profits ( 2), while analysts expect on an increase of 12.3 for the whole of the DJ Stoxx 600 companies.

Decrease in the performance gap

Finally, health, attention by the global managers (see sidebar) shows an increase of 7 since June 13, slightly below the market. "Many values have lost their defensive character." "With the development of generic, investors have become aware of the risks which can weigh on a molecule generating a significant turnover", said Catherine Garrigues.

However, those that had relied on "bad students" have not lost, while the difference in performance between the best and the less good has declined in recent months. 18 In February, the dispersion is passed to 33 in mid-May, at a time where the European places have affected their more senior annual, back now around 22, according to data of Exane.