Paris Bourse soars in wake of Wall Street euphoria
Paris - Inspired by a strong surge on Wall Street overnight and driven by bargain hunters looking for undervalued stocks, stocks on the Paris Bourse soared on Wednesday.
The CAC 40 blue-chip index finished the session up by a healthy 9.23 per cent, closing at 3,402.57 points. Thirty-nine of its 40 listed stocks gained ground.
Building materials producer Saint Gobain was the day's biggest winner, rising by 18.57 per cent, to 28.63 euros, despite substantial drops in building permits and housing construction starts in the third quarter.
Insurance giant Axa gained 17.57 per cent, to 14.15 euros, and car maker Renault was up more than 16 euros, to 23.27 euros, as investors eagerly snapped up what they considered stocks with good upside potential.
The day's only loser was the troubled French-Belgian bank Dexia, which fell 1.15 per cent, to 3.85 euros. (dpa)