April 28, 2017
Markets saw on increase in the value of French insurance stocks with Emmanuel Macron emerging as the favourite to become Frances president following the first round of votes.
AXA shares rose 6.53%, Eurostoxx 50 index climbed 3.9%, CNP Assurances shares jumped 3.5% and Scor gained about 2.9% on its shares. At the end of the first round of voting Macron won 24% of the vote, compared to Le Pen's 21% with the two going head to head on 7 May.
Richard Champion, the deputy CIO of Canaccord Genuity Wealth Management said, "A large portion of the political risk that has been besetting investors' 2017 outlooks has been lifted. Opinion polls show Macron leading in the second round by around 63% to 37%. Macron is as close to a slam dunk for the presidency and a five-year term in the Elysée palace as it is possible to imagine, even in this strange era of political surprise."