The Covid-19 pandemic has reshuffled the cards in the markets, with a few winners and a much larger cohort of losers. The markets were faced with a double shock: on supply, with the shutdown of production chains, then on demand, with the confinement of nearly half of the world’s population. In less than a month, between February 21 and March 18, the indices lost between 30% and 40% of their value. Never seen. The strength of the rebound that followed is equally impressive: since its low point, hit just six months ago, on March 18, the CAC 40 has regained nearly 40%, stimulated by the unprecedented arsenal deployed by the States and central banks.
The rise was driven by a handful of stocks. “These are companies occupying leading positions in their sector and capable of delivering solid performance, even in lean times”, report the specialists of Natixis WM. In the United States, it’s the giants