French Stocks Tank At Euronext After Emmanuel Macron Calls For A Snap Election In France

With the end of the European parliamentary election, many parties saw a drop in their fortunes. One of them who suffered in these elections held across the 27 member nations of the European Union was Emmanuel Macron's Renaissance party.

Snap Elections Lead To Decline In French Stocks

This shook him so much that he dissolved the French parliament and called for a snap election, resorting to the ultimate gamble of all time.

This not only meant chaos and movement for the political entities in the country, but it also moved the entities with their bases in France.

Major French stocks tanked at Europe's unified equity market, Euronext. The European Index itself did not have a great day on Monday, June 10. The index ended 0.57 per cent or 8.82 points below, closing at 1,531.79.

One of the biggest banking companies in the world and the biggest bank in France BNP Paribas, saw its shares drop by a massive 4.76 per cent or 3.16 to drop to 63.21 Euros.

The gloom also spread to the construction and manufacturing sectors, as French company Vinci saw its shares drop by 5.37 per cent or 5.95, tracking the value of individual shares to 104.80 Euros.

LVMH Loses 2.20%

Insurance company Axa also saw its shares slump in prices, dropping by 2.56 per cent or 0.85 taking it to 32.33 Euros. Another financial services based company Societe Generale saw ist prices drop by a mammoth 7.46 per cent or 1.94, closing at 24.08 Euros, per share piece.

Another big French corporation, arguably the biggest in the country, LVMH, the holding company of Louis Vuitton, also lost 2.20 per cent, closing at 744.20 Euros, at the end of the day.

The French parliamentary election to elect 577 members to its legislative body is expected to be held between June 30 and July 7, 2024. Macron's party will take on Marie Le Pen's National Rally, along with a whole host of right and left wing parties.