French market swings as biotech and defense stocks rally while service firms tumble

On Tuesday, French investors watched a mixed performance on the Paris bourse. French biotech firm Abivax jumped 37.8% after releasing reassuring data on its experimental ulcerative colitis treatment, reversing a 43% slide earlier in June. U.S. defense drone maker Aerovironment surged 20% on earnings that beat expectations, reporting $1.84 earnings per share on $642 million revenue.

Conversely, customer‑service provider Concentrix fell 22% after cutting its fiscal‑year outlook and missing third‑quarter forecasts, prompting a broader decline in competitor Teleperformance. Luxury spirits group Constellation Brands and apparel giant Nike slipped modestly ahead of their earnings releases. Chinese contract manufacturer Luxshare Precision, a major Apple assembler, announced plans for a Hong Kong IPO that could raise about $3.1 billion.

Separately, Fidel Martin, president of the French financial services firm Exoé, argued that the current market caution in Paris is a strategic advantage. He stated, “Les investisseurs les plus performants ne sont généralement pas ceux qui réagissent le plus vite,” emphasizing that disciplined patience can outperform rapid reactions in volatile conditions.