Editing CAC 40

{{short description|Blue chip stock market index}}
{{Use dmy dates|date=June 2023}}
{{Infobox Index
|name         = CAC 40|logo         =
|image        = [[File:CAC40 1965-18-03-2020.jpg|250px]]
|caption      = CAC 40 performance since 31 December 1987, linked to "indice Insee de la Bourse de Paris' from 1965 to 1987.
|foundation   = 31 December 1987
|operator     = [[Euronext]]
|exchanges    = [[Euronext Paris]]
|constituents = 40
|cap_level    = Large cap
| symbol      = {{ubl|^FCHI}}
|mcap         = €2.356 trillion <small>(3 February 2023)</small><ref>{{cite web|url=https://www.boursier.com/indices/composition/cac-40-FR0003500008,FR.html?tri=dcapi|title=CAC 40|access-date=2020-01-01|publisher=boursier.com}}</ref>
|weighting    = [[Capitalization-weighted index|Free-float capitalization-weighted]]
|related      = [[CAC Next 20]], [[CAC Small]]
|homepage     = [https://www.euronext.com/en/products/indices/FR0003500008-XPAR www.euronext.com]
}}
The '''CAC 40''' ({{IPA|fr|kak kaʁɑ̃t|lang=yes}}) ({{lang|fr|Cotation Assistée en Continu}}) is a [[Benchmark (computing)|benchmark]] French [[stock market index]]. The index represents a capitalization-weighted measure of the 40 most significant stocks among the 100 largest [[market capitalization|market caps]] on the [[Euronext Paris]] (formerly the Paris Bourse). It is a [[price return index]]. It is one of the main national indices of the pan-European stock exchange group [[Euronext]] alongside [[Euronext Amsterdam]]'s [[AEX index|AEX]], [[Euronext Brussels]]' [[BEL20]], [[Euronext Dublin]]'s [[ISEQ 20]], [[Euronext Lisbon]]'s [[PSI-20]] and the [[Oslo Bors]] [[OBX Index]].
It is an index without dividends.
Cotation operates every working day from 9:00&nbsp;a.m. to 5:30&nbsp;p.m. It is updated every 15 seconds.

==History==
The CAC 5 and the CAC 40 take their name from the [[Paris Bourse]]'s early automation system [[Cotation Assistée en Continu]] (Continuous Assisted Quotation). CAC 5, inaugurated on 23 June 1986, was a version of the Toronto Computer Assisted Trading System, the first fully automated trading system. <ref>Besanger, Serge (2024), Gagner à l'international : l'aventure Leroy-Somer, p. 94. </ref> CAC 5 consisted of Leroy-Somer, LVMH, Synthélabo, Eurocom and UCB.<ref>Les Echos, 19 june 1986.</ref> CAC 40's base value of 1,000 was set on 31 December 1987, equivalent to a market capitalisation of 370,437,433,957.70 [[French franc]]s.<ref name="profile">{{cite web
 |url          = http://www.euronext.com/editorial/wide/editorial-2667-EN-FR0003500008.html?selectedMep=1
 |title        = CAC 40 index profile
 |publisher    = [[Euronext]]
 |access-date   = 2007-12-03
 |archive-url  = https://web.archive.org/web/20071209130116/http://www.euronext.com/editorial/wide/editorial-2667-EN-FR0003500008.html?selectedMep=1#
 |archive-date = 9 December 2007
 |url-status     = dead
}}</ref> On 1 December 2003, the index's weighting system switched from being dependent on total market capitalisation to [[Float (finance)|free float]] market cap only, in line with other leading indices.<ref>{{cite press release
|url=http://www.euronext.com/news/press_release/press_release-1731-EN.html?docid=59760
|title=CAC40 shift to free-float weighting: revision of free-float calculation and capping factors
|date=5 November 2003
|publisher=[[Euronext]]
|access-date=2007-12-03
|archive-date=27 May 2010
|archive-url=https://web.archive.org/web/20100527054001/http://www.euronext.com/news/press_release/press_release-1731-EN.html?docid=59760
|url-status=dead
}}</ref>

==Rules==

===Selection===
The CAC 40 index composition is reviewed quarterly by an independent Index Steering Committee ({{langx|fr|Conseil Scientifique}}).<ref name="profile" /> If any changes are made, they are
effected a minimum of two weeks after the review meeting.<ref name="profile" /> At each review date, the companies listed on Euronext Paris are ranked according to [[Float (finance)|free float]] [[Market capitalization|market capitalisation]] and [[stock|share]] turnover over the prior 12 months.<ref name="rules">{{cite web
 |url          = http://www.euronext.com/fic/000/050/871/508718.pdf
 |title        = Rules for the CAC 40 Index
 |publisher    = Euronext
 |date         = January 2009
 |access-date   = 2009-12-17
 |archive-url  = https://web.archive.org/web/20110616051936/http://www.euronext.com/fic/000/050/871/508718.pdf#
 |archive-date = 16 June 2011
 |url-status     = dead
}}</ref> From the top 100 companies in this ranking, forty are chosen to enter the CAC 40 such that it is "a relevant benchmark for [[Investment management|portfolio management]]" and "a suitable underlying asset for [[Derivative (finance)|derivatives]] products".<ref name="rules" /> If a company has more than one class of shares traded on the exchange, only the most actively traded of these will be accepted into the index (generally this will be the ordinary share).<ref name="rules" />

===Weighting===
The CAC 40 is a [[capitalization-weighted index]]. The number of shares issued (used to calculate the market cap and hence the index weight) of a company is reviewed quarterly, on the third Friday of March, June, September and December.<ref name="profile" /> Since December 2003, the index weightings of companies in the index have been capped at 15% at each quarterly index review,<ref name="rules" /> but these range freely with [[share price]] subsequently. A capping factor is used to limit the weights to 15% (if necessary), and is reviewed annually by the Index Steering Committee on the third Friday of September.<ref name="rules" />

===Calculation===
The index value I of the CAC 40 index is calculated using the following formula:<ref name="rules" />
<math> I_t = 1000\times\frac{\sum_{i=1}^N Q_{i,t}\,F_{i,t}\,f_{i,t}\,C_{i,t}\,}{K_t\,\sum_{i=1}^N Q_{i,0}\,C_{i,0}\,} </math>
with ''t'' the day of calculation; ''N'' the number of constituent shares in the index (usually 40); ''Q<sub>i,t</sub>'' the number of shares of company ''i'' on day ''t''; ''F<sub>i,t</sub>'' the free float factor of share ''i''; ''f<sub>i,t</sub>'' the capping factor of share ''i'' (exactly 1 for all companies not subject to the 15% cap); ''C<sub>i,t</sub>'' the price of share ''i'' on day ''t''; ''Q<sub>i,0</sub>'' the number of shares of company ''i'' on the index base date; ''C<sub>i,0</sub>'' the price of equity ''i'' on the index base date; and ''K<sub>t</sub>'' the "adjustment coefficient for base capitalization" on day ''t'' (reflecting the switch from the French franc to the [[Euro]] in 1999).

=== Contract specifications ===
The CAC 40 index is traded as a future on the Euronext Equities & Index Derivatives (EUREID) exchange under the ticker symbol PIL.
{| class="wikitable"
|+Contract Specification<ref>{{Cite web |title=Historical CAC 40 Intraday Data (PIL) |url=https://portaracqg.com/historical-futures-data/cac-40-intraday-data/ |access-date=2022-10-28 |website=PortaraCQG |language=en-US}}</ref>
!CAC 40 (PIL)
!
|-
|Exchange: 
|EUREID 
|-
|Sector: 
|Index 
|-
|Tick Size: 
|0.5 
|-
|Tick Value: 
|5 EUR 
|-
|Big Point Value (BPV): 
|10 
|-
|Denomination: 
|EUR 
|-
|Decimal Place: 
|1 
|}

==Holders==
Although the CAC 40 is almost exclusively composed of French-domiciled companies, about 45% of its listed shares are owned by foreign investors, more than any other main European index.<ref>{{cite web |last=Chirac |first=Jacques |author-link=Jacques Chirac |url=http://www.ambafrance-uk.org/European-Council-Press-conference.html |title=Press conference given by M. Jacques Chirac, President of the Republic, following the European Council (excerpts) |date=24 March 2006 |access-date=27 September 2010 |archive-url=https://web.archive.org/web/20100620140510/http://ambafrance-uk.org/European-Council-Press-conference.html# |archive-date=20 June 2010 |url-status=dead }}</ref> German, Japanese, American and British investors are amongst the most significant holders of CAC 40 shares. This large percentage is due to the fact that CAC 40 companies are more international, or [[Multinational corporation|multinational]], than any other European market. CAC 40 companies conduct over two-thirds of their business and employ over two-thirds of their [[workforce]] outside France.<ref>{{cite web
|last=Lagarde
|first=Christine
|author-link=Christine Lagarde
|url=https://pastel.diplomatie.gouv.fr/editorial/actual/ael2/bulletin.gb.asp?liste=20060517.gb.html
|title="France and Globalization": Lecture Given by Mme Christine Lagarde, Minister Delegate for Foreign Trade, to The Ecole des Hautes Etudes Commerciales in Lille (excerpts)
|date=6 May 2006
|access-date=2007-12-03}}</ref>

== Record values ==

{| class="wikitable"
! Type
! Date
! Value
|-
| Closing high
| 15 May 2024
| 8,239.99
|-
| Intraday high
| 10 May 2024
| 8,259.19
|}
Source:<ref>{{Cite web |url=https://finance.yahoo.com/quote/%5EFCHI/history |title=CAC 40 (^FCHI) |website=Yahoo! Finance |access-date=13 March 2024}}</ref>

==Annual returns==
The following table shows the annual development of the CAC 40, which was calculated back to 1969.<ref>{{Cite web|url=http://www.hec.unil.ch/MatlabCodes/rnd.html|title=RND|website=hec.unil.ch|access-date=2020-01-20|archive-date=13 August 2019|archive-url=https://web.archive.org/web/20190813235550/http://www.hec.unil.ch/matlabcodes/rnd.html|url-status=dead}}</ref><ref>{{Cite web|url=http://www.1stock1.com/1stock1_757.htm|title=CAC 40 Index (France) Yearly Stock Returns|website=1stock1.com|access-date=2020-01-20}}</ref><ref>{{Cite web|url=https://finance.yahoo.com/quote/%5EFCHI/history/|title=CAC 40 (^FCHI) Historical Data – Yahoo Finance|publisher=Yahoo! Finance|language=en-US|access-date=2020-01-21}}</ref>
{| class="wikitable sortable" style="text-align:right;"
! Year
! Closing level
! Change in Index<br />in Points
! Change in Index<br />in %
|-
| 1969 || 334.12 || ||
|-
| 1970 || 310.48 || −23.64 ||style="color:red"| −7.08
|-
| 1971 || 286.13 || −24.35 ||style="color:red"| −7.84
|-
| 1972 || 335.18 || 49.05 || 17.14
|-
| 1973 || 325.65 || −9.53 ||style="color:red"| −2.84
|-
| 1974 || 225.45 || −100.20 ||style="color:red"| −30.77
|-
| 1975 || 294.60 || 69.15 || 30.67
|-
| 1976 || 244.50 || −50.10 ||style="color:red"| −17.01
|-
| 1977 || 228.98 || −15.52 ||style="color:red"| −6.35
|-
| 1978 || 335.53 || 106.55 || 46.53
|-
| 1979 || 392.69 || 57.16 || 17.04
|-
| 1980 || 422.39 || 29.70 || 7.56
|-
| 1981 || 352.11 || −70.28 ||style="color:red"| −16.64
|-
| 1982 || 352.82 || 0.71 || 0.20
|-
| 1983 || 552.86 || 200.04 || 56.70
|-
| 1984 || 640.01 || 87.15 || 15.76
|-
| 1985 || 937.79 || 297.78 || 46.53
|-
| 1986 || 1,403.51 || 465.72 || 49.66
|-
| 1987 || 1,000.00 || −403.51 ||style="color:red"| −28.75
|-
| 1988 || 1,573.94 || 573.94 || 57.39
|-
| 1989 || 2,001.08 ||427.14 || 27.14
|-
| 1990 || 1,517.93 || −483.15 ||style="color:red"| −24.14
|-
| 1991 || 1,765.66 || 247.73 || 16.32
|-
| 1992 || 1,857.80 || 92.14 || 5.22
|-
| 1993 || 2,268.22 || 410.42 || 22.09
|-
| 1994 || 1,881.15 || −387.07 ||style="color:red"| −17.06
|-
| 1995 || 1,871.97 || −9.18 ||style="color:red"| −0.49
|-
| 1996 || 2,315.73 || 443.76 || 23.71
|-
| 1997 || 2,998.91 || 683.18 || 29.50
|-
| 1998 || 3,942.66 || 943.75 || 31.47
|-
| 1999 || 5,858.32 || 1,915.66 || 48.59
|-
| 2000 || 5,926.42 || 68.10 || 1.16
|-
| 2001 || 4,624.58 || −1,301.84 ||style="color:red"| −21.97
|-
| 2002 || 3,063.91 || −1,560.67 ||style="color:red"| −33.75
|-
| 2003 || 3,557.90 || 493.99 || 16.12
|-
| 2004 || 3,821.16 || 263.26 || 7.40
|-
| 2005 || 4,715.23 || 894.07 || 23.40
|-
| 2006 || 5,541.76 || 826.53 || 17.53
|-
| 2007 || 5,614.08 || 72.32 || 1.31
|-
| 2008 || 3,217.97 || −2,396.11 ||style="color:red"| −42.68
|-
| 2009 || 3,936.33 || 718.36 || 22.32
|-
| 2010 || 3,804.78 || −131.55 ||style="color:red"| −3.34
|-
| 2011 || 3,159.81 || −644.97 ||style="color:red"| −16.95
|-
| 2012 || 3,641.07 || 481.26 || 15.23
|-
| 2013 || 4,295.95 || 654.88 || 17.99
|-
| 2014 || 4,272.75 || −23.20 ||style="color:red"| −0.54
|-
| 2015 || 4,637.06 || 364.31 || 8.53
|-
| 2016 || 4,862.31 || 225.25 || 4.86
|-
| 2017 || 5,312.56 || 450.25 || 9.26
|-
|2018 || 4,730.69 || −581.87 ||style="color:red"| −10.95
|-
|2019 || 5,978.06 || 1,247.37 || 26.37
|-
|2020 || 5,551.41 || −426.65 ||style="color:red"| −7.68
|-
|2021 || 7,153.03 || 1,601.62 || 28.85
|-
|2022 || 6,473.76 || −679.27 ||style="color:red"| −9.50
|-
|2023
|7,543.18
|1,069.42
|16.52
|-
|2024
|7,380.74
|−162.44
|style="color:red"| -2.15
|}

==Composition==

The index consists of the following companies as of the quarterly update effective September 2024.

The most recent composition can be found on the [[Euronext]] website.<ref>[https://www.euronext.com/en/products/indices/FR0003500008-XPAR/market-information "CAC 40"]. Euronext.</ref>

{| class="wikitable sortable" id="constituents"
! Company !! Sector !! [[GICS]] Sub-Industry !! Ticker
|-
| [[Accor]] || Consumer Services || Hotels, Restaurants & Leisure || AC.PA 
|-
| [[Air Liquide]] || Basic Materials || Industrial Gases || AI.PA 
|-
| [[Airbus]] || Industrials|| Aerospace & Defense || AIR.PA 
|-
| [[ArcelorMittal]] || Basic Materials || Steel || MT.AS 
|-
| [[Axa]] || Financial Services || Life & Health Insurance || CS.PA 
|-
| [[BNP Paribas]] || Financial Services || Diversified Banks || BNP.PA 
|-
| [[Bouygues]] ||  Industrials || Construction & Engineering || EN.PA 
|-
| [[Capgemini]] || Technology || IT Consulting & Other Services || CAP.PA 
|-
| [[Carrefour]] || Consumer Defensive || Hypermarkets & Super Centers || CA.PA
|-
| [[Crédit Agricole]] || Financial Services || Regional Banks || ACA.PA
|-
| [[Danone]] || Consumer Defensive || Packaged Foods & Meats || BN.PA
|-
| [[Dassault Systèmes]] || Technology|| Application Software || DSY.PA
|-
| [[Edenred]] || Industrials || Transaction Processing Services || EDEN.PA
|-
| [[Engie]] || Utilities || Gas Utilities || ENGI.PA
|-
| [[EssilorLuxottica]] || Healthcare || Apparel, Accessories & Luxury Goods || EL.PA
|-
| [[Eurofins Scientific]] || Healthcare || Biotechnologies || ERF.PA
|-
| [[Hermès]] || Consumer Cyclical || Apparel, Accessories & Luxury Goods || RMS.PA
|-
| [[Kering]] || Consumer Cyclical || Apparel, Accessories & Luxury Goods || KER.PA
|-
| [[L'Oréal]] || Consumer Defensive || 	Personal Products || OR.PA
|-
| [[Legrand (company)|Legrand]] || Industrials || Electrical Components & Equipment || LR.PA
|-
| [[LVMH]] || Consumer Cyclical || Apparel, Accessories & Luxury Goods || MC.PA
|-
| [[Michelin]] || Industrials  || Tires & Rubber || ML.PA
|-
| [[Orange SA|Orange]] || Communication Services || Integrated Telecommunication Services || ORA.PA
|-
| [[Pernod Ricard]] || Consumer Defensive || Distillers & Vintners || RI.PA
|-
| [[Publicis]] || Communication Services || Advertising || PUB.PA
|-
| [[Renault]] || Consumer Cyclical || Automobile Manufacturers || RNO.PA
|-
| [[Safran]] || Industrials || 	Aerospace & Defense || SAF.PA
|-
| [[Saint-Gobain]] || Industrials || Building Products || SGO.PA
|-
| [[Sanofi]] || Healthcare || Pharmaceuticals || SAN.PA
|-
| [[Schneider Electric]] || Industrials || Electrical Components & Equipment || SU.PA
|-
| [[Société Générale]] || Financial Services || Diversified Banks || GLE.PA
|-
| [[Stellantis]]|| Consumer Cyclical || Automobile Manufacturers || STLAP.PA
|-
| [[STMicroelectronics]] || Technology || Semiconductors ||  STMPA.PA
|-
| [[Teleperformance]] || Communication Services || Outsourcing || TEP.PA
|-
| [[Thales Group|Thales]] || Industrials || Aerospace & Defense || HO.PA
|-
| [[TotalEnergies]] || Energy || Integrated Oil & Gas || TTE.PA
|-
| [[Unibail-Rodamco-Westfield]] ||  Real Estate || Retail REITs || URW.PA
|-
| [[Veolia]] || Industrials || Multi-Utilities || VIE.PA
|-
| [[Vinci SA|Vinci]] || Industrials || Construction & Engineering || DG.PA
|-
|[[Vivendi]] || Communication Services || Movies & Entertainment || VIV.PA
|}

==See also==
* [[:Category:CAC 40]]
* [[CAC Next 20]]
* [[List of French companies]]
*[[List of largest French companies]]

==References==
{{reflist}}* 


==External links==
{{Commons category}}
* [https://www.euronext.com/en/products/indices/FR0003500008-XPAR/market-information Official Euronext page for CAC 40 Index]
* [https://www.euronext.com/en/news/cac-40-esg-index CAC 40 ESG Index] official Euronext product page
* [https://finance.yahoo.com/q?s=%5EFCHI FCHI: Summary for CAC 40 INDEX – Yahoo! Finance]
* [https://www.bloomberg.com/apps/quote?ticker=CAC:IND Bloomberg page for CAC:IND]

{{France Stock market indexes}}
{{Stock Market Indices}}
{{European Stock market indices}}
{{CAC 40 companies}}
{{Euronext topics}}
{{Authority control}}

{{DEFAULTSORT:Cac 40}}
[[Category:CAC 40| ]]
[[Category:European stock market indices]]
[[Category:French stock market indices]]
[[Category:Lists of companies of France]]
[[Category:1987 establishments in France]]