CAC 40

Blue chip stock market index

CAC 40

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
Trading symbol|

* ^FCHI

Constituents| 40
Type| Large cap
Market cap| €2.356 trillion (3 February 2023)[1]
Weighting method| Capitalization-weighted
Related indices| CAC Next 20, CAC Small
Website| www.euronext.com

The CAC 40 (French pronunciation: ​[kak kaʁɑ̃t]) (Cotation Assistée en Continu) is a benchmark French stock market index. The index represents a capitalization-weighted measure of the 40 most significant stocks among the 100 largest 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, 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 every working day from 9:00 a.m. to 5:30 p.m.. It is updated every 15 seconds.

## History[edit]

The CAC 40 takes its name from the Paris Bourse's early automation system Cotation Assistée en Continu (Continuous Assisted Quotation). Its base value of 1,000 was set on 31 December 1987, equivalent to a market capitalisation of 370,437,433,957.70 French francs.[2] On 1 December 2003, the index's weighting system switched from being dependent on total market capitalisation to free float market cap only, in line with other leading indices.[3]

## Rules[edit]

### Selection[edit]

The CAC 40 index composition is reviewed quarterly by an independent Index Steering Committee (French: Conseil Scientifique).[2] If any changes are made, they are effected a minimum of two weeks after the review meeting.[2] At each review date, the companies listed on Euronext Paris are ranked according to free float market capitalisation and share turnover over the prior 12 months.[4] From the top 100 companies in this ranking, forty are chosen to enter the CAC 40 such that it is "a relevant benchmark for portfolio management" and "a suitable underlying asset for derivatives products".[4] 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).[4]

### Weighting[edit]

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.[2] Since December 2003, the index weightings of companies in the index have been capped at 15% at each quarterly index review,[4] 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.[4]

### Calculation[edit]

The index value I of the CAC 40 index is calculated using the following formula:[4] I t = 1000 × ∑ i = 1 N Q i , t F i , t f i , t C i , t K t ∑ i = 1 N Q i , 0 C i , 0 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}\,}} with t the day of calculation; N the number of constituent shares in the index (usually 40); Qi,t the number of shares of company i on day t; Fi,t the free float factor of share i; fi,t the capping factor of share i (exactly 1 for all companies not subject to the 15% cap); Ci,t the price of share i on day t; Qi,0 the number of shares of company i on the index base date; Ci,0 the price of equity i on the index base date; and Kt the "adjustment coefficient for base capitalization" on day t (reflecting the switch from the French franc to the Euro in 1999).

### Contract Specifications[edit]

The CAC 40 index is traded as a future on the Euronext Equities & Index Derivatives (EUREID) exchange under the ticker symbol PIL.

Contract Specification[5] 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[edit]

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.[6] 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, 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.[7]

## Record values[edit]

Type  | Date  | Value

|
|

Closing high  | 21 April 2023  | 7,577.00
Intraday high  | 24 April 2023  | 7,581.26

## Annual Returns[edit]

The following table shows the annual development of the CAC 40, which was calculated back to 1969.[8][9][10]

Year  | Closing level  | Change in Index
in Points  | Change in Index
in %

|
|
|

1969 | 334.12 |  |
1970 | 310.48 | −23.64 | −7.08
1971 | 286.13 | −24.35 | −7.84
1972 | 335.18 | 49.05 | 17.14
1973 | 325.65 | −9.53 | −2.84
1974 | 225.45 | −100.20 | −30.77
1975 | 294.60 | 69.15 | 30.67
1976 | 244.50 | −50.10 | −17.01
1977 | 228.98 | −15.52 | −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 | −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 | −28.75
1988 | 1,573.94 | 573.94 | 57.39
1989 | 2,001.08 | 427.14 | 27.14
1990 | 1,517.93 | −483.15 | −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 | −17.06
1995 | 1,871.97 | −9.18 | −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 | −21.97
2002 | 3,063.91 | −1,560.67 | −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 | −42.68
2009 | 3,936.33 | 718.36 | 22.32
2010 | 3,804.78 | −131.55 | −3.34
2011 | 3,159.81 | −644.97 | −16.95
2012 | 3,641.07 | 481.26 | 15.23
2013 | 4,295.95 | 654.88 | 17.99
2014 | 4,272.75 | −23.20 | −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 | −10.95
2019 | 5,978.06 | 1,247.37 | 26.37
2020 | 5,551.41 | −426.65 | −7.68
2021  | 7,153.03  | 1,601.62  | 28.85

## Composition[edit]

A Louis Vuitton store in Singapore, part of LVMH group. TGV high-speed train, manufactured by Alstom. Peugeot 508, manufactured by Peugeot part of Stellantis group. Alpine A110, manufactured by Alpine part of Renault group. CFM56 turbofan engine, manufactured by Safran. STM32 microcontroller, manufactured by STMicroelectronics.

The index consists of the following companies as of the quarterly update effective November 2021.

The most recent composition can be found on the Euronext website.[11]

Company | Sector | GICS Sub-Industry | Ticker

|
|
|

Air Liquide | Basic Materials | Industrial Gases | AI.PA
Airbus | Industrials | Aerospace & Defense | AIR.PA
Alstom | Industrials | Rail Transport | ALO.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
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 | Industrials | Electrical Components & Equipment | LR.PA
LVMH | Consumer Cyclical | Apparel, Accessories & Luxury Goods | MC.PA
Michelin | Industrials | Tires & Rubber | ML.PA
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 | 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 | Industrials | Construction & Engineering | DG.PA
Vivendi | Communication Services | Movies & Entertainment | VIV.PA
Worldline | Technology | Data Processing & Outsourced Services | WLN.PA

## See also[edit]

* Category:CAC 40
* CAC Next 20
* List of French companies
* List of largest French companies

## References[edit]

1. ^ "CAC 40". boursier.com. Retrieved 1 January 2020.
2. ^ a b c d "CAC 40 index profile". Euronext. Archived from the original on 9 December 2007. Retrieved 3 December 2007.
3. ^ "CAC40 shift to free-float weighting: revision of free-float calculation and capping factors" (Press release). Euronext. 5 November 2003. Archived from the original on 27 May 2010. Retrieved 3 December 2007.
4. ^ a b c d e f "Rules for the CAC 40 Index" (PDF). Euronext. January 2009. Archived from the original (PDF) on 16 June 2011. Retrieved 17 December 2009.
5. ^ "Historical CAC 40 Intraday Data (PIL)". PortaraCQG. Retrieved 28 October 2022.
6. ^ Chirac, Jacques (24 March 2006). "Press conference given by M. Jacques Chirac, President of the Republic, following the European Council (excerpts)". Archived from the original on 20 June 2010. Retrieved 27 September 2010.
7. ^ Lagarde, Christine (6 May 2006). ""France and Globalization": Lecture Given by Mme Christine Lagarde, Minister Delegate for Foreign Trade, to The Ecole des Hautes Etudes Commerciales in Lille (excerpts)". Retrieved 3 December 2007.
8. ^ "RND". hec.unil.ch. Archived from the original on 13 August 2019. Retrieved 20 January 2020.
9. ^ "CAC 40 Index (France) Yearly Stock Returns". 1stock1.com. Retrieved 20 January 2020.
10. ^ "CAC 40 (^FCHI) Historical Data – Yahoo Finance". Yahoo! Finance. Retrieved 21 January 2020.
11. ^ "CAC 40". Euronext.

## External links[edit]

Wikimedia Commons has media related to CAC 40.

* Official Euronext page for CAC 40 Index
* FCHI: Summary for CAC 40 INDEX – Yahoo! Finance
* Bloomberg page for CAC:IND

* v
* t
* e

Major France stock market indices

* CAC 40
* CAC Next 20
* CAC Mid 60
* CAC Small
* CAC All-Tradable
* SBF 120

* v
* t
* e

Stock market indices

Global|

| Equities|

* MSCI ACWI Index
* MSCI World
* S&P Global 100
* S&P Global 1200
* The Global Dow
* Dow Jones Global Titans 50
* FTSE All-World index series
* OTCM QX ADR 30 Index

|

Commodities|

* Bloomberg Commodity Index
* S&P GSCI
* Deutsche Bank Liquid Commodity Index
* NCDEX Commodity Index
* Refinitiv Equal Weight Commodity Index
* Refinitiv/CoreCommodity CRB Index
* Rogers International Commodity Index
* Standard & Poor's Commodity Index

Regional|

| Asia|

* S&P Asia 50

|

Europe|

* EURO STOXX 50
* STOXX Europe 600
* FTSEurofirst 300 Index
* FTSEurofirst Euro Supersector Indices
* S&P Europe 350
* CECEEUR

Latin America|

* S&P Latin America 40

Other|

* MSCI EAFE
* MSCI GCC

Industry indices|

| Energy|

* Amex Oil Index

|

Electronics|

* PHLX Semiconductor Sector
* TecDax

Metals|

* HUI Gold Index
* Philadelphia Gold and Silver Index

Real estate|

* CBV Real Estate Index

Water|

* Palisades Water Index

Other|

* Baltic Dry Index

Americas|

| US|

| Major|

* Dow Jones Industrial Average
* NYSE Composite
* NASDAQ Composite
* NASDAQ-100
* S&P 500
* Russell 2000
* Wilshire 5000

|

Other|

* Dow Jones Transportation Average
* Dow Jones Utility Average
* NYSE Arca Tech 100 Index
* NYSE Composite
* S&P 100
* S&P 400
* S&P 600
* Russell 1000 Index
* Russell 3000 Index

Canada|

* S&P/TSX 60
* S&P/TSX Composite Index

Other|

* Indice de Precios y Cotizaciones (Mexico)
* COLCAP (Colombia)
* Indice General de la Bolsa de Valores de Colombia (Colombia)
* Índice Bovespa (Brazil)
* Índice de Precio Selectivo de Acciones (Chile)
* MERVAL (Argentina)
* S&P/BVL Peru General Index (Peru)

Europe|

| UK|

* FT 30
* FTSE 100 Index
* FTSE 250 Index
* FTSE 350 Index
* FTSE SmallCap Index
* FTSE All-Share Index
* FTSE Fledgling Index
* FTSE AIM UK 50 Index
* FTSE AIM 100 Index

|

France|

* CAC 40
* CAC Next 20
* CAC Mid 60
* CAC Small
* CAC All-Tradable
* SBF 120

Other|

* AEX
* ATX
* BEL 20
* BUX
* DAX
* FTSE MIB
* IBEX 35
* ISEQ 20
* MOEX
* OBX
* OMXC25
* OMXH25
* OMXS30
* PSI-20
* PX
* RTSI
* SMI
* WIG20

Asia|

| China|

* SSE Composite
* SZSE Component
* SSE 50 Index
* SSE 180 Index
* CSI 100 Index
* CSI 300 Index
* SZSE 100 Index
* SZSE 200 Index
* SZSE 300 Index

|

India|

* BSE SENSEX
* NIFTY 50
* NIFTY Next 50
* NIFTY 500

Japan|

* Nikkei 225
* TOPIX
* S&P/TOPIX 150

South Korea|

* KOSPI
* KOSDAQ

Other|

* KASE (Kazakhstan)
* KSE (Kyrgyzstan)
* Tashkent (Uzbekistan)
* Hang Seng (Hong Kong)
* Taiwan Weighted (Taiwan)
* Moscow Exchange (Russia)
* KSE 100 (Pakistan)
* IDX Composite (Indonesia)
* Straits Times Index (Singapore)
* KLCI (Malaysia)
* PSEi (Philippines)
* SET Index (SET50/SET100) (Thailand)
* ASE Weighted (Jordan)
* DFM Index (Dubai)
* TASI (Saudi Arabia)
* TA-125 (Israel)
* TSE (Iran)
* BIST (Turkey)

Oceania|

* S&P/ASX 20
* S&P/ASX 50
* S&P/ASX 200
* S&P/ASX 300
* S&P/NZX 50 Index

* v
* t
* e

Major European stock market indices

* AEX
* ATX
* BEL 20
* BUX
* CAC 40
* DAX
* FTSE 100
* FTSE MIB
* IBEX 35
* ISEQ 20
* MOEX
* OBX
* OMXC25
* OMXH25
* OMXS30
* PSI-20
* PX
* RTSI
* SMI
* WIG30

* v
* t
* e

CAC 40 companies of France

Last updated: 5 November 2021

* Air Liquide
* Airbus
* Alstom
* ArcelorMittal
* Axa
* BNP Paribas
* Bouygues
* Capgemini
* Carrefour
* Crédit Agricole
* Danone
* Dassault Systèmes
* Engie
* EssilorLuxottica
* Eurofins Scientific
* Hermès
* Kering
* L'Oréal
* Legrand
* LVMH
* Michelin
* Orange
* Pernod Ricard
* Publicis
* Renault
* Safran
* Saint-Gobain
* Sanofi
* Schneider Electric
* Société Générale
* Stellantis
* STMicroelectronics
* Teleperformance
* Thales
* TotalEnergies
* Unibail-Rodamco-Westfield
* Veolia
* Vinci
* Vivendi
* Worldline

* v
* t
* e

Euronext

Trading services|

| Markets|

* Euronext Growth
* BlueNext
* Nord Pool

|

National listing venues|

Amsterdam (registered office)
Brussels
Dublin
Lisbon
Milan
Oslo
Paris

Indices|

| Pan-European|

Pan-European: Euronext 100

|

National|

Netherlands: AEX · AMX (Midcap) · AScX (Small Cap)
Belgium: BEL20
France: CAC 40 · CAC Next 20 · CAC Mid 60 · CAC Small · CAC All-Tradable
Ireland: ISEQ 20
Italy: FTSE MIB · FTSE Italia Mid Cap
Norway: OBX · OSEAX
Portugal: PSI-20

Post-trade services|

* Euronext Clearing
* Euronext Securities

Authority control: National |

* France
* BnF data

|

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template