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SocGen shares fall while Natixis rises after differing second-quarter results

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SocGen shares fall while Natixis rises after differing second-quarter results

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PARIS (Reuters) – Shares in Societe Generale <SOGN.PA> fell while those of its rival Natixis <CNAT.PA> rose after the two French banks posted contrasting results, with SocGen posting lower profits while Natixis reported higher earnings. SocGen shares were down 3.4 percent in early session trading, making them the worst performer on France’s blue-chip CAC-40 index <.FCHI> after SocGen reported lower second-quarter profits and revenues. “Mixed results with good performance on retail activities, partly offset by lukewarm performance in CIB (corporate and investment banking),” Jefferies analysts wrote in a note on SocGen’s results. Natixis shares, on the other hand, rose 4 percent after Natixis reported late on Tuesday a better-than-expected rise in second-quarter profits. “The CIB beat was across all businesses with both equity and FICT (fixed income and commodities trading) showing better year-on-year performance than European peers,” wrote Citigroup analysts in a note on Natixis.

(Reporting by Sudip Kar-Gupta; Editing by Maya Nikolaeva)
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