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| {{Use dmy dates|date=July 2013}}
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| {{Infobox Index
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| |name = CAC 40|logo =
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| |image = [[File:CAC 40.png|250px]]
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| |caption = CAC 40 performance between 1964 and 2012
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| |foundation = 1987
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| |operator = [[Euronext]]
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| |exchanges = [[Euronext Paris]]
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| |constituents = 40
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| |cap_level = Large cap
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| |mcap = [[Euro|€]]1.031 trillion <small>(end 2009)</small><ref>{{cite web|url=http://www.euronext.com/fic/000/048/501/485014.pdf|title=CAC 40 Executive presentation|accessdate=2010-03-01|publisher=[[Euronext]]}}</ref>
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| |weighting = [[Capitalization-weighted index|Capitalization-weighted]]
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| |related = [[CAC Next 20]], [[CAC Mid 60]], [[CAC Small]]
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| |homepage = [http://www.nyse.com/cac40 www.nyse.com/cac40]
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| }}
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| The '''CAC 40''' ({{lang-fr|CAC quarante}} {{IPA-fr|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 values among the 100 highest [[market capitalization|market caps]] on the [[Paris Bourse]] (now [[Euronext Paris]]). It is one of the main national indices of the pan-European stock exchange group [[Euronext]] alongside [[Brussels]]' [[BEL20]], [[Lisbon]]'s [[PSI-20]] and [[Amsterdam]]'s [[AEX index|AEX]].
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| ==History==
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| 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 370,437,43 3,957.70 [[French franc]]s.<ref name="profile">{{cite web
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| |url=http://www.euronext.com/editorial/wide/editorial-2667-EN-FR0003500008.html?selectedMep=1
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| |title=CAC 40 index profile
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| |publisher=[[Euronext]]
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| |accessdate=2007-12-03}}</ref> In common with many major world stock markets, its all-time high to date (6922.33 points) was reached at the peak of the [[dot-com bubble]] in September 2000.<ref>{{cite news
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| |url=http://news.bbc.co.uk/1/hi/business/3359241.stm
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| |title=Investors celebrate stock market boom
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| |publisher=[[BBC News]]
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| |date=31 December 2003
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| |accessdate=2007-12-03}}</ref> In 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
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| |url=http://www.euronext.com/news/press_release/press_release-1731-EN.html?docid=59760
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| |title=CAC40 shift to free-float weighting: revision of free-float calculation and capping factors
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| |date=5 November 2003
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| |publisher=[[Euronext]]
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| |accessdate=2007-12-03}}</ref>
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| ==Rules==
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| ===Selection===
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| The CAC 40 index composition is reviewed quarterly by an independent Index Steering Committee ({{lang-fr|Conseil Scientifique}}).<ref name="profile" /> If any changes are made, they are
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| 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
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| |url=http://www.euronext.com/fic/000/050/871/508718.pdf
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| |format=PDF|title=Rules for the CAC 40 Index
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| |publisher=Euronext
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| |date=January 2009
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| |accessdate=2009-12-17}}</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" />
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| ===Weighting===
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| 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" />
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| ===Calculation===
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| The index value I of the CAC 40 index is calculated using the following formula:<ref name="rules" />
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| <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>
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| 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).
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| ==Holders==
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| 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 |authorlink=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 |accessdate=27 September 2010}}</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
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| |last=Lagarde
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| |first=Christine
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| |authorlink=Christine Lagarde
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| |url=https://pastel.diplomatie.gouv.fr/editorial/actual/ael2/bulletin.gb.asp?liste=20060517.gb.html
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| |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)
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| |date=6 May 2006
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| |accessdate=2007-12-03}}</ref>
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| ==Composition==
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| [[File:Ariane 5 Le Bourget 20110624.jpg|195px|thumb|right|An [[Ariane 5]] launcher, built by [[Astrium]] [[EADS]], equipped with [[Vulcain|Vulcain II]] engine manufactured by [[Snecma]] [[Safran]].]]
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| [[File:Louis Vuitton The Landmark Hong Kong.jpg|195px|thumb|right|A [[Louis Vuitton]] store in Hong Kong, part of [[LVMH]] group.]]
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| [[File:TGV-Duplex Paris.jpg|195px|thumb|right|A high-speed train [[TGV Duplex]] manufactured by [[Alstom]].]]
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| [[File:Renault Zoe on MIAS 2012 (rear view 1).JPG|195px|thumb|right|[[Renault Zoe]], a five-door supermini [[electric car]] manufactured by [[Renault]].]]
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| [[File:Pont de Normandie 01 09.jpg|195px|thumb|right|[[Pont de Normandie]], built by [[Bouygues]] and [[Vinci (construction)|Vinci]], the largest construction company in the world by revenue.]]
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| The index consists of the following companies as of the quarterly update effective 19 December 2011 which saw [[Legrand (company)|Legrand]] replace [[Suez Environnement]].<ref>{{cite web|url=http://www.euronext.com/fic/000/068/156/681567.pdf|title=Index Announcement|date=1 December 2011|publisher=Euronext|accessdate=18 December 2011}}</ref>
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| {| class="wikitable sortable" style="text-align: center;" cellpadding=2 cellspacing=2
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| ! Company !! [[Industry Classification Benchmark|ICB]] Sector !! Ticker symbol !! Index weighting (%) at 17 January 2013 !! Market cap. at April 2013 (€)<ref>http://www.boursier.com/indices/composition/cac-40-FR0003500008,FR.html?tri=dcapi</ref>
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| | [[Accor]] || hotels || {{Euronext3|AC}} || 0.65 || 6.02
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| | [[Air Liquide]] || commodity chemicals || {{Euronext3|AI}} || 4.08 || 29.49
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| |-
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| | [[Alstom]] || industrial machinery || {{Euronext3|ALO}} || 0.96 || 9.40
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| | [[ArcelorMittal]] || steel || {{Euronext3|MT}} || 1.69 || 15.4
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| | [[AXA]] || full line insurance || {{Euronext3|CS}} || 3.40 || 31.45
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| | [[BNP Paribas]] || banks || {{Euronext3|BNP}} || 6.24 || 48.78
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| | [[Bouygues]] || heavy construction || {{Euronext3|EN}} || 0.60 || 6.57
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| | [[Capgemini]] || computer services || {{Euronext3|CAP}} || 0.70 || 5.56
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| | [[Carrefour]] || food retailers and wholesalers || {{Euronext3|CA}} || 1.54 || 14.67
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| | [[Crédit Agricole]] || banks || {{Euronext3|ACA}} || 1.02 || 15.65
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| | [[EADS]] || aerospace || {{Euronext3|EAD}} || 1.89 || 31.82
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| | [[Électricité de France|EDF]] || electricity || {{Euronext3|EDF}} || 0.57 || 28.78
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| | [[Essilor]] || medical supplies || {{Euronext3|EI}} || 2.05 || 17.74
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| | [[Gemalto]] || cyber security || {{Euronext3|GTO}} || 0.76 || 5.86
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| | [[GDF Suez]] || gas distribution || {{Euronext3|GSZ}} || 2.84 || 37.22
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| | [[Groupe Danone]] || food products || {{Euronext3|BN}} || 4.07 || 34.37
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| | [[L'Oréal]] || personal products || {{Euronext3|OR}} || 3.65 || 73.48
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| | [[Lafarge]] || building materials and fixtures || {{Euronext3|LG}} || 1.25 || 13.83
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| | [[Legrand (company)|Legrand]] || electrical components and equipment || {{Euronext3|LR}} || 1.14 || 8.74
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| | [[LVMH]] || clothing and accessories || {{Euronext3|MC}} || 5.02 || 65.95
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| | [[Michelin]] || tires || {{Euronext3|ML}} || 1.85 || 11.56
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| | [[Orange S.A.|Orange]] || telecommunications || {{Euronext3|ORA}} || 2.27 || 20.44
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| | [[Pernod Ricard]] || distillers and vintners || {{Euronext3|RI}} || 2.52 || 25.04
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| | [[PPR (company)|PPR]] || broadline retailers || {{Euronext3|PP}} || 1.64 || 20.85
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| | [[Publicis]] || media agencies || {{Euronext3|PUB}} || 1.19 || 11.15
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| | [[Renault]] || automobiles || {{Euronext3|RNO}} || 1.10 || 14.67
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| | [[Safran]] || aerospace and defence|| {{Euronext3|SAF}} || 1.08 || 14.37
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| | [[Saint-Gobain]] || building materials and fixtures || {{Euronext3|SGO}} || 1.78 || 14.57
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| | [[Sanofi]] || pharmaceuticals || {{Euronext3|SAN}} || 12.19 || 102.87
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| | [[Schneider Electric]] || electrical components and equipment || {{Euronext3|SU}} || 4.04 || 33.14
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| | [[Société Générale]] || banks || {{Euronext3|GLE}} || 3.04 || 19.82
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| | [[Solvay (company)|Solvay]] || chemicals || {{Euronext3|SOLB}} || 0.94 || 8.54
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| | [[STMicroelectronics]] || semiconductors || {{Euronext3|STM}} || 0.54 || 5.25
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| | [[Technip]] || oil equipment and services || {{Euronext3|TEC}} || 1.18 || 9.24
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| | [[Total S.A.|Total]] || integrated oil and gas || {{Euronext3|FP}} || 11.96 || 86.94
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| | [[Unibail-Rodamco]] || real estate investment trusts || {{Euronext3|UL}} || 2.31 || 16.80
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| | [[Vallourec]] || industrial machinery || {{Euronext3|VK}} || 0.58 || 4.56
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| | [[Veolia Environnement]] || water || {{Euronext3|VIE}} || 0.44 || 5.01
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| | [[Vinci (construction)|Vinci]] || heavy construction || {{Euronext3|DG}} || 2.42 || 20.34
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| | [[Vivendi]] || broadcasting and entertainment || {{Euronext3|VIV}} || 2.77 || 21.32
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| |}
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| ==See also==
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| * [[:Category:CAC 40]]
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| * [[CAC Next 20]]
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| * [[List of French companies]]
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| ==References==
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| {{reflist}}
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| ==External links==
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| *[https://indices.nyx.com/fr/products/indices/FR0003500008-XPAR Official Euronext page for CAC 40 Index]
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| *[http://finance.yahoo.com/q?s=%5EFCHI FCHI: Summary for CAC 40 INDEX - Yahoo! Finance]
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| *[http://www.reuters.com/finance/markets/index?symbol=fr!CAC Thomson Reuters page for .FCHI ]
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| *[http://www.bloomberg.com/apps/quote?ticker=CAC:IND Bloomberg page for CAC:IND]
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| {{Commons category}}
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| {{France Stock market indexes}}
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| {{DEFAULTSORT:Cac 40}}
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| [[Category:French stock market indices]]
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| [[Category:Lists of companies of France]]
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| [[Category:CAC 40| ]]
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