STOCK MARKET-Casino rises after comments deemed reassuring by its CEO
Kepler's note on Friday helps drive the stock higher, Explain Ion-Marc Valahu, Fund manager at Clairinvest in Geneva.
PARIS, 14 September (Reuters) – The Casino action goes up on Friday on Friday after the comments loaned to its CEO deemed reassuring by investors.
The title takes 4,25% to 32,1 euros at 11:54 a.m., appearing in the leading group of the Parisian SBF index 120, then increasing by 0,33%.
The stock remains down more than 36% since the beginning of the year, the group's high debt worrying the market.
Jean-Charles Naouri spoke in particular on the case of Rallye during a meeting with analysts from Kepler Cheuvreux, we read in a note from the intermediary.
The CEO of the distributor did not give details but ruled out the scenario of a merger between Casino and Rallye. The case of Rallye is under discussion but it is too early to talk about it, said Jean-Charles Naouri, according to Kepler's note.
The Casino title had lost up to 15% in session on 31 August due to new concerns about its liquidity and debt. It is considered to be one of the preferred targets of “hedge funds”.
Kepler's note on Friday helps drive the stock higher, Explain Ion-Marc Valahu, Fund manager at Clairinvest in Geneva.
“Naouri’s comments in Kepler’s note are relatively reassuring and the fact that he is speaking out is positive because there is nothing worse than remaining silent during a period of turbulence”, he said.
Kepler further mentions, without mentioning the CEO, the possibility for Casino to sell or close its least profitable hypermarkets.