Shares in Casino rise 3.5 percent in brisk volumes as the French retailer posts a rise in operating profit, boosted by expansion in Latin America and notably Brazil, reassuring investors on the group’s strong emerging-market exposure.
“Both the operating and net profit are higher than expected. Positive surprise also on the dividend. The market had expected no change here,” a Paris-based trader says.
Casino has one of the biggest exposures to emerging markets among European companies, with 56 percent of its revenue coming from emerging countries, according to MSCI data.
After two hours of trading, the volumes on the shares already represent the stock’s daily average volume of the past three months.
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