Retailer Casino's shares rebound after Rallye gets protection from creditors

Finatis SA

24/05/2019 08:16

PARIS, May 24 (Reuters) - Shares in French supermarket
retailer Casino  CASP.PA  rebounded on Friday in volatile
trading, after a move to place Casino's parent company Rallye
 GENC.PA  under protection from creditors offered an element of
relief, traders and analysts said.
    Casino's shares rose by around 10 percent in early session
trading on Friday.
    Analysts at JP Morgan said any weakness in Casino's share
price offered a good buying opportunity.
    "We would, however, buy that weakness as the new situation
should prove beneficial for them as it would accelerate the
execution of its asset disposal plan in the coming months, with
some of the overhang from Rallye disappearing, in the context of
the very high short interest," wrote JP Morgan.

 (Reporting by Sudip Kar-Gupta and Blandine Henault;
Editing by Leigh Thomas)
 ((sudip.kargupta@thomsonreuters.com; +33 1 49 49 54 52;))