May 24, 2019 / 7:22 AM / 2 months ago

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

PARIS, May 24 (Reuters) - Shares in French supermarket retailer Casino rebounded on Friday in volatile trading, after a move to place Casino’s parent company Rallye 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)

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