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Retailer Casino's Shares Fall For Second Day In Row After New Downgrade

Published on Apr 4 2019 10:09 AM in Retail tagged: France / Groupe Casino / Moody's / Morgan Stanley

Retailer Casino's Shares Fall For Second Day In Row After New Downgrade

Shares in French supermarket retailer Casino fell sharply for the second day in a row on Thursday, after suffering another downgrade from analysts over concerns about its cash flow.

Casino's shares were down by 5% by 0710 GMT, after Morgan Stanley cut its rating on the stock to "underweight" from "equal weight", citing potential hits to its cash flow from a tough business environment.

Morgan Stanley's cut followed a downgrade earlier this week to Casino from credit rating agency Moody's, which had knocked down Casino's shares by 3% on Wednesday.

Casino is in the process of selling assets in order to help cut its debts.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

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