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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