STOCKS NEWS EUROPE-L'Oreal rises on results, Nestle hopes
Shares in L'Oreal rise more than 6 percent in brisk volumes after the cosmetics group posts results in-line with or better than expectations and on expectations of a share buyback if Swiss group Nestle sells its stake.
"Investors should be fairly pleased with this solid set of results," Bernstein analyst Andrew Wood writes.
"We continue to believe that this performance does not justify current valuations although the stock is somewhat inflated by hope/expectation that Nestle will sell its stake in L'Oreal and that L'Oreal will undertake a mega buy-back of the shares, which would be significantly accretive."
After 25 minutes of trading, the volumes on L'Oreal shares already represents 37 percent of the stock's average daily volume of the past 90 days, versus 6.6 percent for the CAC 40 index.
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