Renault shares surge to record

5th June 2007, Comments 0 comments

PARIS, June 5, 2007 (AFP) - Renault shares surged to a record high point in early trading on Tuesday on positive brokerage comment after optimistic remarks about recovery prospects from company president Carlos Ghosn.

PARIS, June 5, 2007 (AFP) - Renault shares surged to a record high point in early trading on Tuesday on positive brokerage comment after optimistic remarks about recovery prospects from company president Carlos Ghosn.

The shares gained 2.54 percent to 115.50 euros to a record, and leading the Paris market, after Deutsche Bank stock broker analysts said they saw the price reaching 144 euros.

Deutsche Bank said that the group had a "particularly offensive strategy" with the launch of new products, and also expressed confidence that it could reduce costs.

Renault shares had closed on Friday at a record high point of 113.79 euros.

Deutsche Bank said that the price could rise to 160 euros in the next two years.

The president of Renault, Carlos Ghosn, expressed confidence on Tuesday that the group would recover from a difficult period, launching two models and benefiting from an expected rally of the French auto market next year.

"We have been through the bad times. Our sales will improve continuously from September. We are on time with all of out programmes," he told the newspaper Parisien-Aujourd'hui.

"In 2008, we shall launch a new vehicle every month," he said.


Copyright AFP

Subject: French news

0 Comments To This Article