Valeo shares shift up after 2010 earnings forecast hike

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Shares in Valeo shot up nearly 10 percent Friday after the French auto supplier announced a 22 percent jump in quarterly sales the evening before and raised its 2010 performance targets.

The company's shares were trading at 39.305 euros at 1300 GMT, a gain of 9.48 percent compared to an overall gain of 0.23 percent in the CAC-40.

Valeo said Thursday its operating margin in the second half of the year should increase slightly from the first half and that it expected a 25 percent increase in annual sales to 9.4 billion euros.

© 2010 AFP

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