PSA's Results `Boom!' Sends Shares to 7-Year High: Street Wrap
- Shares up as much as 13%, leading gains on French benchmark
- ‘Impressive’ results helped by turnaround of Opel: Jefferies
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PSA Group shares rose to the highest level since July 2011 after the French carmaker reported first-half results that analysts called “immense” and “more than impressive” as a turnaround of the Opel brand started to become visible.
The auto sector has been under pressure in recent months, penalized by U.S. President Donald Trump’s threats of a trade war, and is among the worst-performing sectors on the Stoxx Europe 600 index this year. Peugeot is the first European carmaker to report results, and may set a positive tone for companies reporting in coming days, including Fiat Chrysler Automobiles N.V. on Wednesday and Daimler AG on Thursday.