Renault shares fall after Nissan’s bleak outlook
Written by MagaFirstNews on May 15, 2019
FILE PHOTO: The logo of French car manufacturer Renault is seen during a snow test at the Jules Verne climatic wind tunnel at the Scientific and Technical Center for Building (CSTB) research laboratory, that can simulate and analyze the behaviour of structures under extreme temperature weather conditions, with snow, sand storms, fog, as well as hurricaines with winds up to 280 km per hour, in Nantes, France, April 26, 2019. REUTERS/Stephane Mahe
May 15, 2019
PARIS (Reuters) – Renault’s shares fell sharply on Wednesday, in the wake of a slump in the stock price of its Japanese partner Nissan after Nissan issued a bleak earnings outlook.
Renault shares were down 2.5 percent in early trading, making them among the worst performers on both the Paris and broader European stock markets.
Nissan forecast a 28% plunge in its annual operating profit, putting it on course for its weakest earnings in 11 years and underscoring its struggle to turn the page after former chairman Carlos Ghosn was ousted.
(Reporting by Sudip Kar-Gupta; editing by Jason Neely)