Ciments Francais up on Natixis upgrade

Ciments Francais up on Natixis upgrade
Published: 14 October 2009

Shares in Ciments Francais gain 3.8 percent, one of the the biggest gainers on France’s broad SBF120 index .SBF120 after Natixis raises its rating on the stock to "add" from "reduce".

"It is one of the few stocks that have underperformed the construction materials sector since the floor hit on March 9," Natixis analysts write in a note.

"We think the market has not yet digested the failed merger with Italcementi (ITAI.MI), and that the consensus underestimates the potential rebound in the company’s results over the next two years," they write.