June 12, 2018 / 7:27 AM / 2 months ago

Retailers Casino, Carrefour lead European shares higher

MILAN, June 12 (Reuters) - European shares rose on Tuesday to their highest level in almost a week with Casino leading the surge as investors warmed to the supermarket’s plans to sell assets.

Its shares rose more than 8 percent, leading gainers in Europe, after the French group said it aimed to complete 1.5 billion euros of asset sales by early 2019 to reduce its heavy debt burden.

Carrefour was another strong gainer, up 3 percent after France’s largest food retailer forged an online shopping tie-up with Google. Their gains and strength across most sectors helped lift the pan-European index up 0.3 percent by 0713 GMT.

Miners were a weak spot, down 0.04 percent, as copper prices slipped on a stronger dollar.

British American Tobacco rose 0.7 percent after the FTSE heavyweight said it expected to weather a weaker pound and a slowing market for tobacco-heating devices in Japan to report “good” earnings growth for the full year.

A downgrade from Morgan Stanley sent Rotork shares to the bottom of the STOXX, down 2.4 percent, while Deutsche Post declined 1.3 percent after a downgrade from RBC.

Reporting by Danilo Masoni, Editing by Helen Reid

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