August 1, 2019 / 7:28 AM / 4 months ago

Altice Europe's shares jump after company lifts its targets

PARIS (Reuters) - Altice Europe’s (ATCA.AS) shares jumped higher on Thursday, after the cable and telecoms group lifted its full-year financial targets.

Altice Europe shares were up 17.8% in early session trading.

Late on Wednesday, the company lifted its full-year targets after its French division swung back to growth in the second quarter, signalling that a turnaround was underway in its main market.

The group’s founder and majority-owner Patrick Drahi, on a quest to reassure investors about the company’s capacity to repay a hefty 30.1 billion-euro (£27.4 billion) debt, hailed the performance as proof that his strategic shift from cost-cutting towards gaining clients and selling assets was working.

Reporting by Mathieu Rosemain; Editing by Sudip Kar-Gupta

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