PARIS (Reuters) - Remy Cointreau’s shares fell on Tuesday, surrendering early gains made at the start of trading, as analysts cited concerns over the outlook for China - a key market for the French spirits company.
Remy shares were down 2.3 percent by 0834 GMT.
The group had earlier reported stronger-than-expected third quarter revenues, as the early timing of the Chinese New Year boosted premium cognac sales.
Nevertheless, some analysts said persistent concerns about a slowdown in China’s economic growth would weigh on Remy shares, with the International Monetary Fund having issued a warning over the state of the global economy on Monday.
“While China continues to show strong performance, wider macro concerns will likely continue to weigh on sentiment,” wrote analysts at investment bank Jefferies, which kept a “hold” rating on Remy shares.
Reporting by Sudip Kar-Gupta; Editing by Matthias Blamont