FRANKFURT (dpa-AFX) - Shares in Ceconomy fell sharply on Monday after the presentation of figures for the second fiscal quarter and the confirmed outlook for the full year 2022/23. In the afternoon, the securities of the electronics retailer lost 12.3 percent to 2.286 euros, which means that the strong recovery gain since the beginning of the year has melted down to around 23 percent. The papers also sank below not only the 21-day line, which indicates the short-term trend, but also below the supports signaling the medium-term trend.

Analyst Volker Bosse of Baader Bank commented on the sharp price losses: "The market probably expected more after the nearly six percent price gain on Friday." Investors were probably worried about management's comments on consumer sentiment and the challenging environment, even though CEO Karsten Wildberger had expressed confidence about the start to the second half of the year.

In his study on the stock, Bosse had expressed an overall positive view after the figures. With regard to the stationary business, he pointed out that Ceconomy had continued to recover from the pandemic. Adjusted operating profit had exceeded expectations, with improvements in Germany, but also in Turkey, offsetting the difficult market environment in Spain and Italy./ck/ngu