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BREAKING NEWS

Vivendi shares rally after strong results and growth at UMG

Vivendi shares rally after strong results and growth at UMG
FILE PHOTO: The Vivendi logo is pictured at the main entrance of the entertainment-to-telecoms conglomerate headquarters in Paris, March 10, 2016. REUTERS/Charles Platiau/File Photo -
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Charles Platiau(Reuters)
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PARIS (Reuters) - Shares in French media conglomerate Vivendi rose on Friday, which traders and analysts attributed to a strong set of group-level earnings and results at Vivendi's UMG music arm.

Vivendi shares were up 5 percent by 0805 GMT.

Late on Thursday, Vivendi reported higher earnings, helped by growth at the UMG division. Vivendi said Vincent Bollore, Vivendi's number one investor, would be replaced by his son Cyrille in April on the company's board.

"UMG's organic growth and margin comfortably beat our expectations," wrote JP Morgan analysts in a note, as they kept an "overweight" rating on Vivendi shares.

(Reporting by Sudip Kar-Gupta; Editing by Edmund Blair)

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