Casino Guichard Shares Drop Nearly 4% Breaking Through the €0.19 Support Level
The stock of the Saint-Etienne based retailer declines sharply in mid-morning trading, extending a bleak week. The drop is accompanied by a downward breach of the closely watched technical support, following the announcement of the restructuring plan approved by the board of directors.
A Decline that Breaks the €0.19 Support and Adds to a Weekly Drop of Nearly 18%
Casino Guichard shares are down 3.7% at €0.1850 in mid-morning trading, while the CAC 40 is up 0.14%. The stock has broken through its €0.19 support during the session, hitting a low identical to before just rebounding to the level of the marker. This movement brings the weekly decline to 17.64%, and the annual drop now reaches nearly 64%.
The RSI at 27 indicates buyer exhaustion for the week, consistent with a price that is significantly below its three moving averages, with the MM200 remaining 26% above the current price. The stock is among the biggest losers in the CAC All Shares for the session.
Restructuring Plan Approved by the Board Weighs on an Already Weakened Case
The board of directors has approved the restructuring plan presented by its reference shareholder, announced on July 10th, following arbitration among several financial proposals. The decision comes in a context of sustained pressure on the valuation of the retailer, whose stock price remains down nearly 64% over twelve months. The group is also continuing the transformation of its Monoprix brand, which began in early July as part of the strategic plan 'Renewal 2030'. The next technical milestone to watch is the resistance zone identified at €0.23, a level the stock has not approached for several weeks.
