October 11, 2018 / 8:06 AM / 2 months ago

Ubisoft shares rise to beat market sell-off after good sales for video game

PARIS (Reuters) - Shares in French video games maker Ubisoft rose by around 1 percent on Thursday, making them one of the few stocks to rise despite a broader market sell-off, after Ubisoft announced good sales for its latest ‘Assassin’s Creed’ game.

Ubisoft was one of the top performers on Paris’ SBF-120 index index, which was down 1.4 percent as European stock markets fell after a drop in Asian and U.S. markets. [MKTS/GLOB]

MidCap Partners wrote in a research note that Ubisoft’s update on the ‘Assassin’s Creed’ sales left the brokerage “very optimistic” over Ubisoft’s sales in the coming weeks.

Ubisoft shares are up around 30 percent so far in 2018.

The company’s founding Guillemot family owns around 20 percent of Ubisoft while Tencent has a 5 percent stake in Ubisoft.

Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas

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