PARIS (Reuters) - Shares in French video games maker Ubisoft hit a record high on Wednesday, after Ubisoft posted an increase in first-quarter sales.
Ubisoft, in which French media giant Vivendi (PA:VIV) has built up a stake of around 27 percent, rose 9.4 percent to a record intraday high of 53.19 euros in late session trading.
"The new game development at Ubisoft lends itself towards online, multi-player and evolving (rather than static) experiential games – which we see as the sweet spot of franchise longevity, monetization, and higher margins," said Northern Trust (NASDAQ:NTRS) Capital Markets analyst Neil Campling.
"We remain buyers of Ubisoft," he added.
Ubisoft is best-known for its Assassin's Creed video game and its shares are up by around 60 percent since the start of 2017, outperforming gains of around 10 percent on France's SBF-120 index.