FRANKFURT (dpa-AFX) - Continental shares reacted to statements made at an analysts' conference with a jump in share price on Thursday. After the start of trading, the shares of the automotive supplier and tire manufacturer shot up by almost 10 percent to a good 59 euros. This is the highest level since mid-June.

The shares thus continued their previous day's recovery after falling to just under 52 euros on Tuesday - their lowest level since November 2022.

Conti expects business in the automotive supply sector to remain difficult in Europe this year, but anticipates growth in the Chinese market. The Group made progress as expected in terms of price development in the second quarter compared to the start of the year, according to a summary of the pre-close call with analysts and investors ahead of the week-long period of silence that precedes the quarterly figures. In addition, the first effects of the cost-cutting program introduced in the automotive division should become visible, the Group said. The effect is expected to grow over the course of the year and then, as previously announced, fully unfold next year.

One market participant was positively surprised in the morning: the management's statements signaled an unexpectedly strong second quarter, after the first quarter of the year had probably been the worst for a long time. The most important news was that Conti had almost reached break-even in the automotive sector in the past quarter and had thus performed much better than feared.

Since mid-February, Conti shares had lost around a third of their value - partly due to the rather gloomy expectations of quite a few investors. In the year to date, it has been one of the three weakest DAX stocks with a drop of around 23 percent./edh/men/mis