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 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 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.
(Reporting by Sudip Kar-Gupta; Editing by Dominique Vidalon)