PARIS (Reuters) – Ubisoft <UBIP.PA> shares rose on Tuesday, outperforming weaker European markets, after Google said it had partnered with the French video games maker to test its video game streaming service.
Ubisoft’s shares were up 2.4 percent in mid-session trading at 98.94 euros, making the stock the best performer on Paris’ SBF-120 index <.SBF120>, which was down 0.9 percent on concerns over Italy’s economic and political situation.
Google said on Monday that it would team up with Ubisoft to test its video game streaming service by offering the latest installment of Ubisoft’s Assassin’s Creed series.
“The fact Google has chosen Ubisoft and chosen the next AC game is a great endorsement of Ubisoft’s leading technological efforts and their flagship franchise in our view,” said Mirabaud Securities analyst Neil Campling.
Ubisoft shares are up by around 50 percent so far in 2018, with the stock having hit a record high of 107.90 euros in July.
The company’s founding Guillemot family <GTCN.PA> owns around 20 percent of Ubisoft while Tencent <0700.HK> has a 5 percent stake in Ubisoft.
(Reporting by Sudip Kar-Gupta; Editing by Leigh Thomas)