Carrefour shares buck a rally for Europe stocks as one of the world’s richest men sells his stake

European stocks mostly rose on the first day of September, driven by gains for apparel makers and beverage groups such as Pernod Ricard, while shares of Carrefour led the decliners after losing one of its biggest investors.

“The overriding issue was again a lack of components, with suppliers either unable to produce enough parts or are facing a lack of shipping capacity to meet logistics demand,” said Chris Williamson, chief business economist at IHS Markit. The move sends a negative signal for Carrefour, given that Arnault has clearly capitulated and is selling his shares at a deep discount, said Clément Genelot, analyst at Bryan Garnier, who noted that the billionaire first bought shares at €40 in March 2007, from a current sale price of around €16.

Another big loser, WH Smith SMWH, -3.65%, said it expects the outcome for the year ended Aug. 31 to be slightly above previous guidance, but profitability at the lower end of market expectations.

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