Equities

Reuters ahead with news on French energy minister appointment; EDF shares plunge

Reuters ahead with news on French energy minister appointment; EDF shares plunge

EDF shares plunged after Reuters was ahead in reporting that French environmental campaigner Nicolas Hulot was appointed ecology minister, turning market sentiment about future government regulation of the nuclear utility. The shares, which had been down 2.5 percent before the announcement, quickly dropped another 2.5 percent to stand five percent lower.

As Hulot’s title of “Minister of Ecology and Solidarity” did not formally include the field of energy, it was unclear whether Hulot, France’s best-known and highly popular environmentalist, would be in charge of EDF and France’s nuclear policy. But two hours later, Reuters revealed that Hulot would indeed be in charge of energy. Following the Reuters report, EDF shares slid further to an intraday day loss of 7 percent.

Reuters also won the timings on the appointments of all other key cabinet appointments in the new Edouard Philippe cabinet, continuing a string of election-related timings victories for Reuters over the past weeks.