FRANKFURT (dpa-AFX) - The downward trend at Cewe continued on Friday after the publication of figures. However, shares in the photo services provider, which is listed in the SDax second-line index, were able to stem their losses: After sliding to a low since the end of June at 89.60 euros, the shares were still down 0.6 percent at 90.70 euros around noon. However, they are now trading below the 50-day line as an indicator of the short- to medium-term trend, which has further clouded the chart picture.

Cewe was able to further increase sales in the traditionally weak second quarter. At the same time, however, the company slipped deeper into the red.

Warburg analyst Thilo Kleibauer spoke of an interim report that was largely in line with expectations. The figures and the confirmed outlook proved a sustained and profitable growth course. Meanwhile, he sees the consensus estimates for sales and operating profit (Ebit) already almost at the upper end of the company's target ranges.

Volker Bosse of Baader Bank explained that the latter were so broad with the uncertainties resulting from a possible inflation-driven cost increase and its impact on demand. At present, however, the persistently high inflation had no discernible influence on purchasing behavior./gl/tav/mis