FRANKFURT (dpa-AFX) - Delivery Hero shares continued their cautious recovery on Wednesday in a strong stock market environment. Support came primarily from the announced withdrawal of the online food delivery service from Thailand. Investors are now eagerly awaiting the company's quarterly figures, which are due on Thursday.

In early afternoon trading, Delivery Hero shares rose 4.2 percent to 24.61 euros on the MDax. However, an important resistance level of just under 25.50 euros awaits on the possible further upward path. This is where the 50-day line runs, signaling the medium-term trend. The share last rose just above this technical line on April 10.

Delivery Hero thus outperformed its competitor Just Eat Takeaway on Wednesday, whose shares fell moderately. The focus here remains on the takeover bid by internet investment company Prosus, which has been known since the end of February. Analysts said that the weak quarterly figures presented on that day were therefore of little interest.

In view of the takeover by Prosus, which is likely to take place in the second quarter, Just Eat's lower-than-expected order volumes are largely irrelevant for the share price, wrote Jefferies analyst Giles Thorne. After the offer was announced in February, the share price jumped by just over 50 percent to €19 per share and has remained there ever since.

Meanwhile, investor interest in Delivery Hero is focused on the company's continued withdrawal from unattractive markets. The decision to close its Asian subsidiary Foodpanda's operations in Thailand in May was well received. One trader viewed the "further optimization of the geostrategy" as positive. Consolidation in the industry is continuing on a global level, with the focus on profitable growth. JPMorgan analyst Marcus Diebel sees the withdrawal as a continuation of portfolio optimization with further improvements in operating results. However, he added that activities in the highly competitive Thai market are relatively small.

Stock market expert Andreas Lipkow also said, with regard to Prosus already being a major shareholder in Delivery Hero, that "a potential consolidation of the two companies should not be ruled out in principle. The business is becoming increasingly competitive and company size is essential at this stage."/ck/tih/jha/

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