Ayvens rises as lower tax charge drives profit beat

** Shares in French vehicle leasing company AYV.PA rise 4% after lower tax charge lifted profit above expectations

** The group's net profit after AT1 payments fell 13% year-on-year in the quarter to €221.6 million but beat analysts’ consensus by about 3%, helped by the lower tax charge, ING said

** The used-car sales loss reflected an ongoing normalisation of used internal-combustion vehicle values, a trend the market had been watching, ING added

** “Jefferies flagged that while pre-tax profit was 5% below consensus, lease and service margins were in line and likely better when adjusted for a €56 million non-recurring item

** Jefferies also flagged that the fleet growth decline was expected

** Shares on track for their best day since April