Portugal's Sonae rises on strong Q2 results

** Shares of Sonae SON gain around up 2.5%, pares gains after rising as much as 4.9%, after the owner of Portugal's largest food retailer reported on Wednesday strong second-quarter results

** The conglomerate, which spans retail and telecoms, booked a 23.5% rise y/y in consolidated sales to 2.7 billion euros ($3.09 billion) and a 22.7% increase y/y in net income to 59 million euros

** CaixaBI points out that MC unit contributed 79% to the group's total revenues, boosted by the consolidation of beauty and wellness retail firm Druni and operational improvements in its food retail segment

** The stock is outperforming Lisbon's PSI20 PPSI20 index, which rises 1.1%

** Up to the previous session's close, shares were up 37.9%​ YTD

($1 = 0.8740 euros)