A PSA Group logo is seen behind a car displayed during French carmaker's A PSA Group logo is seen behind a car displayed during French carmaker's news conference as they announce the company's 2018 results at their headquarters in Rueil-Malmaison, near Paris, France, February 26, 2019. REUTERS/Christian Hartmann

PARIS (Reuters) - Peugeot-maker PSA’s shares fell on Monday, which some analysts put down to the fact that Fiat had chosen to seek a merger with Renault rather than PSA.

PSA’s shares were down 2.4 percent in early session trading, in sharp contrast to Renault which surged 12 percent.

“Near term, both Renault and FCA shares should perform well today while Peugeot, previously seen as the top candidate for a tie-up with FCA, should underperform,” wrote brokerage Oddo in a note.