Michelin's shares surged today after the French tyre maker pledged further gains in operating profit this year despite challenging conditions in its main markets. 

Shares in Michelin, which reported better-than-expected results for 2018 last night, were up 11.6% in early Paris trading. 

This put it on track for its best single day percentage performance since April 2009, and the gains added roughly €1.7 billion to Michelin's market capitalisation, which stands at around €17.7 billion. 

Shares in Michelin's rivals also rose. Pirelli climbed around 3.5%, Continental advanced by 3% while Nokian Tyres progressed by 1%. 

Michelin's performance also contrasted with relatively weak results from Goodyear in February. 

The company said buoyant sales of speciality tyres for mining and agriculture had driven a 0.3% increase in full-year group revenue to €22.03 billion. 

Recurring operating profit for 2018 also rose 1.2% to €2.78 billion.

Analysts polled by Infront Data for Reuters had expected on average operating profit of €2.68 billion on revenue of €21.74 billion.