Jeronimo Martins falls, analysts point to competition concerns and mixed Q2

** Shares of Jeronimo Martins JMT fall around 5%, with Jefferies saying investors are likely focusing on the Portuguese food retailer's less hopeful tone on H2 competitive dynamics

** The outlook now says "market competitive dynamics will stay fierce", replacing the previous "market competitive dynamics will be fierce, at least in the first half of the year", the brokerage notes

** "We believe that some of the elevated expectations for Q2 margin expansion have come down in recent weeks," Jefferies says, adding Q2 beat was driven by the Ara unit in Colombia

** J.P.Morgan also points to mixed results, with Polish Biedronka brand's sales and margins at the low end of the spectrum while Ara outperformed

** The shares, up more than 11% this year, are on track for their worst day since early April

** Biedronka's Polish rival Dino DNP falls 3.6%