While the Ftse Mib rises by 3,20%, Prysmian continues to travel against the trend down by 1,04%, at 12,32 euros. However, the pressure on the stock eased from the day's lows of 11,96. Prysmian was affected by the below-expected data published by its competitor Nexans, the second largest cable manufacturer in Europe just behind the Italian group.
Nexans falls 8,46% in Paris after a 13% plunge.
In fact, the group communicated a series of data which the markets did not like: revenues were practically unchanged (+0,6%) compared to a growth rate which in 2011 had been 13%; for the first half it expects an operating margin of 3,6% from 5,6% in 2011 due to delays in the billing of high voltage cables and the persistence of strong competition for submarine cables; net debt rose to 566 million from 22 at the end of December 2011 mainly due to the purchase of the American company AmerCable for 211 million euros.
In any case, for analysts, these would be specific difficulties only for the Nexans. The strong competition in the sector and therefore the pressure on margins would not be a new problem and one that is already taken for granted also in Prysmian's prices.
