Difficult session in Piazza Affari for the Tenaris share, which at the end of the morning lost three percentage points, to 16,75 euros. The shares of the company that produces seamless pipes are affected by the cut in the targets made by the French competitor Vallourec, which in turn loses almost 12% on the Paris Stock Exchange.
Vallourec has revised downwards the estimates of the 2014 financial results mainly due to the difficulties encountered in Brazil, together with reductions in orders in the Middle East and in the North Sea. On these bases, Vallourec expects a 10% contraction in EBITDA compared to 920 million in 2013, while previously it expected a stable or slightly growing gross margin.
The review of the French group, which today received a worsening of the recommendations on the stock by many international investment houses, also advises caution on Tenaris - several analysts report - which gained about 7% on the stock market in the last month.
