Nexans Shares Drop Nearly 4% and Fall Below Their 20-Day Moving Average
The French cable manufacturer erases part of its recent rebound in a downward-trending Paris market. The stock falls below a closely watched technical threshold, as the session is marked by a return of volatility in European indices.
The Stock Falls Below Its 20-Day Moving Average and Approaches the 50-Day Moving Average
Nexans shares drop 3.9% to €152.80 at midday, after closing the previous day at €159. This movement erases part of the nearly 5% surge recorded last Friday, when the stock led the SBF 120 following the inauguration of its cable-laying vessel Electra in Oslo. The stock falls below its 20-day moving average (€154.84) and approaches its 50-day moving average (€152.66), which now acts as the first cushion. The RSI at 59 remains in the neutral zone, indicating a pullback without an oversold configuration.
The identified support at €144.90 is the next technical marker in case the decline intensifies, while the 200-day moving average at €132.28 remains more than 15% below the current price. Over longer horizons, the stock maintains a strong momentum, with a gain of nearly 36% over three months and more than 55% over a year. Today's decline is part of a consolidation phase after this bullish trajectory.
A Turbulent Session in European Indices Weighs on Cyclical Stocks
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Nexans' downturn is part of a distinctly bearish European market, with the CAC 40 down 0.74% and the SBF 120 down 0.76% at midday. Volatility resurfaces, with the VIX jumping 18% to 19.81. Several industrial and technological stocks are penalized during the session, with Soitec dropping nearly 10%, STMicroelectronics more than 7%, and Renault more than 5%. The macroeconomic context remains marked by the hardening stance of major central banks (ECB, Fed, Bank of Japan), mentioned in an analysis published on June 21, against a backdrop of persistent tensions around the Strait of Hormuz.
The Federal Reserve maintains its range at 3.50%-3.75%, but nine members of the FOMC now anticipate at least one additional hike by the end of 2026. As a reminder, Nexans finalized the acquisition of American company Republic Wire in early June, strengthening its industrial footprint in North America. The €144.90 remains the reference threshold to watch for the continuation of the sequence.
Notre performance du premier semestre reflète la poursuite de l'exécution rigoureuse de notre stratégie dans un environnement où les tendances de fonds de l'Électrification demeurent plus fortes que jamais.
Croissance organique du Groupe de +1,5 % au premier semestre 2026 (+4,5 % pour les activités d'Électrification), portée par PWR-Connect (+7,3 % en organique) et PWR-Grid (+4,9 %), tandis que PWR-Transmission amorce sa normalisation (-0,1 % en organique, -6,2 % au deuxième trimestre). La marge d'EBITDA ajusté d'Électrification s'établit à 13,2 % du chiffre d'affaires standard, encore pénalisée par un effet de mix défavorable (pays nordiques contraints, marges de La Triveneta Cavi inférieures à la moyenne). Le résultat net recule à 105,9 millions d'euros en raison des activités abandonnées (IFRS 5). La dette nette atteint 1 038,2 millions d'euros après l'acquisition de Republic Wire, pour un levier de 1,4x. Le carnet de commandes ajusté de PWR-Transmission s'élève à 7,7 milliards d'euros.
Risks mentioned
Normalisation de PWR-Transmission : croissance organique de -6,2 % au deuxième trimestre 2026
Effet de mix défavorable dans PWR-Connect : marge en baisse à 11,8 % contre 13,6 %
Pays nordiques toujours contraints par les conditions de marché
Hausse de la dette nette à 1 038,2 M€ et levier porté à 1,4x après acquisition
Opportunities identified
Acquisition de Republic Wire : entrée sur le marché américain basse tension estimé à 12 Md€
Environ 23 M€ de synergies attendues en régime de croisière d'ici trois ans
Ligne MI de PWR-Transmission chargée jusqu'à mi-2028 et marge visée supérieure à 17 % en 2028
Croissance des data centers captée via l'élargissement du portefeuille
Accord-cadre de 600 M€ remporté auprès d'Enedis en février 2026
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
