Nexans Shares Surge Nearly 5%, Leading the SBF 120
The French cable manufacturer marks the strongest advance in the SBF 120 this Friday, extending the rebound that began last week. The stock crosses several technical thresholds the day after the inauguration of its new cable-laying vessel in Oslo, dedicated to offshore and HVDC projects.
Nexans Stock Takes the Lead in the SBF 120 Following the Inauguration of the Nexans Electra in Oslo
Nexans shares surged by 4.79% to €161.80, leading the SBF 120, while the broader index only edged up by 0.06%. The stock recorded the highest rise in the index, ahead of Renault (+3.74%) and Soitec (+3.48%). This movement comes the day after the official inauguration in Oslo of the cable-laying vessel CLV Nexans Electra, now part of the operational fleet of the group. This vessel is positioned by the cable manufacturer on offshore infrastructure and HVDC interconnection projects, two key segments for the order book. The rebound of the stock is part of an upward trend already well underway: the price has gained more than 10% over the week and 34.5% over three months, after experiencing a downturn in early June with the breaking of the €148 support level.
Crossing Moving Averages Paves the Way to the €167.90 Resistance
Today's movement breaks several technical barriers. At €161.80, the price significantly moves above the 20-day moving average (€155.12) and the 50-day moving average (€151.50), with a cushion of 4.31% and 6.80% respectively. The gap to the 200-day moving average (€131.95) is more than 22%, confirming the strong upward momentum established since spring. The RSI at 53 remains in the neutral zone, which leaves room before an overheating signal. The stock is now approaching the identified resistance at €167.90, the next area to watch after reclaiming the €155 level. Over a year, the stock has gained more than 62%.
