Rexel stock among the biggest declines on the SBF 120 following its capital increase

The stock drops below its three moving averages in the wake of the capital increase

The Rexel stock loses 2.06% to €35.62 during the session, ranking among the largest declines on the SBF 120 in an index itself down 0.57%. The stock is trading below its three moving averages: the 20-day MA at €36.32, the 50-day MA at €36.54 and the 200-day MA at €36.02, with respective gaps of 1.93%, 2.52% and 1.11%. The movement comes directly after Rexel announced the success of its capital increase of approximately 500 million euros, carried out with the elimination of preferential subscription rights.

This operation, launched on September 28 and completed on September 29, mechanically diluted existing shareholders, which is weighing on the stock price today. The support level at €35.10 is approaching, while resistance at €37.95 now appears distant.

A capital increase backed by the acquisition of GCG, as debt had already risen in H1

This fundraising is part of the context of the acquisition of American company GCG for 1.4 billion dollars, announced on September 25. Specialist in cables and connectivity for critical infrastructures, GCG brings approximately 1.1 billion dollars in revenue and strengthens Rexel's positioning in the data center and electrification segments. The operation is expected to be completed by the end of 2026. It comes at a time when, following the publication of H1 2026 results (July 27, 2026), Rexel had already seen its net financial debt rise by €690 million since end of 2025, to €3,322 million.

The €500 million fundraising therefore aims to contain this level. Furthermore, CIC Market Solutions upgraded its opinion on Rexel from "hold" to "buy" on September 28, raising its target price from €34 to €44, representing an upside potential of nearly 24% compared to the current price. The support level at €35.10 remains the key level to watch in the short term.