NKT falls on negative read-across from Nexans sales miss

NKT A/S

30/10/2024 09:50

** Shares in Danish cable solutions provider NKT  NKT.CO 
slide 4.4% after peer Nexans  NEXS.PA  posted quarterly sales
below expectations
    ** The French group on Wednesday reported Q3 standard sales
that missed a Visible Alpha consensus by 6% 
    ** Nordnet analyst Per Hansen links NKT share price slump
with Nexans' report, but also notes NKT shares have been richly
priced
    ** Including Wednesday's fall, the stock has gained 36.8%
YTD
    ** Hansen says NKT has been a very successful green
transition stock, in contrast to other clean energy names like
Vestas  VWS.CO  and Ørsted  ORSTED.CO , so there is a chance
investors are booking profits
    ** The stock, on track for its worst day since July if the
losses hold, is among worst performers on the pan-European STOXX
600 index  .STOXX 

 (Reporting by Izabela Niemiec)
 ((izabela.niemiec@thomsonreuters.com))