Bloomberg News
By Albertina Torsoli (Bloomberg)
Gurit shares fall 4.4% to their lowest since Nov. 26, amid a sector rotation spurred by a rising U.S. dollar as well as by market volatility, according to one analyst.
* Stock drop is most since May 10
** Peers Vestas (-2.2%) and Siemens Gamesa (-1.2%) also trading lower * There’s an “ongoing sector rotation because of the surge in the U.S. dollar,” Research Partners analyst Eugen Perger writes by email in response to a Bloomberg query
** READ: Dollar Takes a Breather After Five Days of Gains: Macro Squawk
* So-called “triple witching” also may be having an impact, as “large erratic movements aren’t uncommon today,” Eugen Perger said
** Other analysts also pointed to the “triple witching” being one of the reasons for Gurit’s move *** NOTE: Market players on Friday were bracing for potential volatility, spurred by the expiry of options, futures and indexes in an event known as “triple witching”* “Large players are adjusting their currency positions,” Perger added
