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STOCKS NEWS EUROPE-Brazil weakness hits Vallourec shares

Reuters - UK Focus

Shares in Vallourec (Paris: FR0000120354 - news) fall 8 percent after the French steel-tube maker says that a weak Brazilian real and lower demand for new oil and gas wells in Brazil could limit growth in revenue and gross profit margin this year.

"We estimate these factors should cut by 30-40 million euros our EBITDA (earnings before interest, taxes, depreciation and amortisation) forecasts for 2013 and by 60-80 million euros our 2014 (EBITDA) forecasts," says a Paris-based sector analyst.

David Thebault, head of quantitative trading at Global Equities, says investors now brace for a "sharp drop in business with one of its largest client Petrobras".

He adds the market reaction is amplified by profit taking after Vallourec gained 25 percent this year, outperforming a 15 percent gain in the CAC 40 (Paris: ^FCHI - news) index .

To see a story, please click

Reuters messaging rm://dominique.vidalon.thomsonreuters.com@reuters.net

Reuters messaging rm://raoul.sachs.thomsonreuters.com@reuters.net