Wacker Chemie gained as much as 6.7 percent, the steepest intraday increase since July 30, and was trading up 5.9 percent at 84.71 euros at 1:25 p.m. in Frankfurt. The stock, which is at the highest price since February 2012, has risen 58 percent in the past 12 months, valuing the company at 4.4 billion euros ($6 billion).
The average spot price for polysilicon used in solar cells rose 2.3 percent from a week earlier to $19.38 per kilogram, PV Insights said on its website. That extended the previous week’s 4 percent increase to reach the 14-month high.
“Primarily the stock’s gain is to do with the polysilicon prices,” Stefan Freudenreich, a Frankfurt-based analyst at Equinet AG who recommends selling Wacker shares, said by telephone. “Deutsche Bank also published a study in the past few days in which they were very bullish about the Chinese solar market.”
Wacker has forecast that revenue in 2013 would fall about 3 percent to 4.5 billion euros. While a compromise in a solar-industry dispute between the European Union and China boosted polysilicon demand, selling prices for the solar-panel components stayed low, Chief Executive Officer Rudolf Staudigl said in October. The Munich-based company is scheduled to release its annual report in March.
Wacker Chemie is majority-owned by the founding family’s holding company, Dr. Alexander Wacker Familiengesellschaft mbH.
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