Wacker Stock Jumps on German Solar-Installation Figures
Wacker Chemie, the world’s fourth-biggest maker of polysilicon, gained as much as 3.9 percent to 43.47 euros, the biggest intraday increase since Sept. 14. Germany added 612 megawatts of panels, compared to 486 megawatts in the same month in 2011, the network regulator said on its website.
Wacker and other producers of polysilicon, the main raw material used in solar panels, have struggled with low prices after expansion at Asian peers outpaced growth in demand. The overcapacity has hurt margins at solar-cell and panel makers, customers of Munich-based Wacker, as governments across Europe scaled back support for the industry.
October’s jump in German panel installations also boosted shares of other solar-industry stocks. SMA Solar Technology AG (S92) rose as much as 2.2 percent to 16.92 euros, the highest intraday price in more than three weeks. Conergy AG (CGYK) increased as much as 2.4 percent to 30 cents, a 2 1/2-week high.
Wacker Chemie traded up 3 percent at 11 a.m. That pared the stock’s decline this year to 31 percent, valuing the company at 2.25 billion euros ($2.9 billion).
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