Rexel drops on 'weak' start to year
** Shares in Rexel RXL.PA drop 2.8% after the French electrical supplies distributor reported "weak" start to the year with Q1 sales below estimates
** Posted a 4.6% drop of its Q1 sales to 4.71 billion euros ($5.04 billion) but confirmed FY outlook
** Quarterly sales missed consensus by 3.9% and were 1.9% below J.P. Morgan's estimate
** JPM said that both pricing and volumes came in weaker than it had expected
** "Despite a weak start, partially driven by difficult comps, we believe the full year guidance of slightly positive organic same day sales growth could be achievable, given the rebound in copper prices, which will provide a tailwind from Q2 onwards," the analyst added
** Stock among worst performers on SBF 120 Index .SBF120
($1 = 0.9343 euros)
Reporting by Michal Aleksandrowicz
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