Rexel’s Q3 trading update was largely in line with the consensus and our expectations. While the Q3 revenue benefited from volume and price increases on non-cable products, growth was weighed down by negative currency effects (USD and CAD). As a result, the share price is down by >5% (at the time of writing). Nevertheless, the management confirmed its full year guidance. We do not expect to change our estimates and retain our positive stock recommendation.