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Bank Panic on SEB's figures on the Stockholm stock market as analysts not impressed



  

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Thursday, 14 July 2011
SEB CEO Annika Falkengren has triggered a banking chills on the stock market after the bank's interim report have not fallen on fertile ground among professional investors. SEB’s shares took a lead down among the major banks and reached a new low point for this year.

SEB and its CEO Annika Falkengren on Thursday did not convince the market about the bank's earnings in the second quarter. This is despite a profit of just over Skr4 billion and a significant improvement compared to last year.
If you are interested in SEB’s presentation, find its here

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After the first result flashed to show profits, its shares gained at first but soon afterwards the professional investors turned their thumbs down. One of the weaker points of the SEB's earnings figures was that revenue did not reach expectations.

The share has been so far on Thursday traded it’s lowest at Skr46.03 on average. This is the lowest quotation of the shares so far this year on the stock exchange, but not near the lowest rate for a year when it traded at Skr44.90 a year before.

A few hours after SEB reported their numbers, the decline has stabilized a bit. At 13 hours Swedish time,  the rates had risen to around Skr47.50, just over 4 percent lower compared to Wednesday. So far this year, the bank’s share has fallen by nearly 17 percent.

SEB’s wobbly share performances have also triggered a broad decline among the other major banks on the stock exchange. SEB's report has created headaches and nervousness about what the other banks will report.

Swedbank is one of the major banks that have fared best so far this year. Although its share traded at nearly 4 percent lower on Thursday, Swedbank shares have risen by over 6 percent on the stock market since January.

The next major bank to open the profit books is Nordea. The bank, which the Swedish state is a major shareholder, releases its figures on 19 July.
By Scancomark.se Team


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