Volvo shot up surprisingly on the Stock market on Thursday: Why?Thursday, 12 January 2012
Volvo traded up during Thursday's early trading, after the Chief Financial Officer Anders Osberg is alleged to have commented positively on the truck makers market in Europe.
This came though Volvo's officials are reported to have pointed out that Volvo has not changed its forecasts. However, the market went ahead with the positive statements or rumour.
By 10:40 Swedish time, the Volvo shares were the most traded in Stockholm and the price was up 1.9 percent.
"You still have to interpret it as positive, from what you've heard before. At the margin, it is the first small positive indication has been obtained on the European market in a long time, "said an analyst
AdvertisementAnders Osberg is reported to have said that Volvo has seen improvements in some markets and it provides support for the outlook for the European market.
The CFO reported according to Bloomberg News is also reported to have said that Volvo predicts a stable ("flat") European market for commercial vehicles, which stands in contrast to Volvo's official forecast of a decline of 10 percent. This difference is the result of a misunderstanding, highlights Volvo's press officer Marten Wikforss, according to Swedish media reports.
In Sweden it is also taken that more international news agencies other than Bloomberg News have reported on statements Anders Osberg made at a press conference in Abu Dhabi on Thursday.
"In Europe, growth will be flat this year ... In 2012, we will not see growth in Europe, "said Anders Osberg, according the Swedish business daily quoting Reuters.
By Scancomark.se Team
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