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Depressing Swedish purchasing managers’ index spread to the Stockholm bourse as its own dexterity falters


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Thursday, 01 September 2011
Stockholm stock exchange took a downward turn in opening trade on Thursday morning, as with other European exchanges.

Gains in New York and Asia had paved the way for higher for a better wakeup call in Stockholm and in Europe. But investors chose to take note of falling futures of the U.S. stock exchanges. Weak outcomes from the purchasing managers index for both Sweden and EMU adding to the bad mood.

At 10:35 hours, the OMXS30 was down 0.8 percent to 947 points. Turnover on the Stockholm Stock Exchange stood at Skr2.9 billion. The combined turnover, which also includes Burgundy, Chi-X, Turquoise and Bats was Skr4.3 billion.

In the rest of Europe, similar depression was also being observed. The Euro Stoxx 50 was down 0.7 percent. The FTSE 100 dropped 0.3 percent; the CAC 40 was 0.8 percent lower, while the DAX fell 1.4 percent.

The Swedish purchasing managers' index from SILF / Swedbank showed a decline to 48.7 in August from 50.1 the previous month. Analysts had expected a decline to 49.1 according to various consensuses.

EMU's final purchasing managers' index for the industry in August, was 49.0, compared with 50.4 the previous month. It was expected, to be at the level of 49.7, in line with the earlier provisional figure. The German GDP growth showed in growth of 0.1 percent in the second quarter, compared with the previous quarter, which was in line with expectations. Growth in the annual rate was 2.7 percent, although that figure corresponded to analysts' expectations.

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The hope for future quantitative incentives from the US Federal Reserve that erupted with the publication of the minutes of the Fed's interest rate committee’s last meeting got a little more fuel in the form of statements by Fed Chairman in Atlanta, John Lockhart, on Wednesday night.

Manufacturing companies and commodity-related companies dropped the most in early trading in Stockholm.
Scania B shares fell 2.7 percent to Skr 111:90, Atlas Copco A shares was down 2.6 percent to Skr 139:40.
SSAB A dropped 2.2 percent to Skr 62:65, Boliden was down 1.2 percent to Skr 86:20.
An Ericsson B share was among the less affected of the OMXS30 index at that hour as its shares traded 0.2 percent down at Skr71:40.

Nokia was better than the stock market had hoped falling only 0.2 percent to Skr 40:87.
Skanska announced an order for Skr750 million on a renovation contract in Stockholm.  Its Shares fell 0.8 percent to Skr 95:45.
SEB received high recommendation to keep from past sales by Danske Bank, which also lowered its recommendation for Swedbank to keep from previous purchases.
SEB A was down 0.3 percent at Skr37:50, and Swedbank rose 0.1 percent to Skr 87:30.
SCA will invest about Skr800 million in upgrades and renovations of the paper machines. In addition, the company announced an acquisition of a Brazilian hygiene company for Skr450 million dollars on Thursday morning. SCA B lost 1.0 percent to Skr 84:70 in the opening trade.

Aerocrine trading was halted shortly after the stock market opening. Shares advanced 5.2 percent during the final trade on Wednesday, after rumours that U.S. policy regarding the company's approach in the treatment and monitoring of asthma would have been published. Aerocrine rejected, however, the rumours in a press release, with the promise of more details on Friday morning.
By Scancomark.se Team


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