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Market decline in morning trading as Stockholm recoil form yesterday’s impressive close


Friday, 30 September 2011
Stockholm stock exchange opened today's trading on the lower side of things. The last days of trading of the week have been a bit of an alternate-day in the stock market with fluctuating up and downs. This tendency also seems to have extended to the other leading European stock exchanges which also saw their indices pointing down.

Lundin Petroleum and Kapp-Ahl choose different paths in the days trading, as Lundin Petroleum leaped ahead after notification of major oil deposits in Avaldsnes oil fields than previously assessed whereas Kapp-Ahl fell after the company reported to notice of a rights issue and a weak wind blowing up the company's broken business year.

By 11 hours Swedish time, the leading OMXS30 index fell 1.2 percent to 919points with turnover on the Stockholm Stock Exchange hanging around Skr2.6 billion.

Lundin Petroleum was a winner. The oil company announced an updated estimate of the recoverable reserves in Avaldsnes oil fields in the Norwegian North Sea. The deposit is found where Lundin Petroleum holds a share of 40 percent, estimated to contain contingent resources, gross, of between 800 million and 1.8 billion barrels of recoverable oil.

"It is far much better than expected even though it already flourished a lot of statements, "said Christian Kopf, an analyst at Nordea, report Swedish media. Nordea's estimate was 600 million barrels. Shares jumped up 23 percent to Skr109.20.

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Just as there was happiness in Ludin’s oil find celebration, that was not reflected with Kapp-Ahl, whose owners who saw shares plummet when the company was called in the seam after a rights issue of Skr 600 million, and a weak report.

Not much seems to have gone Kapp-Ahl's way during the past quarter for the period June to August. The result was added below expectations, with profit after net financial items was Skr-14 million, and compared with expectations for a profit of Skr-1.67 million according various consensus estimates. The clothes chain issued a profit warning in early August. Shares plummeted by 25 percent to Skr13.95.

H & M did recoil down after yesterday's rise in the report. The share decreased 0.8 percent to Skr207.60.
AstraZeneca also belonged to the company that defied the general decline in the stock market. During the evening on Thursday, a settlement was reached with the pharmaceutical company in the U.S., Handa Pharmaceuticals on a patent infringement dispute in the hand proposed generic version of AstraZeneca's antipsychotic Seroquel. Shares were up 1.1 percent to Skr307.60.

SSAB advanced 1.0 percent to Skr51.95 kronor. UBS has upgraded its recommendation for shares to buy from sell with a maintained price target of Skr58.50.

Volvo fell 1.2 percent to Skr70.20 as Citigroup has revised down its price target for the truck manufacturer to Skr78 from the past Skr80.

By Scancomark.se Team




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