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Stockholm Stock Exchange is trading okay on Thursday but looking around and keeping its ears to the groundThursday, 29 September 2011
Equity trading in Stockholm advanced healthy during Thursday morning in a generally positive European stock market. Investors were waiting in the upcoming German vote on the proposed extension of the support fund EFSF.
In the means time, the market will rejoice to a strong report from Hennes & Mauritz and positive unemployment statistics from Germany.
At 11:00 o'clock Swedish time, the index of leading shares, the OMXS30 was trading up 1.2 percent to 917 points. Turnover on the Stockholm Stock Exchange was Skr3.3 billion. The combined turnover, including Burgundy, Turquoise, Chi-X and Bats, amounted to Skr4.7 billion.
In other European stock markets, there were mainly trading on positive outlook. The regional index Euro Stoxx 50 was up 0.8 percent. Frankfurt Stock Exchange's DAX was 0.5 percent higher, and the Paris Stock Exchange's CAC 40 rose 1.0 percent. In London the FTSE 100 was down 0.2 percent, weighed down by a number of resource companies in deficit.
The European exits were broad, but banks and financial institutions stood out as the clear winner sector in the initial trade in which the pharmaceutical and insurance were strong. Commodity-related companies continued their crayfish walk into the shadow of declining prices, especially for base metals.
AdvertisementThe Swedish retail sales rose by 0.2 percent in August, compared to the same month a year earlier, according to data from statistics Sweden and Swedish Retail Institute, HUI.
Axfood was up 0.4 percent to Skr 237:00 and Hakon Invest, a major owner of ICA, rose 0.7 percent to Skr 97:50. Among the apparel companies, however, there was a steeper upward direction, possibly more influenced by Hennes & Mauritz interim report earlier in the morning.
Hennes & Mauritz reported a profit before tax of
just under Skr490 million for the company's third quarter, which was 8 percent better than expected, according to analysts. Group profit after tax was Skr 3,589million (4,244), corresponding to Skr 2.17 (2.56) per share
H & M B rose 4.0 percent to SEK 203:60.
Nokia is planning further staff reductions of approximately 3,500 employees when the company implements a restructuring of the manufacturing units and business unit Location & Commerce. In addition, Nokia and Siemens decided to keep the common systems provider Nokia Siemens Networks, for a total of €1 billion.
Nokia fell 0.5 percent to Skr 38:26. On the Helsinki Stock Exchange it was down 0.8 percent at 4:15 euros.
For the vehicle-related shares, it was guided by industry association ACEA’s report of an increase in new registrations of heavy trucks in Europe at 29.4 percent in July and 29.0 percent in August, compared with the respective period last year.
Volvo shares advanced 1.3 percent to Skr68:70 and Scania B shares rose 1.6 percent to Skr98:40. Among the subcontractors, Trelleborg step up 2.0 percent at Skr46:46 while Haldex fell behind with a rise of 0.4 per cent to Skr 27:00.
Amazon Marketplace will launch their online fashion boutique Nelly.com globally with the introduction throughout the EU. Shares advanced 4.0 percent to Skr 26:10.
By Scancomark.se Team
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