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Stockholm bourse open down as uncertainty resurges with Greece again taking the leadMonday, 19 September 2011
The Stockholm bourse ended last week better that other weeks in line with the leading European stock markets and there was no clear indication as how this week will start. But events in the negative trade trades in Asia have now given us a glimpse of how today might look like.
Continuous concern about the Greek economy and the zeal to get its budget back on track may be insufficient. Combined with all that, the OMXS30 index fell 2.7 percent to 902 in early trading. Turnover so far on the Stockholm Stock Exchange was Skr2.11 billion.
The European meeting of finance ministers in Poland at the weekend failed to arrive at a plan that could halt the region's debt crisis with Greece, which is struggling to avoid a payment default, in the lead.
"The failure of the European finance ministers to come up with something concrete is a huge disappointment for the markets, "said an economist at ANZ National Bank, according to Bloomberg news.
Already on Friday the President of the Eurogroup, Jean-Claude Juncker, said that the decision on the next payment of aid to Greece is postponed to October. The loan of €8 billion which is part of the rescue fund of €110 billion, would actually have been paid in September.
Greece's government held on Sunday an emergency meeting, and the country's Finance Minister, Evangelos Venizelos, will host a conference call with representatives of its creditors today, according to sources at the Greek Ministry of Finance.
In Sweden, SCA holds Capital Markets Day in Stockholm today, and from the macro side, including the weekly statistics from the Employment Service in Sweden and the U.S. housing market index for the month of September expected to be released.
AdvertisementThe bug guns on the OMXS30, in terms of market capitalization, are giants Nordea, H & M and Ericsson which led the free fall. Nordea slopes by 3.1 percent, H & M by 2.0 percent and Ericsson with 2.2 percent.
Medical company, Meda has acquired exclusive licensing rights to Nalox (treatment of fungal nail infections/nail psoriasis) from Moberg Derma AB. Within a short time span, Meda has established Nalox as the market leader in the Nordic region. The new agreement covers several major European countries, such as Germany, France, the UK, Spain, Austria, the Netherlands and Belgium. The share fell by 1.9 percent to Skr63.35.
Engineering company, Alfa Laval, is proposing the purchase of all outstanding shares of Alfa Laval India with the intention to seek delisting from the Bombay Stock Exchange and the National Stock Exchange of India. Its shares are down 2.5 percent.
Medical Research Company, Karo Bio, has received clearance from the national drug regulatory authorities to begin their study of patients in a Phase III with eprotirome, which means that this will start as planned with a hearing held in September. Karo Bio shares fell by 1.0 percent.
Finnish Outotec revised up his sales forecast for 2011. Mirrored by a strong order intake during the year, now Outotec's leadership expects that the 2011 sales will increase to around 1.35 to 1.45 billion euros, instead of the forecast of 1.25 to 1.35 billion euros.
Analysts' average forecast sales of EUR 1.3 billion, according estimates.
Construction company Peab has sold 8.6 million Class B shares, representing 2.9 percent of the capital to Ingvar Kamprad. Peab slopes 1.5 percent.
By Scancomark.se Team