Stockholm shares slightly higher midday led by Ericsson |
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Mon, 05 Feb 2007 12:38
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STOCKHOLM (AFX) - Shares were slightly higher in midday trade led by bargain hunting in Ericsson after Friday's sharp fall, and with Volvo also outperforming following an upgrade to 'buy' at Deutsche Bank, brokers said.At 12.10 pm, the OMX Stockholm index was up 0.45 pct at 389.15, and the OMX Stockholm 30 up 0.44 pct at 1,192.36.Ericsson B was up 1.36 pct at 26.10 skr bid, with Swedish commentators saying Friday's losses following the company's Q4 results were an over-reaction.Carnegie upgraded the stock to 'Neutral' from 'Underperform'.Volvo B was up 1.56 pct at 521, and Scania B up 1.18 pct at 516.Deutsche Bank raised its price target on Volvo to 600 skr to reflect the group's improving profitability.The bank said it believes Volvo's margin could reach 10 pct in 2008.Brokers said the market was supported by positive sentiment following recent good company results and upbeat outlook statements.In the construction sector Skanska B was up 2 pct at 153.Engineering stocks were mixed. Atlas Copco A was down 0.21 pct at 233 after the company said it has bought Swedish road construction and paving equipment supplier Dynapac AB from Altor 2003 Fund for 6.3 bln skr, of which 2.1 bln skr is assumed debt.The company said the acquisition will be earnings accretive from the outset.Sandvik was up 2.18 pct at 117.25, SKF B up 1.65 pct at 139, and Alfa Laval B down 0.30 pct at 328.50.Among other major stocks, SEB A down 0.64 pct at 233.50, Boliden up 0.32 pct at 157, Hennes & Mauritz B flat at 374.50, and Electrolux B up 1.14 pct at 133.25.simon.richardson@thomson.comsjr/jfrCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Stockholm shares slightly lower midday; Ericsson sharply lower on Q4 report 