Helsinki shares lower at midday led down by Nokia

Helsinki shares lower at midday led down by Nokia

	Published : Wed, 10 Jan 2007 11:28 By : Agencies Print this Story

HELSINKI (AFX) - Helsinki shares were lower in midday trade pulled down by Nokia, which slid after news that Apple Computer Co unveiled a new mobile phone that could steal a significant share of the mobile-phone market, broker said.

At 12.02 pm, the OMX Helsinki 25 was 1.17 pct lower at 2,822.15 and the OMX Helsinki was down 1.20 pct at 9,299.48 on turnover of 432 mln eur.

Nokia -- 2.01 pct weaker at 14.66 eur -- led the broader market into the red after investors were concerned that the new iPhone will be a threat on the giant handset maker.

'The phone will be a threat for Nokia in the mobile music category,' eQ said in its morning report.

But the brokerage said that the iPhone's inadequate battery power and the lack of 3G support could disappoint some users.

'The Apple phone challenges Sony Ericsson in particular, but naturally also means competition for Nokia's music service,' FIM Securities said in its morning review.

'The company (Apple) has boldly ventured into new areas, whereas Nokia, for example, has not been as active, concentrating primarily on phones,' it added.

FIM also noted that Nokia is attempting to differentiate itself by providing a comprehensive mobile experience.

Kesko B was 0.67 pct lower at 39.99 eur.

The retail and distribution group said net sales in December grew 5.3 pct year-on-year to 791.1 mln eur, boosted by acquisitions abroad.

Among energy stocks, Neste Oil was 0.50 pct lower at 22.00 eur and Fortum shed 0.74 pct to 20.17 eur.

Of the industrial issues, Outokumpu declined 2.72 pct to 26.82 eur, Rautaruukki K was down 1.58 pct at 27.46 eur and Metso changed hands 1.72 pct lower at 37.18 eur.

Forestries were all lower, with UPM-Kymmene down 0.53 pct at 18.60 eur, Stora Enso R down 0.75 pct at 11.85 eur and M-real B was 1.32 weaker at 4.49 eur.

azer.sawiris@afxnews.com

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