Stockholm shares lower midday on negative US futures, economy jitters |
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Wed, 10 Jan 2007 12:38
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STOCKHOLM (AFX) - Shares were lower in midday trade as investors locked in profits amid concerns the recent fall in oil and commodity prices may point to a slowdown in the global economy, brokers said.At 12.15 pm, the OMX Stockholm index was down 0.98 pct at 369.03 with the OMX Stockholm 30 down 1.03 pct at 1,131.30. Turnover was 10.390 bln skr.Indications of a negative start on Wall Street later today were also pressuring the market, said brokers.Ericsson B was down 1.42 pct at 27.85 and Nokia fell 1.91 pct at 133.60.Deutsche Bank upgraded Ericsson to 'buy' from 'hold', and set a target price of 32.50 skr.Scania B was outperforming, rising 0.63 pct to 483 after Dagens Industri reported that large shareholders believe Germany's MAN AG will raise its bid by 10 pct to around 520 skr per share before the current offer period expires on Jan 31.Skanska B also outperformed the wider market, flat at 136.50 on new order wins.SAS B was down 1.99 pct at 135.75. The Swedish government said it does not intend to sell its 21.4 pct holding in airline as part of its privatisation programme, reported Dagens Industri.Engineering stocks were all lower, with Sandvik 1.53 pct lower at 96.25, and Atlas Copco A down 0.91 pct at 218.Banks were slightly lower across the board, led down by Swedbank, which lost 2.16 pct at 249.Elsewhere, Hennes & Mauritz B was down 1.18 pct at 334, SCA B fell 0.82 pct at 361, and Electrolux B added 2.49 pct at 113.25.stockholm@afxnews.comsjr/vbCOPYRIGHTCopyright 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 AFX at a glance outlook 