Helsinki shares end flat; Cargotec jumps again UPDATE

Helsinki shares end flat; Cargotec jumps again UPDATE

	Published : Fri, 19 Oct 2007 16:48 By : Agencies Print this Story

(updates with full report)

HELSINKI (Thomson Financial) - Shares closed flat, handing back gains in late trade amid falls on Wall Street and rising oil prices, though Cargotec rallied for a second straight session.

The OMX Helsinki 25 index finished down 0.06 pct at 3,258.60 and the OMX Helsinki down 0.20 pct at 12,115.39. Volume was 1.72 bln eur.

Cargotec rose 7.74 pct to 41.48 eur -- and that was after a 7 pct rise yesterday. Analysts said Thursday's strong third-quarter results and news of a fattening order book means investors are now more confident about the company's future growth going forward following the disappointment of its April-June report.

ABN Amro upgraded its view on the stock to 'buy' from 'hold', saying that in its view, the main positive surprise in Cargotec's third-quarter report was order intake at MacGregor, its marine cargo handling unit.

Nokia lost 0.80 pct to 26.04 eur. The handset maker had unveiled consensus-beating third-quarter numbers yesterday, but investors are cautious as the shares have already risen 68 pct this year.

There were also falls for forestry stocks, with worries about oil prices and weakness in the dollar dampening demand. Stora Enso fell 2.57 pct to 11.74 eur and UPM-Kymmene 1.02 pct to 14.55 eur.

Among other heavyweight stocks, Fortum rose 1.96 pct to 29.10 eur, while Metso climbed 0.52 pct to 47.95 eur and Nokian Tyres added 0.26 pct to 26.63 eur.

Nokian Tyres said today it will take an initial 10 pct stake in a newly formed venture that plans to produce up to 4 mln car tyres a year at a plant in Kazakhstan, with the option to gain a majority holding later.

james.etheridge@thomson.com

je/jlc

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