Helsinki shares close lower on profit-taking on eve of earnings season UPDATE |
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Wed, 18 Apr 2007 17:13
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HELSINKI (Thomson Financial) - Helsinki shares closed lower amid a negative start on Wall Street, a weakened dollar and caution ahead of the local earnings season, which kicks off tomorrow with Nokia's first quarter results, traders said.The OMX Helsinki 25 index ended 0.80 pct lower at 3,138.93, while the OMX Helsinki dipped 0.76 pct to 10,520.69, with volume at around 1.5 bln eur.Nokia closed 0.85 pct lower at 17.55 eur. Motorola's January-March report, released today, has reinforced expectations that Nokia has won handset market share from its largest rival, analysts said.But investors are worried that the focus on driving market share higher could have pushed down profits, they warned.Nokia stock is still up by around 12 pct since the start of the year.Among the other major fallers on a broadly negative leaderboard were TeliaSonera, down 2.72 pct to 7.15 eur, Rautaruukki, down 2.48 pct to 37.03 eur and Fortum, down 1.38 pct to 22.08 eur.But TietoEnator bucked the trend, ending 0.13 pct higher at 22.43 eur. The group said it has won a 40 mln eur contract to streamline Siemens AG's IT Solutions and Services business in Italy for the next three years.Metso also gained, ending the session up 0.75 pct to 40.13 eur.Elsewhere, Neste Oil dipped 2.12 pct to 25.87 eur and Outokumpu Technology shed 2.66 pct to 31.15 eur.james.etheridge@thomson.comje/gpCOPYRIGHTCopyright AFX News Limited 2007. 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.
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Helsinki shares close lower on profit-taking on eve of earnings season 