Thursday, May 30, 2024

Stockholm shares close flat as Husqvarna, AstraZeneca offset weakness UPDATE

STOCKHOLM (Thomson Financial) – The Stockholm index closed flat as gains for Husqvarna and AstraZeneca helped offset weakness elsewhere, amid caution ahead of Friday’s key US jobs data, brokers said.

The OMX Stockholm index closed down 0.18 pct at 416.57, while the OMX Stockholm 30 closed down 0.32 pct at 1,271.01.

Husqvarna sharply outperformed the market closing up 2.17 pct at 106.00 skr on continued positive sentiment following yesterday’s news that Investor AB has bought 3.7 mln A-shares in the company, hiking its share of the voting rights to 20.03 pct from 17.27 pct.

AstraZeneca also had a good session, closing up 0.96 pct to 368 after shares in the Anglo-Swedish pharmaceutical company were upgraded to ‘overweight’ from ‘neutral’ at HSBC, with the broker forecasting the shares will rise up to 10 pct ahead of its earnings report due in July.

Ericsson B closed unchanged at 26.35 skr, and Nokia up 0.27 pct at 182.75.

Ericsson is reviewing its tie-up with China’s ZTE Corp prior to the launch of TD-SCDMA wireless services, the South China Morning Post reported.

Ericsson is ZTE’s partner in developing technology compliant with the Chinese standard for 3G mobile phones. TD-SCDMA is expected to compete with Europe’s WCDMA and US-developed CDMA 2000 with the launch of third-generation mobile services.

The rest of the market lacked direction as concerns over record highs ahead of the summer were countered by continued positive news flow and increased international merger and acquisition activity.

OMX closed down 0.93 pct at 213 on profit taking following yesterday’s 8 pct gains, and after Carnegie said it doubts a bidding war will break out over the company.

SAS closed up 1.29 pct at 156.50. SAS Sweden said the strike by its cabin crew which started last Friday, is now over and its planes will fly as normal from Wednesday.

The Swedish cabin crews will get a 10.3 pct pay raise over 38 months, SAS said.

Among other shares heavily traded, Nordea closed down 0.44 pct at 114.10, Alfa Laval up 1.88 pct at 434.50, Scania B down 0.59 pct at 168.50, Hennes & Mauritz B down 1.37 pct at 433, and SKF B down 1.20 pct at 144.50.


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Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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