The Stockholm Stock Exchange opens lower on Thursday. The reporting season continued this morning with heavyweights Nordea and Ericsson.
New figures from the Grocery Index showed that sales in the sector increased 4.3 percent year-over-year in September.
Sharp declines are visible on several Asian stock markets. High US interest rates, together with concern over limited capital for the AI build-out, are weighing on share prices in South Korea, among others.
In its latest Beige Book, the Federal Reserve wrote that the US labor market continued to be characterized by few hires and layoffs, while inflationary pressures increased in several parts of the country.
At 09.18, the OMXS30 index was down 1.01 percent at 3 243.19. Shares worth approximately SEK 3.1 billion changed hands on the Stockholm Stock Exchange.
Telecom had the best performance among the stock exchange’s major sectors, rising 5.51 percent. On the other side, industrials were at the bottom, down 2.36 percent.
Among the leading shares included in the OMXS30 index, Ericsson B rose 8.5 percent, while Telia was up 4.0 percent. Nordea had the weakest performance, down 5.4 percent, while Atlas Copco A fell 5.3 percent.
Nordea’s Q3 results and revenue were in line with expectations. The bank repeats
its full-year forecast of a return on equity above 15 percent and a cost/income ratio of 44-45 percent. The bank is pausing share buybacks until the implications for the risk exposure amount have been clarified.
After Nordea published its report, several analysts expressed concern over the paused buyback program. Nordea initially falls around 5.3 percent.
Ericsson’s adjusted EBITA and revenue in Q3 exceeded expectations. The company expects an unchanged RAN market, while higher component costs are expected to put some pressure on the gross margin next year. The company also announced simplifications to its group structure. Ericsson surges 9 percent.
Private equity firm EQT increased total capital under management to EUR 354 billion at the end of the third quarter, compared with EUR 267 billion in the corresponding period of the previous year. EQT also acquired a US real estate manager for USD 375 million, with a possible additional payment of USD 175 million. EQT rises 2.2 percent.
Investment company Kinnevik reported a net asset value of SEK 107.75 per share at the end of the third quarter, an increase of 1 percent from the previous quarter, while net asset value has decreased by 17 percent since the beginning of the year. Kinnevik falls 7.5 percent.
Property company Wallenstam reports higher profit from property management and increased profit in the third quarter compared with the corresponding period of the previous year. Wallenstam rises 3.2 percent.
Property company Emilshus increased rental income and profit from property management in Q3. Growth was driven by acquisitions. The company raises its full-year forecast for profit from property management to SEK 500 million, from SEK 495 million. Emilshus rises 0.5 percent.
Jefferies upgraded Catena to Buy from Hold. Catena rises 1.4 percent.
Deutsche Bank upgraded Telia to Buy from Hold. Telia climbs 4 percent.
SEB downgraded Mycronic to Hold from Buy. Mycronic falls 7.4 percent.
ABG Sundal Collier downgraded Scandi Standard to Hold from Buy. The share falls 1.5 percent.
