The Stockholm exchange rose on Tuesday, in line with developments in international markets. Sentiment was boosted by lower market interest rates and falling oil prices. In the news flow, SEB declined after CEO Johan Torgeby unexpectedly announced his departure with immediate effect.
At the close, the OMXS30 index was up 0.78 percent at 3,282.94. Shares worth approximately SEK 22.2 billion changed hands on the Stockholm exchange.
Among the exchange’s larger industry sectors, consumer staples performed best, rising 1.5 percent. At the other end of the scale was energy, which fell 1.9 percent.
Among the leading shares included in the OMXS30 index, Atlas Copco A rose 2.2 percent, while SKF B was up 1.9 percent. Saab B performed worst, falling 4.1 percent, while Tele 2 B was down 2.4 percent.
Major bank SEB’s CEO Johan Torgeby resigned with immediate effect. The reason was personal and family-related. He also left the board. The board has appointed Deputy CEO Jonas Ahlström as acting CEO and is now beginning the search for a permanent CEO. Torgeby’s departure comes just over two weeks before the third-quarter report is released on October 22. The share fell 1.0 percent.
Pharmaceutical company Astra Zeneca believes its existing pharmaceutical portfolio is broad enough to drive growth even after 2030, without the need for any major acquisition. CEO Pascal Soriot said this in an interview with Bloomberg News following recent reports that the company had explored a possible deal with Bristol Myers Squibb. Soriot did not rule out future acquisitions but highlighted Astra Zeneca’s projects in areas including cancer, metabolic diseases and rare diseases. The company estimates an approximately 60 percent probability of success for its entire development portfolio. The share rose 1.5 percent.
The board of pharmaceutical company Orexo decided on a SEK 250 million rights issue before issue costs, subject to approval at an extraordinary general meeting. The issue is 70 percent covered by subscription commitments and guarantee undertakings, corresponding to SEK 175 million. The exact terms of the issue will be announced later. The share plunged 45 percent.
Construction company Skanska signed an additional contract with an existing customer for a technical facility in the US. The contract is worth USD 138 million, equivalent to SEK 1.3 billion, and will be included in order intake for the third quarter. The share closed unchanged.
Cash management company Loomis completed the acquisition of Peru-based Hermes Transportes Blindados, a deal worth SEK 3 billion. The transaction marks Loomis’ entry into Peru. The share rose 1.1 percent.
Among today’s analyses, SB1 Markets was noted for making several recommendation changes for the major banks.
Handelsbanken’s rating was lowered to sell, from neutral. The share fell 0.5 percent. SEB and Nordea were upgraded to buy, from neutral. Nordea nevertheless fell 0.3 percent.
Lyko rose 6.0 percent after Pareto Securities raised its rating to buy, from hold.
OP Corporate Bank upgraded Sampo to buy, from add. The share nevertheless lost 0.8 percent.
