The Stockholm stock exchange closed slightly higher on Wednesday after a calmer session. The day’s interim reports are in focus. Oil prices climbed during the day following new attacks in the Middle East.
At the same time, the market is awaiting this evening’s interest rate announcement from the Federal Reserve. The interest rate is expected to be left unchanged, but signals on future monetary policy are at the center of attention. Important technology reports from Alphabet, Microsoft and Amazon are also expected in the coming days.
At the close, the OMXS30 index was up 0.33 percent at 3,267.33. Shares worth approximately SEK 22.5 billion changed hands on the Stockholm stock exchange.
Among the exchange’s larger industrial sectors, healthcare performed best, rising 0.86 percent. At the other end of the scale, basic materials came in last, down 1.23 percent.
Among the leading shares included in the OMXS30 index, Sandvik rose 2.3 percent while ABB was up 1.5 percent. Boliden performed worst, down 1.7 percent, while Epiroc A fell 1.7 percent.
SSAB’s EBITDA result exceeded analysts’ expectations and amounted to SEK 3,259 million, compared with the expected SEK 3,184 million. The result was therefore 2.4 percent above consensus. The A share fell 4.8 percent.
Shortly before lunch, Epiroc released its figures. The mining and rock excavation technology company’s A share fell 1.7 percent after its adjusted operating profit came in slightly below expectations. In the short term, Epiroc expects continued high demand from the mining industry and stable demand from infrastructure customers.
Electrolux Professional’s adjusted EBITA result amounted to SEK 372 million in the third quarter, 8.8 percent above analysts’ expectations of SEK 342 million. The share rose 5.9 percent.
Construction company Peab increased operating profit by nearly 13 percent to SEK 1,296 million. The operating margin simultaneously strengthened to 7.9 percent from 7.4 percent. The share fell 0.7 percent.
Podcast platform Acast increased revenue by 24.9 percent to SEK 802.3 million in the third quarter. Operating profit improved sharply and EBITDA amounted to SEK 73.7 million, corresponding to a margin of 9 percent. The share fell 5.9 percent.
Lighting group Fagerhult’s adjusted EBITA result fell to SEK 129.6 million, compared with SEK 173.4 million in the corresponding period of the previous year. The share plunged 22.5 percent.
Forest products company Stora Enso fell 2.5 percent. Sector peer UPM is down just over 6 percent after its interim report, which was worse than expected.
US-based Vertiv, which competes with Sweden’s Munters, reported stronger-than-expected figures for the third quarter. The share surged in US premarket trading after the company raised its forecast. Munters rose 4.7 percent on the Stockholm stock exchange.
Outdoor company Fenix Outdoor released its figures in the afternoon, showing unchanged operating profit. Revenue increased 5.5 percent. No forecast for the fourth quarter was provided. Chairman Martin Nordin referred to uncertainty surrounding the weather and Christmas shopping. Fenix climbed 0.9 percent.
Pharmaceutical company Sobi received an upgraded recommendation from Pareto Securities, which raised its rating to Buy from Hold. The price target was simultaneously raised to SEK 530 from the previous SEK 480. The share rose 3.1 percent.
Kepler Cheuvreux downgraded Storytel to Hold from Buy and raised its price target to SEK 125 from SEK 120. Storytel fell 0.2 percent.
