The Stockholm Stock Exchange rose for the second consecutive day on Tuesday, supported by the rise on Wall Street the previous day, when AI optimism gained fresh momentum. The oil price was in focus on Tuesday, falling back somewhat after initial gains as hopes of diplomatic progress in the Iran war increased.
Iran has offered to reopen the Strait of Hormuz within seven days if the US lifts its blockade of Iranian ports and ceases military operations around the strait. Kyodo News reports this, citing a senior Iranian government source.
Furthermore, state-owned oil major Saudi Aramco has informally notified several Asian refineries that they may soon collect oil from the Red Sea port of Yanbu. Bloomberg News reports this, citing traders with knowledge of the matter.
At the close, the OMXS30 index was up 0.87 percent at 3,335.94. Shares worth approximately SEK 25.5 billion changed hands on the Stockholm Stock Exchange.
Technology had the best performance among the stock exchange’s major industrial sectors, rising 2.1 percent. At the other end of the scale, telecom was at the bottom, down 2.4 percent.
Among the leading shares included in the OMXS30 index, Skanska B rose 4.5 percent while Atlas Copco A was up 3.5 percent. Ericsson B had the weakest performance, down 3.8 percent, while Tele 2 B fell 1.7 percent.
Ericsson, the telecom giant, moved against the trend after Morgan Stanley lowered its recommendation to underweight, from equal-weight. The bank sees signs that the margin trend has turned downwards. Morgan Stanley forecasts that the gross margin will decline by around 1 percentage point per year through 2028, while consensus expects margins to remain largely unchanged. Morgan Stanley prefers Nokia, which fell 3.2 percent on Tuesday.
Major shareholder Sampo, the insurance group, is selling 14.7 million shares in Noba Bank. The shares were placed at a price of SEK 85 per share, a transaction worth SEK 1.25 billion. The price represents a discount of 3.0 percent compared with Monday’s closing price. Noba’s share initially fell but turned upwards and closed 4 percent higher at SEK 91.10.
Outdoor environment company Green Landscaping is taking one-off costs of SEK 79 million in third-quarter earnings and launching an improvement program to strengthen profitability and cash flow. The share fell almost 15 percent.
Construction company Skanska has received an order to build a data center in the US worth SEK 780 million. DNB Carnegie raises its recommendation for Skanska to buy, from hold. The price target is raised from SEK 270 to SEK 330.
Industry peer NCC has signed a cooperation agreement with an unnamed customer for security-classified projects. The agreement is estimated to be worth SEK 3 to 5 billion over a ten-year period. The share rose 0.2 percent.
SEB lowered Karnell to hold (buy), repeats price target SEK 100. The share lost 3.7 percent.
