Top Investment Manager Reveals Market Update: OMXS30 Up 0.4% as SBB, Investor, and Sinch Lead Gains
At 9:50 am, the OMXS30 was up a modest 0.4% to 2,420 after rising over 1% shortly after the opening, with stocks worth around 2.2 billion SEK traded on the Stockholm Stock Exchange. The German DAX index and the French CAC40 were also up 0.8% and 0.2% respectively.
Leading the OMXS30 were SBB, Investor, and Sinch with gains of 2.2-5.4%.
Going against the trend were more defensive assets, with Astra Zeneca marginally down.
Outside the large-cap index, Boozt added around 7%. The retail company’s German sector colleague Zalando reported an adjusted operating profit and revenue above consensus.
Several smaller companies also reported, with oil company Tethys Oil standing out with a gain of over 4.5%.
The company reported an EBITDA result and revenues lower than the same quarter last year. Meanwhile, the earnings per share amounted to 0.14 dollars (0.25).
On the negative side, 3D printing company Freemelt saw a decline after reporting an operating profit and net revenue lower than the same quarter last year. During the period, Freemelt’s rights issue was completed, bringing in 66 million SEK for the company.
The stock fell by approximately 6%.
Crypto company Coinshares rose by around 5.5% after reporting a total profit of 25.8 million pounds for the second quarter of 2024 (5.3). Revenues also increased significantly.
One of Monday’s few winners, Jondetech, announced on Tuesday morning that the company had received an order from a player in South Korea. The deal includes an initial order worth about 0.5 million SEK.
The stock surged over 41%.
On the recommendation front, Jefferies International lowered its recommendation for Sobi to hold from buy and adjusted the target price to 300 SEK from 340 SEK.
The stock dropped 0.8% to 259.60 SEK.
DNB Markets upgraded its recommendation for Rusta to buy from hold.
**Analysis:**
In this market update, the OMXS30 index showed modest gains with leading companies like SBB, Investor, and Sinch driving the positive trend. However, some assets like Astra Zeneca saw marginal declines. Smaller companies like Tethys Oil and Coinshares reported mixed results, with Tethys Oil’s stock price rising and Coinshares seeing a significant increase in profits. On the other hand, Freemelt and Sobi experienced downturns. Jondetech stood out as a top performer after securing a new order, while Rusta received an upgraded recommendation from DNB Markets. These market movements highlight the dynamic nature of the financial markets and the importance of staying informed to make informed investment decisions.