Stockholm Market Soars: Lucrative Opportunities for Investors Revealed!
At 9:50 AM, OMXS30 surged by 0.4% to 2,468, with stocks worth 1.1 billion SEK changing hands on the Stockholm Stock Exchange. In Europe, the Frankfurt Stock Exchange rose by 0.5%, while the French CAC 40 added 0.4%. The FTSE 100 in London noted a 0.5% increase.
Leading the OMXS30 were Nibe, Kinnevik, and H&M with gains of 0.9-1.4%.
Despite this, more defensive assets like Telia and Essity declined by 0.7% and 0.5%, respectively.
Investor emerged as the most traded stock on the Stockholm Stock Exchange, rising by approximately 1%.
Lucara Diamond saw an impressive 11% surge after reporting higher revenues and adjusted EBITDA compared to the same quarter last year.
The company reaffirmed its full-year diamond revenue forecast for 2024 in the range of 220-250 million dollars, with total operational cash costs narrowed down to the lower end of the previous range.
Additionally, digital media company Verve Group, formerly known as MGI, Media Games Invest, saw a 4.5% increase following its second-quarter results and an upward revision of its 2024 full-year forecast.
Biosimilar developer Xbrane Biopharma initiated a process to license both Xdivane and XB003 to secure funding until expected positive operational cash flow in the second quarter of 2025. The stock fell by 8%.
Coor surged by 5.5% after Ålandsbanken’s positive comments, labeling the property service company as a “quality company at a bargain price.”
According to the bank, “we believe that significant shareholder value can be created through a share buyback program,” they wrote.
On the analysis front, Pareto Securities upgraded Lundin Gold to a buy from hold, with the target price raised to 220 SEK from the previous 195 SEK.
The company is supported by high gold prices, strong cash flows, and debt-free status. The stock climbed by 4.3% to 186 SEK.
Defense company Mildef also received a buy recommendation from Dagens industri, being described as a pure defense company. The stock jumped by 11.1% to 75.20 SEK.
Additionally, Ctek and Profoto Holding added 3.4% and 2.6%, respectively.
Ctek continues its strong performance from Friday’s double-digit earnings, while Profoto Holdings once again sees an increase in trading.