At 12:40, the major company index OMXS30 was down by 0.2 percent to 2,456. Stocks worth 3.7 billion SEK had been traded on the Stockholm Stock Exchange. In the rest of Europe, the French CAC40 was down 0.4 percent, while the German DAX index fell by 0.3 percent.
Leading the OMXS30 were Saab, Atlas Copco, and Astra Zeneca with price increases of 0.4-1.0 percent.
In terms of volume, Fortnox and Investor were the most traded stocks on the Stockholm Stock Exchange.
Business system company Fortnox fell by around 12 percent following the resignation of the CEO. CEO Tommy Eklund announced on Tuesday morning that he is stepping down with immediate effect.
According to Chairman of the Board Olof Hallrup, who is also the company’s largest shareholder, Tommy Eklund’s resignation was mainly his own decision.
There was also negative news for the reporting company Revolutionrace, which sells self-developed outdoor clothing online, as it fell by around 3 percent. The company reported a higher operating result and higher net sales than the same quarter last year, although the operating margin decreased.
During the fourth quarter, the inventory increased to 448 million SEK, which according to Revolutionrace has been “as planned.”
Furthermore, among today’s reporting companies, specialist pharmaceutical company Calliditas announced a reduced loss for the second quarter of 2024 compared to a year ago. Calliditas also raised its full-year 2024 forecast for net sales of the drug Nefecon. Since May, there has been a recommended bid for Calliditas from Asahi Kasei at 208 SEK per share.
The Calliditas stock remained unchanged.
In the pharmaceutical sector, Moberg Pharma rose by over 2.5 percent after the company reported its latest quarter. Net income was -4.0 million SEK for the second quarter of 2024, compared to -3.9 million in the same period last year.
On the analysis front, Nordea initiated coverage of Devyser with a buy recommendation and a target price of 125 SEK. The stock advanced by 1.4 percent to 108 SEK.
At the same time, the same bank also raised the target price for Verve Group to 40 SEK from 38, with a repeated buy recommendation.
Analysis and Conclusion:
Today’s stock market saw mixed performances with some companies experiencing gains while others faced losses. It is essential for investors to keep track of market trends, company reports, and analyst recommendations to make informed decisions about their investments. Factors such as CEO changes, financial results, and market forecasts can all impact stock prices. Understanding these dynamics can help individuals navigate the stock market effectively and optimize their financial portfolios.