At 9:30 am, the OMXS30 index was up 0.5% to 2,471. Stocks worth 0.6 billion SEK had been traded on the Stockholm Stock Exchange. Across Europe, the leading stock markets also saw gains. The German DAX index rose 0.3%, while the CAC 40 in Paris advanced 0.3%. In London, the FTSE 100 was up 0.2%.
Leading the large-cap index were heat pump manufacturer Nibe and appliance maker Electrolux, which climbed 1.0% and 0.9%, respectively.
Mining and smelting company Boliden and Sinch, a provider of cloud-based communication services, were the day’s losers in early trading, with declines of 0.8% and 1.8%, respectively.
Boliden received a price target cut from Citi to 340 SEK from 385 SEK.
Business system company Fortnox fell 10% after CEO Tommy Eklund announced his immediate resignation.
Among today’s reporting companies, Revolutionrace, an online retailer of outdoor clothing, reported an operating profit of 74 million SEK for the fourth quarter of the fiscal year 2023/2024, compared to 68 million in the same period the previous year. The operating margin was slightly below the same quarter last year, while net sales increased. Revolutionrace’s stock fell 1.2%.
Specialty pharmaceutical company Calliditas reported a reduced loss for the second quarter of 2024 compared to a year ago. Calliditas also raised its full-year 2024 revenue forecast for the drug Nefecon. There has been a recommended bid for Calliditas from Asahi Kasei at 208 SEK per share since May. Calliditas’ stock was up 0.2%.
In the pharmaceutical sector, Moberg Pharma dropped 5.4% after reporting its latest quarter. Net loss for the second quarter of 2024 was -4.0 million SEK, compared to -3.9 million in the same period the previous year.
Maha Energy surged 8.5%. The oil company reported an EBITDA result of -0.9 million dollars in the second quarter of 2024, compared to -1.1 million dollars in the same period last year.
On the analysis front, JP Morgan downgraded Stora Enso to neutral from overweight with a target price of 14.00 euros, equivalent to about 161 SEK. The stock fell 0.4% to 123 SEK.
The same bank raised the target price for EQT to 394 from 376 SEK and lowered the target price for SCA to 135 from 146 SEK.
EQT’s stock rose 1.7% to 322 SEK, while SCA fell 0.2% to 136.80 SEK.
Nordea initiated coverage of Devyser with a buy recommendation and a target price of 125 SEK. The stock added 2.8% to 109.50 SEK.
Additionally, Nordea raised the target price for Verve Group to 40 SEK from 38, with a reiterated buy recommendation.
Analysis Breakdown: This article provides an update on the stock market, highlighting the performance of various companies and indices. Key points include stock movements, earnings reports, analyst recommendations, and price target changes. Investors can use this information to make informed decisions about their investment portfolios and potentially capitalize on market trends. It is essential to stay informed about market developments to navigate the financial landscape effectively and maximize investment opportunities.