Breaking News: OMXS30 Continues its Winning Streak with 7th Consecutive Positive Session!
After over half an hour of trading, OMXS30 was up 0.5 percent to 2,506. Stocks worth over 1 billion kronor had changed hands by then. The leading European stock exchanges also showed positive trends. In London, the index was almost unchanged, while Paris and Frankfurt saw gains of 0.3 and 0.7 percent, respectively.
In the OMXS30 companies, Nibe rose by almost 3 percent. Despite a recent drop in Nibe’s stock price, Swedish fund giants have continued to invest billions in the company throughout the year. SCA and Astra Zeneca also saw gains of around 2 and 1.5 percent, respectively.
On the other hand, the major banks did not perform well, with Handelsbanken and Swedbank both showing negative trends with a decrease of about half a percent each.
Gaming company Embracer reported an adjusted operating profit of 828 million kronor for the first quarter ending in June. Infront’s consensus was for an operating profit of 847 million kronor. The organic growth was -23 percent compared to an expected decline of 17 percent, leading to a 4 percent drop in the stock.
Forestry company Holmen reported an operating profit of 983 million kronor, 8 percent higher than Infront’s consensus of 913 million kronor. The stock was rewarded with a 6 percent increase.
New Wave’s operating profit decreased to 301 million kronor in the latest quarter, compared to 364 million kronor for the same quarter the previous year. The company’s CEO, Torsten Jansson, described a market that was significantly weaker than expected in the second quarter. The stock fell by just under 2 percent.
Storskogen reported an adjusted EBITA result of 894 million kronor in the second quarter, 7 percent above Infront’s consensus. The stock advanced by 15 percent.
In other news, cybersecurity company Yubico rose by 22 percent, animal health company Vimian rose by 8 percent, while Vestum fell by 10 percent and Fasadgruppen decreased by 8 percent.
On the research front, Nordea has lowered the target price for research company Vicore Pharma to 40 kronor from 84 kronor, but maintained a buy recommendation. The stock dipped by 0.2 percent.
Alzinova saw an 18 percent increase.
Analysis: The stock market is showing positive signs with the OMXS30 index continuing its winning streak. While some companies like Nibe and Holmen are performing well, others like Embracer and New Wave are facing challenges. Investors should keep a close eye on market trends and company reports to make informed decisions about their investments. Remember, diversification is key to managing risk in the stock market.