At 12:10, the OMXS30 index was up 0.3% to 2,566. Stocks worth around 3.2 billion SEK had been traded on the Stockholm Stock Exchange. In the rest of Europe, the German DAX index was down 0.3%, while the CAC 40 in Paris climbed 0.1%. The FTSE 100 index in London remained unchanged.
Among the OMXS30 companies, mining and smelting company Boliden and clothing company H&M were at the top with gains of 1.7% and 1.1% respectively. Today’s loser was defense company Saab, which fell 1.1%.
H&M announced last week that their outlet venture, Afound, will be discontinued. Ålandsbanken believes this decision is justified as they see a clear focus on the core business, H&M and its portfolio brands.
In individual company news, clothing company Björn Borg has updated its long-term financial goals. The company now aims for an annual revenue growth of at least 10%. The stock rose 5.2%.
Lundin Mining advanced 1.8% as the strike at the company’s copper mines in Chile is now over after reaching an agreement.
On the other hand, Senzime plummeted 13% following its latest quarterly report. The medical technology company has adjusted its revenue target, now postponed by a year to 2026. The new revenue target of “around 250-350 million SEK” has a wider range than the previous 275-325 million SEK interval.
Meanwhile, fitness chain Actic surged 21%. Dagens Industri published an article on Saturday, August 24, about the company’s comeback after tough years.
In terms of analysis, DNB Markets upgraded their recommendations for real estate companies Castellum and Nyfosa to buy from hold. Castellum and Nyfosa rose by 1.0% and 0.3% respectively.
In the same sector, SEB Equities raised their recommendation for Sagax to buy from hold. Sagax added 1.1%.
Furthermore, Kepler Cheuvreux downgraded their recommendation for installation company Instalco to hold from buy. Instalco dropped by 4.0%.
Börsveckan recommends buying Railcare and reiterates a buy for RVRC.
Analysis:
Overall, the stock market showed mixed results with some companies outperforming while others faced setbacks. It is important for investors to stay updated on company news and analyst recommendations to make informed decisions about their investments. The market can be volatile, so it’s crucial to have a diversified portfolio and a long-term investment strategy to navigate through uncertain times.