Breaking News: OMXS30 Rises 0.3% – Latest Updates from European Stock Markets
At 9:25 AM, OMXS30 was up 0.3% at 2,570. Stocks worth around 1 billion SEK had been traded on the Stockholm Stock Exchange. Similar trends were observed on leading European stock exchanges during the morning.
Chip developer Nvidia failed to impress with its second-quarter earnings report, causing its stock to drop 7% in after-hours trading on Wall Street. The weak forecast and delays in the latest chip line Blackwell were the main concerns highlighted by CEO Jensen Huang.
On the other hand, Munters Data Center Technologies exceeded expectations, according to ABG’s morning report. Munters’ stock was up 1%.
In other news, Circle Bidco, a wholly-owned indirect subsidiary of Danish A.P. Møller Holding, announced a bid of 230 SEK per share to Concentric shareholders. This offer represents a 61.5% premium over Wednesday’s closing price, and the company’s board recommends accepting the bid. Concentric surged over 58%.
Swedish real estate company Catena, operating in Denmark, has signed a letter of intent to acquire a logistics property in Denmark for about 5 billion SEK. To finance the deal, the company is conducting a targeted new share issue of approximately 5.5 million shares at a subscription price of 557.00 SEK per share. The stock closed at 574.00 SEK on Wednesday and dropped 2.4% to 560 SEK on Thursday.
After three consecutive days of significant gains, Swedish gym chain Actic saw a decline of around 11% following private equity firm Altor’s decision to sell its entire stake in Norwegian sector peer Sats.
Steel company SSAB rose 1% after appointing Johnny Sjöström as CEO, effective October 28. He previously served as the division chief for SSAB Special Steels.
Wind power company Eolus Vind reported an operating loss of -26 million SEK for the second quarter of 2024, with net sales of 54 million SEK. The stock fell 8.7%.
Medical technology company Integrum tumbled around 30% after reporting an operating loss of -12.0 million SEK and a 9.5% decrease in revenue.
Pharmaceutical company Bioarctic surged 6% after reporting an operating loss of -75.8 million SEK for the second quarter of 2024. CEO Gunilla Osswald noted positive sales trends in the US, Japan, and China.
In analyst recommendations, JP Morgan raised Elekta’s target price to 71 SEK from 67 SEK.
In summary, the stock market saw a mix of positive and negative performances today. While some companies exceeded expectations and received favorable recommendations, others faced challenges such as delays and revenue declines. Investors should closely monitor these developments to make informed decisions about their portfolios.