OMXS30 Index Up 0.6% as European Markets Rise: Alfa Laval Leads Gains
At around 12:50 pm, the OMXS30 index was up 0.6% at the level of 2,578. Stocks worth about 5.7 billion SEK had been traded on the Stockholm Stock Exchange by then.
On the leading European stock exchanges, both the German DAX index and the French CAC 40 in Paris advanced by about 0.7%.
Within the Swedish large-cap index, the biggest gainers were Alfa Laval, climbing 1.9%, followed by SBB, which was up 1.8%.
The biggest loser within the OMXS30 was H&M, which dropped 0.6% to 160.75 SEK. Goldman Sachs lowered the target price for the fashion company to 150 SEK from 170 SEK and reiterated a sell recommendation.
The American chip developer Nvidia reported better-than-expected results and higher revenue but failed to impress enough with the quarterly report released after Wednesday’s close on Wall Street. The forecast was the weak link. In pre-market trading on Thursday, Nvidia was down about 2.5%. However, another report above expectations bodes well for Munters Data Center Technologies, noted analysis firm ABG in the morning. Munters stock was up 2.6%.
Circle Bidco, a wholly-owned indirect subsidiary of Danish A.P. Møller Holding, has announced a bid of 230 SEK per share to shareholders of Concentric. Concentric surged 59% to 226.50 SEK.
Moving on to Swedish news, but on Danish soil, real estate company Catena has signed a letter of intent to acquire a logistics property in Denmark for about 5 billion SEK. As part of the financing, the company is conducting a directed new share issue of approximately 5.5 million new shares at a subscription price of 557 SEK per share. The stock closed at 574.00 SEK on Wednesday and dropped 2% to 562.50 SEK.
Mildef, which manufactures tactical IT and robust hardware for the defense and security industry, has received an order worth 72 million SEK from the Norwegian Defence Material Agency. Mildef rose 2.6%.
On the reporting front, ventilation company Systemair reported a slightly higher operating profit than analysts’ expectations according to Infront. However, organic growth was -0.3%, compared to an expected 2%. The company also noted continued strong activity levels in the consulting sector and with ventilation contractors, and sees a positive market development following lowered interest rates and achieved inflation targets, according to CEO Roland Kasper. Systemair was up 0.5%.
Wind power company Eolus Vind reported an operating profit of -26 million SEK (517) for the second quarter of 2024. Net sales amounted to 54 million SEK (1,742). The stock fell 11%.
Pharmaceutical company Bioarctic rose nearly 11% after reporting an operating profit of -76 million SEK for the second quarter of 2024 (-101). “Sales in the USA are picking up, and launches in Japan and China are going much better than expected,” wrote Gunilla Osswald in the CEO message of the report.
On the analysis front, DNB Markets raised its target price for educational company Academedia’s stock from 65 to 92 SEK, an increase of 42%, following the company’s year-end report on Wednesday. The buy recommendation is reiterated.
In summary, the stock markets are showing positive movements, with various companies reporting mixed results. Investors should pay attention to individual stock performances and analyst recommendations to make informed decisions about their investments.