Stockholm Stock Exchange, Europe’s Leading Markets Mixed – Getinge Leads OMXS30
Stockholm, Sweden – The OMXS30 index dipped by 0.1% to 2,530 after trading for about 1.2 billion SEK on the Stockholm Stock Exchange. In Europe, the indices in Frankfurt and Paris were on opposite sides of the zero line, with the French markets lagging behind.
Leading the OMXS30 index was the medical technology company Getinge, up by 1.8%. The major banks also performed well in the index.
On the other hand, real estate company SBB was at the bottom, down by 1.7%. Volvo Cars will kick off its capital markets day at 10 am on Thursday. Ahead of this event, the automaker has dropped its revenue target for 2026 of achieving a turnover of 550-600 billion SEK and lowered the target for an ebit margin above 8%.
Instead of aiming for an absolute revenue target, Volvo Cars’ ambition is now to continue growing faster than the premium car market until 2026, “just as they have done in recent years,” the company stated.
Volvo Cars has therefore lowered the margin target for 2026 and is now targeting an ebit margin of 7-8% (previously over 8%). The stock was up by around 3%.
Telecom company Tele2 rose by half a percent after the company announced on Wednesday evening that CEO Kjell Johnsen intends to leave the company as soon as a successor is appointed.
“When we’re at where we are now, I should really make a commitment of four to five years, and that’s too long. I feel that either I make a longer commitment or I move on, and I have chosen to move on,” Kjell Johnsen said to Nyhetsbyrån Direkt during Wednesday evening.
In the telecom sector, Citi Investment Research has raised its target price for Telia to 31 SEK from 26 SEK with a repeated neutral recommendation after Telia’s announced cost-cutting program on Wednesday. Carnegie has, at the same time, downgraded its recommendation for Telia to hold from buy. The target price is 32 SEK. Telia’s stock was also up by half a percent.
Real estate company SLP declined by 4.1% to 35.30 SEK after raising 1.1 billion SEK through a directed share issue at a price of 35 SEK.
Several Swedish and international institutional investors participated in the share issue, including Fourth AP Fund, Länsförsäkringar Fondförvaltning, Clearance Capital Limited, and SEB Asset Management. However, the name of the largest shareholder, Erik Selin, was absent from the press release.
Meanwhile, Logistea rose by over 5% after being preliminarily included in the EPRA index (European Public Real Estate Association). The final result is expected on Friday.
Astra Zeneca was down by 0.8% amid high trading volume. Chinese police in Shenzhen have detained five current or former employees of the pharmaceutical company Astra Zeneca, according to Bloomberg. Additionally, Goldman Sachs has raised its target price to 159 pounds from 158 pounds, equivalent to approximately 2,148 SEK.