OMXS30 Soars 0.4% as Kinnevik and Electrolux Lead Gains; Astra Zeneca Slumps 2%
At around 9:20 AM, the OMXS30 had risen by 0.4% to the level of 2,521 with stocks worth 0.9 billion Swedish kronor being traded on the Stockholm Stock Exchange. In other parts of Europe, the German DAX and the French CAC 40 were up by 0.5% and 0.3% respectively.
In the large cap index, investment company Kinnevik and appliance manufacturer Electrolux performed best with gains of 1.9% and 2.6% respectively. On the other hand, pharmaceutical giant Astra Zeneca experienced a decline of 2%. The drug company has been downgraded to sell from hold by Deutsche Bank, which also lowered the target price to 105 pounds (110).
IT reseller Dustin expects a turnover of approximately 5 billion kronor and an adjusted EBITA result of 20-40 million kronor for the fourth quarter of the company’s fiscal year. Analysts’ average, gathered by Infront after Dustin’s report in July, was a net turnover of nearly 5.2 billion kronor and an adjusted EBITA result of 138 million kronor. The quarter has seen an unfavorable sales mix between countries and customer groups, according to Dustin. The stock fell by 17%.
Security company Securitas has made a provision of 551 million kronor related to US authorities’ investigation of its subsidiary Paragon Systems. The investigation concerns allegations of misconduct by former employees, as well as Paragon’s business dealings with certain subcontractors that began around 2012. Securitas was down by 0.5%.
Tethys Oil was halted before opening due to a bid for the company worth 58.70 kronor in cash from Roc Oil. Trading resumed after a quarter and the oil stock surged by 75% to 54.20 kronor.
Pharmaceutical company Moberg Pharma has lowered expectations regarding primary endpoint in an ongoing phase 3 study with MOB-015 for the treatment of nail fungus. The news was met with a 59% drop in the stock price.
Garden product company Husqvarna increased by 2%. ABG Sundal Collier has raised the stock to buy from hold.
Welfare technology company Careium has lowered its growth forecast for the year due to delays in infrastructure shifts in the UK and Sweden. For the full year 2024, Careium now sees organic growth of 5-10%. The previous forecast was organic growth of 12-15%. Careium dropped by 10% on NGM.
Idun Industries, which invests in industrial and service companies, has carried out a directed share issue of 200 million kronor. The issue was made at a subscription price of 230 kronor. The stock traded down by 8% to 230 kronor.
Energy technology company Energy Save turned a profit in the past quarter after multiplying its turnover.