The day’s market developments in Stockholm were in line with leading European exchanges. The focus of the day was on Nordea, Sandvik, and Autoliv releasing their first-quarter reports.
At the close, the OMXS30 index was down 0.76 percent to 2,372.59. Stocks totaling approximately 22.6 billion kronor were traded on the Stockholm Stock Exchange. The energy sector showed the best performance among the larger industrial sectors, with an increase of 1.8 percent. On the other hand, finance was at the bottom with a decline of 1.4 percent. Among the leading stocks included in the OMXS30 index, Evolution rose by 2.9 percent while Nordea was up by 1.7 percent. The worst performance was seen in Sinch with a decrease of 3.0 percent, while Nibe was down by 2.7 percent.
Nordea was the first among the major banks to present its first-quarter report. The bank’s revenues were in line with expectations. The operating profit was better than expected, coming in at 1,607 million euros (1,763), compared to the expected 1,502 million euros. Nordea also maintained its outlook for the full year, leading to a 1.7 percent increase in its stock price. Among the other major banks, SEB and Handelsbanken fell by 0.8 percent, and Swedbank declined by 0.7 percent.
Engineering company Sandvik reported a turnover and adjusted EBITA profit lower than expected in the first quarter. The adjusted operating profit amounted to 5,262 million kronor (4,824), with an adjusted operating margin of 18.0 percent. The order intake was 32,763 million kronor, which is 3.6 percent lower than analyst consensus. The stock rose by 0.3 percent.
Vehicle safety company Autoliv reported a revenue higher than expected in the first quarter. The adjusted operating profit was 255 million dollars, exceeding the expected 199 million, with an adjusted operating margin of 9.9 percent. Organic sales growth was 2.2 percent, leading to a 7.7 percent increase in the stock price.
The EU Commission announced that it has granted marketing authorization for research company Bioarctic’s partner Eisai’s application for Leqembi (lecanemab) in the EU. This makes the drug the first treatment targeting an underlying cause of Alzheimer’s disease. The stock fell by 4.5 percent.
Mining and rock excavation technology company Epiroc received its largest order ever. This involves an order worth 2.2 billion kronor from Australian Fortescue to deliver a large fleet of fully autonomous and electric surface mining equipment. The stock increased by 1.7 percent.
Forest products company SCA is raising prices for brown and white kraftliner in Europe by 60 euros per ton starting on May 1st. Demand for kraftliner is described as still strong with a well-balanced supply chain. The stock rose by 0.1 percent.
Nordnet is launching pre-trading for American stocks, allowing traders to trade American stocks from 1:00 PM Swedish time. The stock fell by 0.5 percent.
EQT expects divestment activity to decline significantly due to recent deteriorating market conditions and increased uncertainty in global markets. The stock fell by 4.7 percent.
Installation company Bravida acquires Contub, which has an annual turnover of 346 million kronor and 38 employees. The stock rose by 0.4 percent.
Building supply chain Byggmax reported increased revenue in the seasonally weaker first quarter compared to the same period last year. The operating profit was -123 million kronor compared to last year’s -162 million. Comparable sales increased by 7.6 percent. Affärsvärlden gives a neutral recommendation for Byggmax, leading to a 3.9 percent decrease in the stock price.
Research company Oncopeptides announced that new real-world data further strengthens the evidence for melfalan flufenamide, marketed in Europe as Pepaxti, in the treatment of refractory, relapsing multiple myeloma, RRMM. The stock rose by 0.7 percent.
On the analysis front, Carnegie upgraded Addlife to buy from hold and lowered the target price to 174 kronor from 180. The stock rose by 0.9 percent.