On Monday, the general index of the Helsinki stock exchange ended with a 0.4 percent increase to 9928.47 points. So the index is still plowing below the phantom line of ten thousand points after falling there last week.
The most traded stock of the day was Nordeawhose share ended with a 1.4 percent increase to 10.59 euros. The company announced on Monday that in the future it will be responsible for the US CalSTRS pension fund’s $450 million share portfolio emphasizing responsibility.
The second most traded stock was on Monday Nokiawhich ended with a 0.4 percent increase to 3.86 euros. Third on the list was the one that ended up with an increase of 0.6 percent Sampo.
The stock market day’s biggest gainer was Musti Group.
Pension company Varma insidiously approaches ten percent ownership in the company, when it continued cornering Musti in August. Now the employee pension company’s share of Musti’s shares has risen to 9.55 percent from the previous 9.32 percent.
Portuguese Sonaen led by Flybird Holding– consortium tried to buy Musti off the stock market with a public takeover offer, but only got a brisk 80 percent share of the company. The right to redeem all shares arises in 90 percent.
If Varma gets hold of more than a ten percent slice of Musti, the exit from the stock market will probably not happen. As a minority shareholder, Varma can also demand that Musti distributes up to half of the financial year’s profit as a minority dividend.
During Monday, Musti Group’s share increased by 6.0 percent to 25.70 euros.
The peak of the decline was 14.5 percent
At the top of the decline was Tecnotree, whose share fell by 14.5 percent to 3.32 euros. Analysis house Inderes gave Tecnotree’s share a new, significantly lower recommended price of EUR 3.00 on Monday. The previous Recommended Price was 5.50 euros. Inderes dropped the stock to a sell rating from the previous reduce rating.
The company held an investor conference on Friday, which no analyst attended Roni Peuranheimon provided sufficient information. The investors’ suspicions are related, among other things, to the company’s business deal, where the products and personnel of an Indian startup called Pericius were transferred to Tecnotree. The connections of relatives in the inner circle to the company have also raised question marks.
“The company tried to open up the details of the deal at the investor event, but we feel that we did not get comprehensive answers to all of our questions. In our opinion, possible connections with related parties look bad, even though abuses have not necessarily occurred and it would be difficult to prove them to be true”, Peuranheimo justified his decision.
Order for Kalmar
Engineering works Kalmar said he had received a new order from Britain. In its press release, Kalmar does not state the value of the new contract, but describes the order as “significant”. The order has already been entered in Kalmar’s order book for the second quarter. The devices are scheduled to be delivered in the second quarter of next year.
Inderes raised Viafin Service from the recommendation’s increase level to reduce level, and the target price rose to 18.50 euros from 18.20 euros.
Credit scorer Fitch on Monday kept network equipment giant Nokia’s credit rating unchanged at BBB-. According to the credit rating agency, Nokia’s future prospects are stable.
In the US, the general index S&P 500 last week was the worst in a year and a half. Investors were nervous about the weaker-than-expected labor market report published on Wednesday. Declining employment raises concerns about whether the Fed is too late to cut interest rates, and whether the U.S. economy is headed for recession after all.
Wall Street was in a more positive mood on Monday. All indices ended up on the positive side. The market expects the Fed to lower interest rates next week.
Source: www.arvopaperi.fi
