At 12 noon, the OMXS30 was almost unchanged at 2,545 and shares worth SEK 11 billion had been traded on the Stockholm Stock Exchange. Out on the leading European stock exchanges, the London index rose by around half a percent, while the changes in Paris and Frankfurt were less than that, albeit on the plus side.
Atlas Copco advanced 6 percent and the stock hit new record highs after the first-quarter report. Verkstadsbolaget showed an unexpectedly strong order intake with an outcome of SEK 45.7 billion. That was over 9 percent better than Infront’s consensus. The adjusted operating profit of SEK 9.5 billion came in just over two percent above expectations.
The banking sector was a sink on Wednesday’s stock market, where reporting Handelsbanken led the decline as the stock fell 11 percent in the wake of a profit miss. Handelsbanken’s operating profit landed at SEK 8,267 million for the first quarter, against an expected SEK 8,387 million. Net interest and net commissions also came in lower. Furthermore, Handelsbanken has decided on a strategic review of the Norwegian operations after weakness there.
SEB‘s report was overall slightly stronger than the advance tips. On the negative side decreased SEB’s market share for mortgages slightly during the quarter. Net interest income was also lower. The stock fell 2 percent.
Also the sector colleagues Swedbank and Nordea were dragged down by 5 and just over 1 percent respectively.
The car moved forward by just over 2 percent to SEK 350:70, despite the fact that on Wednesday the share is traded without the right to a dividend of SEK 7:50. ABG Sundal Collier has raised its recommendation for The car for purchase from storage. “The first quarter was the lowest point for Boliden and the outlook looks significantly better. Higher prices and a weaker Swedish krona are driving positive revisions,” writes the analysis house as justification.
Further steps Kinnevik and Astra Zeneca around 1.5 percent each.
Volvo Cars retreated over 8 percent since operating profit of SEK 4.7 billion was clearly lower than the SEK 6.1 billion that analysts had expected.
The Live Casino Subcontractor Evolution was reduced by 4 percent. The Ebitda result was in line with expectations, but the EBITDA margin of 69.0 percent was below Infront’s consensus of 69.6 percent and on the downside the reiterated forecast for the EBITDA margin of 69-71 percent in 2024.
In the opposite direction went Husqvarna’s which lifted 5 percent. The company’s operating margin surprised with 13.1 percent against the expected 12.6 percent.
The lock company Assa Abloys however, organic sales growth fell to -2 percent (8) and was 0.6 percentage points lower than the expected -1.4 percent. The stock was down 2 percent.
The steel manufacturer SSAB‘s ebitda result amounted to SEK 4,142 million. Analysts on average had expected 3.521 million. CEO Martin Lindqvist told Nyhetsbyrån Direkt that he was particularly satisfied with the company’s sales of niche products during the period. The stock rose over 3 percent.
Further among the reporting companies rushed Xvivo 16 percent while Electrolux Professional was up 9 percent.
The housing development company JM retreated 6 percent after lowered recommendations from Carnegie (for sell from hold) and Handelsbanken Capital Markets (to market perform from outperform in a three-year term).
Red eye has started monitoring of Oncopeptides with a target value of SEK 6. The specialist pharmaceutical company rushed 11 percent to approximately SEK 3:45.
A report is expected at 1 p.m Trelleborg.
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