Electrolux, Norsk Hydro, Outokumpu, Swedbank, Tieto: Nordic Equity Preview
The following companies may have unusual price changes in Nordic trading. Stock symbols are in parentheses and share prices are from the previous close.
The Stoxx Nordic 30 Index, a measure for the region, rose 46.72, or 0.7 percent, to 6,915.73 yesterday, extending the 2.3 percent increase on April 23.
The OMX Stockholm 30 Index rose 0.1 percent and Norway’s OBX Index climbed 0.6 percent. The Helsinki 25 Index advanced 1.1 percent and the OMX Copenhagen 20 Index jumped 1.7 percent.
AstraZeneca Plc (AZN SS): The U.K.’s second-largest drugmaker agreed to pay $520 million to settle U.S. investigations on the marketing of its Seroquel schizophrenia drug, the New York Times reported, citing unidentified people with knowledge of the situation.
Separately, AstraZeneca’s Crestor cholesterol drug won wider use in Europe for preventing “major cardiovascular events” in patients at high risk of such an event. The shares rose 0.6 percent to 322.6 kronor.
Electrolux AB (ELUXB SS): The world’s second-largest appliance maker said first-quarter net income rose to 911 million kronor ($127 million) compared with a net loss of 346 million kronor a year earlier. Analysts estimated net income of 665 million kronor, according to a survey compiled by Bloomberg. The shares rose 3.7 percent to 184 kronor.
Norsk Hydro ASA (NHY NO): Europe’s third-largest aluminum maker swung to a first-quarter profit after a loss a year earlier as prices for the metal rose by two-thirds. The shares climbed 2.2 percent to 47 kroner.
Novo Nordisk A/S (NOVOB DC): The world’s biggest insulin maker recorded first-quarter net income of 3.32 billion kroner ($596 million). The average estimate of nine analysts surveyed by Bloomberg was for profit of 2.96 billion kroner. The shares increased 1.8 percent to 452.9 kroner.
Outokumpu Oyj (OUT1V FH): The Finnish stainless-steel maker reported a first-quarter net loss of 21 million euros ($28 million). Analysts expected a loss of 26 million euros. The shares rose 4.8 percent to 17.25 euros.
SKF AB (SKFB SS): The world’s largest maker of bearings was raised to “buy” from “hold” at Royal Bank of Scotland Group Plc. The shares slipped 0.7 percent to 147.5 kronor.
Swedbank AB (SWEDA SS): The largest lender in the Baltic reported its first quarterly profit in more than a year and said earnings are likely to improve amid lower loan impairments. The shares rose 1.7 percent to 73.35 kronor.
Tieto Oyj (TIE1V FH): The biggest Nordic provider of computer services reported first-quarter net income of 11.9 million euros. The average estimate of eight analysts in a Bloomberg survey was for net income of 17.2 million euros. The shares gained 1 percent to 17.05 euros.
Volvo AB (VOLVB SS): The world’s second-biggest truckmaker was downgraded to “neutral” from “buy” at Nomura Holdings Inc., while its price estimate was raised to 96 kronor from 80 kronor. The shares jumped 4.2 percent to 93.75 kronor.
Yara International ASA (YAR NO): The world’s largest supplier of mineral fertilizers was reinstated as “neutral” at Goldman Sachs Group Inc. The shares tumbled 5.6 percent to 211 kroner.
To contact the reporter on this story: Adam Ewing in Stockholm at firstname.lastname@example.org.