Nordic Stocks: Aker Solutions, KappAhl, REC, UPM-Kymmene, Volvo
The Stoxx Nordic 30 Index, the benchmark measure for the region, rose 0.1 percent to 7,628.82 at 10:55 a.m. in Stockholm. The gauge has advanced for nine straight days, the longest winning streak since 2004.
The following shares were among the most active in Nordic markets today. Symbols are in parentheses.
Aker Solutions ASA (AKSO NO) gained for a fifth day, adding 4.1 percent to 101.3 kroner. Norway’s largest engineering company said Jacobs Engineering Group Inc. agreed to buy some Aker Solutions units for an estimated $675 million to expand its metals and mining business.
KappAhl Holding AB (KAHL SS) fell the most since April 2009, dropping 12 percent to 45.7 kronor. The Swedish clothing retailer with 360 stores in Sweden, Norway, Finland, Poland and the Czech Republic said profit in the three months through November dropped to 95 million kronor from 178 million kronor. The company is “not pleased” with its performance and is “preparing actions to recapture its position” in the fashion market, it said.
Renewable Energy Corp. ASA (REC NO) rose for a second day, adding 3 percent to 18.79 kroner. The maker of solar-energy components said it has entered into a two-year multicrystalline wafer sales contract with an Asian cell and module producer. Under the agreement, REC will deliver wafers worth approximately 1.2 billion kroner ($201 million).
ScanArc ASA (SCAN NO) jumped the most on record, surging 41 percent to 5.5 kroner. The company, which recovers energy and zinc oxide from electric arc furnace dust, said its board has started a process to evaluate strategic options. The company will review all options, including a sale of assets or partnerships.
TK Development A/S (TKDV DC) declined 1.3 percent to 23.4 kroner. The Danish property developer reported a 79 percent drop in net income for the first nine months of its fiscal year to 10.2 million kroner ($1.8 million).
UPM-Kymmene Oyj (UPM1V FH) and other Nordic paper companies rose after Handelsblatt reported that Scandinavian makers of paper for newspapers are asking publishers to pay around 20 percent more for their product, citing comments from Joerg Laskowski, head of Germany’s publisher-industry association.
Volvo AB (VOLVB SS) rose for a third day, gaining 1.1 percent to 115.4 kronor. Volvo’s namesake brand increased its share of the U.S. market to 13 percent in October and November after deliveries increased “strongly,” Dagens Industri said today, citing Dennis Slagle, head of Volvo’s U.S. unit. The increased market share is a development Volvo should be able to maintain, Slagle said, according to the paper.
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