SSAB Slumps as Nomura Cuts Rating on Valuation: Stockholm Mover
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SSAB fell the most in more than two weeks in Stockholm trading after Nomura Holdings Inc. cut its recommendation on the Swedish steel manufacturer’s shares to reduce from neutral because of a “very expensive valuation.”
SSAB dropped as much as 2.9 percent to 46.01 kronor, its steepest intraday decline since Aug. 27 and lowest price since Aug. 30. The shares lost 2.8 percent to 46.05 kronor as of 11:25 a.m. Stockholm time, with trading volumes at 57 percent of the daily average in the past three months.