Nokia Gains on Reports That Lumia Sells Out in Germany

Nokia Oyj shares rose the most in a month after the company said it received reports that its new Lumia 920 smartphone had sold out in Germany.

The shares rose as much as 5.5 percent to 2.23 euros, the biggest intraday gain since Oct. 18, and traded at 2.22 euros at 11:59 a.m. Helsinki time. The Stoxx Europe 600 Index climbed 0.9 percent as shares around the world snapped the longest losing streak in almost a year.

Nokia is working to make all models available again in Germany after receiving reports that many shops had run out of the Lumia 920, according to a posting on the Espoo, Finland-based company’s Facebook page. Nokia started selling the device, which uses Microsoft Corp.’s Windows Phone 8 operating system, this month.

The company is relying on its Lumia line to revive sales and challenge the iPhone and Android devices. Last month, Nokia posted its sixth straight quarterly loss and said the last three months of the year will be “challenging” as it brings out new models.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE