Nordic Stocks: Assa Abloy, Nokia, Q-Med, Storebrand, YIT Move
The Dow Jones Nordic 30 Index, a measure for the region, rose 38.41, or 0.5 percent, to 7,672.43 in Stockholm at the 5:30 p,.m. close, its third day of gains.
The OMX Stockholm 30 Index (OMX) gained 0.1 percent, while Norway’s OBX Index rose 0.4 percent. The OMX Copenhagen 20 Index (KFX) climbed 0.5 percent and the OMX Helsinki 25 Index (HEX25) advanced 1.2 percent.
The following companies were among the most active in Nordic markets today. Stock symbols are in parentheses.
Assa Abloy AB (ASSAB) rose 3.4 kronor, or 1.9 percent to 181.5 kronor, for its second day of gains. The world’s largest maker of locks said fourth-quarter profit jumped fivefold as construction projects in Asia and South America spurred demand. Net income rose to 1.06 billion kronor ($165 million) from 192 million kronor a year earlier, the Stockholm-based company said today in a statement.
Q-Med AB (QMED SS) fell 0.5 kronor, or 0.7 percent, to 75.75 kronor. The board of the Swedish maker of the Restylane wrinkle filler said it has “no ongoing” discussions with potential bidders for the company other than with Galderma Holding AB. The board also said there is no interest from other potential buyers.
Hexpol AB (HPOLB) rose 6.5 kronor or 4.1 percent to 163.5 kronor, the most since Jan 12. The Swedish maker of rubber, plastic and polyurethane components said full-year 2010 net income rose to 273 million kronor from 102 million kronor in 2009.
Nokia Oyj (NOK1V) rose 2.8 percent to 8.35 euros, erasing the 0.5 percent fall on Feb. 4. The company’s Chief Executive Officer Stephen Elop is finalizing senior executive changes as part of a plan to reorganize the world’s biggest mobile phone maker, the Wall Street Journal reported, citing a person familiar with the situation.
Storebrand ASA (STB) , Norway’s largest publicly traded insurer, fell 0.5 percent to 47.44 kroner, paring the gain of 1.4 percent from Feb. 4. The underwriter said its life insurance unit will post a loss of 102 million kroner ($17.7 million) from the failure of Danish lender Amagerbanken A/S, of which 74 million kroner is in the customer portfolio and 28 million kroner in the company portfolio.
YIT Oyj (YTY1V FH) (YTY1V) jumped 7 percent to 21 euros, adding to a gain of 10 percent on Feb. 4. Finland’s biggest builder was raised to “buy” from “reduce” at Swedbank AB while the price estimate was raised to 23 euros from 18 euros.
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