Nokia Shares Jump to 8-Month High on China Deal: Stockholm Mover
Nokia Oyj (NOK1V) rose to its highest level in eight months in Stockholm trading after the Finnish smartphone maker said a version of its flagship Lumia model would be carried by China’s largest mobile operator.
Nokia’s shares advanced as much as 11 percent on their second day of gains since the announcement, lifting the stock to the highest level since April 19. About 23 million shares changed hands, nearly 2 1/2 times the three-month daily average. Finland’s benchmark OMX Helsinki 25 (H25ETF) index was closed for a national holiday.
China Mobile Ltd. (941), the world’s biggest mobile-phone carrier, agreed to take the Lumia 920T as it is compatible with the country’s homegrown TD-SCDMA technology that powers the company’s network, the companies said in a statement yesterday.
Espoo, Finland-based Nokia has seen its smartphone market share plummet in the past five years as customers opted for Apple Inc. (AAPL)’s iPhone and devices using Google Inc. (GOOG)’s Android. It’s counting on the success of the Lumia line to help it rebound from six consecutive quarters of losses.
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