Unibet Gains as SEB Sees Delay to Regulation: Stockholm Mover
Unibet Group Plc (UNIB) gained the most in almost 10 months as Skandinaviska Enskilda Banken AB (SEBA) said the Swedish gambling market will probably face new regulations later than previously expected and raised its rating to buy from hold.
Unibet rose as much as 4.8 percent, the steepest intraday gain since Aug. 15, 2012. At 11:30 a.m. the stock was trading up 2.5 percent at 223.50 kronor in Stockholm, valuing the company at 6.3 billion kronor ($958 million).
“Recent comments by the Swedish minister for Financial Markets Peter Norman imply to us that Swedish gaming regulation will not be introduced until 2017,” Stefan Nelson, an analyst at SEB in Stockholm, wrote in a note to clients, adding the bank previously expected the introduction in 2016.
Unibet now has more time to strengthen its position in an increasingly competitive Nordic market, Nelson said.
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