Nordic Stocks: Kone, Lundin Petroleum, Nokia, Royal Unibrew Move
The Dow Jones Nordic 30 Index, the benchmark measure for the region, advanced for a third day, increasing 43.39, or 0.6 percent, to 7,527.63 at the 5:30 p.m. close in Stockholm.
The OMX Stockholm 30 Index (OMX) rose 0.3 percent, while the OMX Copenhagen 20 Index (KFX) gained 0.4 percent. The OMX Helsinki 25 Index (HEX25) added 1.1 percent. Norway’s OBX Index fell 0.6 percent. The following companies are among the most active in Nordic markets today. Stock symbols are in parentheses.
Kone Oyj (KNEBV) rose 4.2 percent to 40.16 euros, the most since May 10. The Finnish maker of elevators and escalators was initiated with a “buy” recommendation at BofA-Merrill Lynch Global Research.
Lundin Petroleum AB (LUPE) rose 2.2 percent to 84.90 kronor, gaining for a fifth consecutive day. The Swedish oil and gas explorer said its shares have been conditionally approved for trading on the Toronto Stock Exchange with a start during March.
Nokia Oyj (NOK1V) (NOK1V FH) increased 1.7 percent to 6.16 euros, rising for a second day. The world’s biggest maker of mobile phones aims to raise the average selling price of its products after its software deal with Microsoft Corp., Timo Ihamuotila, Chief Financial Officer, said in a UBS AG teleconference today. Nokia’s first handset to use the Windows Phone 7 operating system will be “on the high end,” Ihamuotila said.
Royal Unibrew A/S (RBREW DC) rose for a fourth day in the last five, gaining 3.5 kroner, or 1 percent, to 358.5 kroner. The Nordic region’s second-largest brewer and the maker of Ceres and Royal beers said it expects 2011 earnings before interest and taxes of as much as 485 million kroner ($90 million), compared with 417 million kroner last year.
Salcomp Oyj (SAL1V FH) advanced 9.8 percent to 2.01 euros, gaining the most in more than three months. The Finnish maker of chargers for mobile phones said Nordstjernan AB raised its holding to 90.1 percent. Nordstjernan intends to make use of its right to redeem shares held by minority shareholders and delist the company from the Nasdaq OMX Helsinki.
Storebrand ASA (STB) rose 3.5 percent to 50.8 kroner, the highest price since May 5, 2008. Norway’s largest publicly traded insurer said its embedded-value earnings were 3.2 billion kroner ($573 million) in 2010, representing an 11 percent return for the year.
Volvo AB (VOLVB) rose 1.40 kronor, or 1.3 percent, to 107.9 kronor, its third consecutive gain. The Indian bus unit of the world’s second-largest truckmaker expects to boost sales almost eightfold to $1 billion by 2015 as new highways spur intercity travel in the world’s second fastest growing major economy.
William Demant Holding A/S (WDH DC) fell 3.9 percent, the most since November, to 438.4 kroner. The world’s second-largest maker of hearing aids reported 2010 net income of 988 million kroner, compared with an average estimate of 1.01 billion kroner in a Bloomberg survey of 19 analysts. The Smoerum, Denmark-based company will prioritize growth over buying back shares, Chief Executive Officer Niels Jacobsen said in a teleconference today.