In a day of another strong set of news from Germany being offset by dismal jobmarket number and worrisomely weak business outlook survey data from the US, Nordic exchanges followed suit downward in late trading.
Construction sector continues to see a stable market development in the Nordic countries. NCC AB reported its quarterly earnings with an increased order backlog. The stock was trading sharply lower until the report, which stabilized the bleeding. YIT upped its revenue growth target for 2011-2013 to >10% annually. Swiss cement maker Holcim had a downbeat report today. Complete cement plant developer FLSmidth from Denmark however reported a strong order intake increase and raised guidance. In somewhat related news, Skako, which is among other things a concrete plant developer, lowered guidance for 2010 and in doing so continued its a massive losing streak. The company however foresees lifts lifting it above water for 2011.
DONG Energy keeps stiff and reported strengtened earnings. Heavy manufacturing Kongsberg Gruppen reported 466 million second quarter result. TTS group's business improved in relation to previous quarters but the company sees continued uncertainty in the markets and remained in the red. In the financial sector, Ålandsbanken gave a profit warning for 2010 but Sparebanken Vest reported its best half-year result in a history spanning nearly 200 years and Skjern Bank reported solid core earnings.Medical equipment producer Coloplast reported 445 million DKK quarterly result, matching expectations.
Rumours of a buyout and some favourable pre-launch reviews of upcoming smartphones pushed Nokia sharply higher in early trading.
Investor Kai Mäkelä failed to force himself into board of directors of Alma Media via an extraordinary general meeting. Not long ago Talentum’s shareholders similarly rejected his self-induced tryout to get in the board. The show will undoubtedly carry on. You can certainly say that the media companies do it all by themselves.
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