A flat day in the Nordic markets was given a temporary shot of potency after two better than expected numbers from the US. The elation was short lived and the day ended nearly where it had begun. Moody’s cut Spanish sovereign debt rating. While the rating agencies often get it all wrong and are too late, the timing a day after general strike is a very welcome nudge.
Seadrill rose over 3% on successfully completed issuance of USD 350 million bond. Yara international on the other hand lost 3%. Nokia squeezed N8 out of the tube and into the market just in the nick of time to be able to report some of those earnings in Q3. The ensuing rise was likely more about just that, than any first impressions on what the phone will sell in the longer haul.
The Norwegian Ministry of Petroleum and Energy gave the green light to Brazilian Vale's planned takeover of 22 percent of the shares in Hydro, a Norwegian producer of aluminum and related products. Finnish Ruukki group and Kermas announced a recommended cash offer of 42,9 million euro for UK based Chromex Mining plc.
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