Macro data from China and the United States was positive. Nordic markets started November with a nice plus and particularly Oslo was showing strenght. Engineering companies were the star performers for the day.
Sheet metal ventilation and building products firm Lindab reported quarterly earnings. It said that Nordic markets continue to perform well and signalled out Sweden as a particular success story. CEO David Brodetsky feels the company is headed in the right direction with increased sales and nearly 50 per cent better EBIT. The company expects recovery in non-residential markets to kickstart in 2011. The rising raw metal prices have had some effect and some lost margins as a result are expected; Q3 tends to be the one with highest margins for Lindab. The market reaction was initially positive but the stock price crept down finally ending slightly in the red numbers.
Nokia was under pressure due to reports coming out from Germany that IPCom is ”confident” of victory in its long-standing patent fight with Nokia. IPCom’s managing director told Reuters news agency that they could stop all Nokia’s 3G sales in Germany. IPCom purchased patents from Bosh in 2007. Last week IPCom’s key patent was said to be valid by a court in Germany. Nokia and HTC complained on the matter and Nokia representative completely dismissed all the claims. The matter could go to higher courts. Adding to the pressure, Indian media is reporting that a young female employee has died in Nokia’s factory in Sriperumbudur, India. All 7000 workers of the factory have reportedly been given vacation as a result according to Evertiq’s report.
Medivir advanced on positive phase-II study report from its partner Tibotec concerning potential Hepatitis C treatment TMC435. Tieto received a five year 23 million ICT outsourcing contract from insurance company Tapiola. Nordic Aluminium has a new CEO as Peter Högel resigned and Joakim Berndtsson was appointed. Car spare-parts chain Mekonomen advanced nearly 5% on a strong Q3 report.
Scanfil EMS Oy and Ojala-Yhtymä Oy will merge. Scanfil EMS is a subsidiary of Scanfil plc. The merger will create Finland’s largest professional electronics and telecommunications technology contract manufacturing centre in Sievi. The companies see big synergies in the move in which the former owners of Ojala-Yhtymä Oy receive 21% share in Scanfil EMS Oy.
First-North listed Endomines sas Pampalo gold mine is nearing full-scale gold production. The company says it will commence production with a projected annual output of around a ton of gold per annum.
Yle reports that LSO-Osuuskunta insider trading charges trial has started in Helsinki district court. LSO Osuuskunta bought into HK Ruokatalo (HK Scan) in 2006 and the prosecution feels that the suspects had inside information concerning the upcoming purchase of Swedish Meats. Those facing the charges include present and former board members of HK Scan. They were involved with LSO Osuuskunta at the time. The suspects deny the charges.
Results coming out tomorrow: Danske Bank
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