The Nordic markets took the current weather conditions to heart and rode the sledge down a gently sloping hill for the entire day. There were no big surprises from the macro data today, mainly in line with expectations or with a positive twist. Trading volumes were not terrible high either.
Active Biotech added a third to its stock market value after its partner Teva announced positive initial results from Phase III study ALLEGRO in the treatment of MS. A statistically significant reduction in relapse rate couple with other promising data in other endpoints like in the EDSS scale made investors optimistic about approval chances. There was not however any quantitative numbers beyond the term statistically significant given out. The second arm of the pivotal study is scheduled to complete in Q3 2011.
Aker Solutions announced at its Capital Markets Day 2010 that the company has decided to remake the current Aker Solutions business into three separate companies. The new Aker Solutions will provide technologies, solutions and services for the upstream oil and gas industry. Aker Contractors will focus on offshore and onshore EPC (engineering, procurement and construction) field development projects. Process & Construction International aims to be a leading global supplier of engineering and construction services to onshore industry segments. Aker Solutions aims to list Aker Contractors to Oslo Stock Exchange shortly and listing P & C International is also an option. Aker Solutions also announced it has agreed to sell one billion NOK worth of office buildings. The company’s stock closed down by over 6% having been up by almost as much in the beginning.
TDC A/S had 210 million new shares coming to circulation from its majority shareholder to retail investors and ended the day down 5.5% after initially holding par on obviously massive volume. Talvivaara Mining completed a 200 million Euro convertible bond offering due in 2015. Finnair’s Cabin Crew Union led strike has ended. Bergen Group won a contract worth 40 million NOK. EpiCept gained 62% after Rodman & Renshaw reiterated outperform recommendation.
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