Nordic markets took a breather after a run of yearly bests the last couple of days. Bloomberg reported it has sued European Central Bank over the central bank’s decision not to publicize internal documents showing how Greece used derivates to hide its fiscal operations. ECB Presider Jean-Claude Trichet commented in the aftermath of the Greek bailout, that release of the documents would undermine public confidence. Bloomberg seeks to force ECB to disclose to make the documents available.
Fashion chain KappAhl AB reported very disappointing first quarter earnings. The company said the sales were weak and decreased 0.2% compared to previous year. The operating profit was 146 million, down from 207 million a year before. The President and CEO Christian W. Jansson said the company is not pleased with its performance. The main reason for this is that comparable store sales in the Nordic countries have not lived up to expectations. Sales in Poland have been showing a clearly positive sales trend. Judging by the amount of early morning text message advertisements they do send, they are trying hard to overturn the trend but so far success is yet to be proven. The company’s stock sold off more than 12% in the aftermath. Fashion brand retailer MQ reported first quarter earnings of 51 million Swedish Kronor for September-November. The comparable store sales were up by 1%. This report was well received by the markets and the stock advanced over 3%.
Renewable Energy Corporation has received a two year multicrystalline wafer sales contract with an Asian firm. REC will deliver around 1.2 billion NOK worth of wafers by 2012. REC has also agreed to terminate one long-term wafer sales contract for a small compensation. This customer intends to enter into a new sales contract for 2011 according to REC.
Hafslund Venture sold its fiber network activity Hafslund Fibernett AS to private equity fund EQT V. This will net Hafslund a 900 million NOK profit. Fortum pwms 34.10% of Hafslund and thus will book a corresponding gain in its Q4 numbers. Hafslund group is focusing on development of renewable energy and infrastructure for energy and thus sees this divestment as a natural step.
Aker Solutions gained on a pair of positive news. Aker Solutions has agreed to transfer Process and Construction area operations to Jacobs Engineering Group under a share purchase agreement with an estimated value of 5.5 billion NOK. Furthermore the company received a 900 million NOK contract from Statoil for Kristin-Platform. Seadrill won 140 million USD contract from BP for the newbuild semi-tender West Jaya offshore Trinidad and Tobago.
AF Gruppen has signed an agreement to build 85 flats for two buildings in Haslum for Kirkeveien. The turnkey contract has a value of 130 million NOK. Kone won an order for the extension project of Hong Kong metro West Island Line railway. Kone will supply 37 elevators, 41 escalators and five autowalks to the project. NCC sells a residential property in ST Petersburg to SATO for for 105 million SEK. The property is part of the Swedish Krona project in Primorsk green suburb.
Nordeas nomination board will propose the Annual General Meeting to elect deputy chairman Björn Wahlroos as the new chairman. Nokia has been on a short term uptrend as investors have renewed their hopes of a positive profit warning and gained more than 1% today. Right on cue after the note yesterday, STX Finland Oy and Viking Line ABP have now signed the agreement for the new cruise ferry. The 240 million contract includes an option for a sister ship.
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