Nordic markets were trying to digest excess Christmas ham but some indigestion occurred and the day ended firmly in the red on extremely low volume. The wider markets noticed the impact the new regulations might have on car sales in Beijing and sold off car manufacturer stocks in earnest today, basically a day late. The Asian exchanged had reversed earlier gains in their afternoon session.
Carlsberg announced it has purchased additional 12.5% of Chongqing Brewery Co., Ltd and has now become the largest shareholder of the Southwest Chinese firm with an ownership portion of 29.71%. Chongqing Brewery is listed in Shanghai stock exchange. Some of you who have also spent time in the region might be familiar with the flagship brand of the company called Shancheng beer (literally meaning Mountain City, which is what the massive city of Chongqing is itself called). Carlsberg was down a little under 1% for the day.
Elcoteq keeps investors guessing as the company communicated there will not be a separate share issue during this year. Earlier Elcoteq was saying the company would be required to make a direct issue as a result of revolving credit negotiation. Now the company says that the negotiations about the comprehensive and long-term refinancing of the company continue and such a move should not be utilized in the middle of the process. The company thus postpones the decision until at the earliest 2011 if ever. Investors took the view that something at least somewhat more favourable to them would result as they bought into the company enough to drive up the share price by more than 7%.
DNO International gained a nice 6.70% as news from Iraq hinted that crude export agreements with and from Kurdistan will be activated within days. Foreign companies that have directly signed agreements with Kurdistan Regional Government should as a result be more likely to have the backing from central government as well. According to Dow Jones newswires, the new oil minister Abdul Kareem Luaiby said that they will recognize those contracts.
Nokia was down 1% as investors count down the days of the supposed positive surprise. Raute confirmed the 15 million Euro LVL plant order to China announced in November. Rieber & Søn ASA decided to divest industrial spices related business. The buyer is multinational flavour and fragrance house Frutarom Industries Ltd. The sales price is around that of the annual sales number at 25 million NOK region. Rieber gained nearly 7% in today’s trading.
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