Sharp downturn continued in the Nordic markets. The investors were led to believe that the impressive growth number from China was a bad thing as it implies more policy tightening ahead. An interest rate hike in Brazil added to the sentiment. Positive leading indicators and housing market data from the United States was not enough to lift the spirits.
Ericsson traded flat after another disappointing report from Sony Ericsson. The mobile phone manufacturer made a profit of 39 million Euro before taxes. The analysts were expecting at least double that. The company touted fourth consecutieve profitable quarter as a sign that the shift toward Android-based phones was correct decision.
Eltek was up sharply after it announced a definate agreement to sell its subsidiary Nera Networks to Ceragon. Nera Networks is microwave radio systems manufacturer and an expert in long distance microwave links. The sales price is 48.5 million USD in cash and on debt free basis. Eltek was up more than 20% on the news.
EDB ErgoGroup received a 10-year contract from the city of Oslo for a complete HR system worth around 200 million NOK. Raute Corporation has received more than 12 million Euro worth of orders from Siberia.
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