Nordic markets posted a strong advance led by the engineering companies. Protests in Egypt against current leadership sparked regional worries once again. China Daily is bringing up labour shortage issues for manufacturing companies in the eastern coastal regions. This should bring further wage pressure. The Chinese officials also raised minimum down payment requirements for second home buyers. Japan Times interviewed metal traders who commented that the worst is yet to come in REE supplies.
Elevator and escalator industry giant KONE Corporation had another strong quarter. The markets were expecting just that as well and the reaction was prettu subdued. Order intake for Q4 was over a billion Euro and operating income 227 million. Kone expects 0-5% sales growth this year. Kone also spesified its new long-term financial targets including 16 percent EBIT, improved working capital rotation and profitable growth.
Scana Industrier is closing in on a breakthrough in Brazil after receiving an LOI to deliver 16 offloading systems. The contract value would be around 350 million NOK. Scana gained more than 7 percent for the day. Getinge’s orders declined 2.7 percent for the full year and stood at 22 billion SEK. Net profit came in at 2.2 billion. Operating profit for Q4 was 1.343 billion. The company deems the earnings outlook for 2011 to be favourable.
Fortum has entered into a preliminary agreement with Finnish State and Mutual Pension Insurance Company Ilmarinen for the sale of Fortums Fingrid shares. The sales price is 325 million Euro. Markets had been expecting a better price for Fortum, which is forced into the divestment as a result of the EUs third energy market package. Pohjolan Voima which is partially owned by UPM Kymmene is also negotiation to sell its portion in the grid. The Finnish State will be buying a majority stake.
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