03.03.2011

Nordic markets gained some ground today. Initially it did not take much to rally as suggestions if Hugo Chavez brokered peace deal in Libya wouldn't traditionally seem believable to western investors but later in the day some very positive macro data from the United States gave legimate reasons for the run-up. The comments from ECB meeting were much more hawkish as expected. European Central Bank has been adhering to policy rules a little more tighly than its American counterpart, even if that is not saying much at these times, but now ECB President Trichet used strong language in trying to talk down inflation expectations. Markets were taken by surprise by the prospect that ECB may well hike interest rates in April. European exchanges took a small hit after digesting the press conference for a while.

Novo Nordisk's virtuous cycle continued when its diabetes treatment Victoza, which is nearing blockbuster status, proved superior to a potential competitor in a head-to head study. Norske Skog advanced on a favourable policy ruling.

Bergen group had a major insider sale yesterday at a considerable discount to current market price and there was another major trade that took place today. The stock price plummeted initially but recovered somewhat towards the evening. Greentech gained some despite a poor result stemming from a major write-down on Italian assets. The markets keep hoping that the new management manages to clean up the situation in the country.

NovaCast Technologies had lost 6% when trading was halted early afternoon per NovaCast's request. The company said a press release is forthcoming but the stock remained halted for the rest of the trading day. Elcoteq gained 11% as it announced purchase of an after market sales company from Texas called BroadTech Inc. There were precious little details were given in the release about the details of the transaction but markets chose to take this as a sign of improving financial situation for Elcoteq; the release does not sched any light wether that is truly the case.