Nordic exchanges returned from holidays worried about the macroeconomic numbers. Worries about Spain have been mounting as the Euro zone gears up for the ultimate showdown. Numbers from China were interpreted in a way that strengthened the already dour mood from United States non-farm payrolls miss.
Nordic high beta stock posted ugly numbers with many large cyclical stocks nearing double-digit losses. The gainers were few and far between. Thrane & Thrane (OMXC: THRAN) predictably was among them as Cobham followed up on its recent purchases with a cash offer of DKK 420 for each share.
Norsk Hydro's (OSE: NHY) peer Alcoa kick-started earnings season across the pond with better than expected numbers after market close. The American aluminium company maintained its expectations for global aluminium demand growth of 7% and a supply deficit for 2012.
Svenska Cellulosa Aktiebolaget (OMX: SCA B) added another 4.9% of the shares in leading Chinese tissue company Vinda into its holdings with about 600 million SEK purchase subject to consent from Vinda’s lenders. The seller was a company called Fu An, which is owned by the Chairman of Vinda Li Chao Wang. The transaction was done at a 22% premium on Vinda’s (SEHK: 3331) Tuesday closing price. SCA’s stake following the transaction will be 22.61% while Fu An remains the largest shareholder.
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