Tag Archives: Stockholm Stock Exchange

Nordic Technical Update, Stock Recommendations

Here’s the latest technical market update from the Norwegian brokerage firm Investtech.com, and the latest stock recommendations from Norway‘s main investment bank, DnB NOR Markets.

“The market was up sharply Friday. The OMX Stockholm 30 Index ended at 1067 points after an increase of 2.74%. Last time the index rose that sharp was at October 14th 2009.”


The Nordic Stock market ended on a strong up-beat Friday, with the Nasdaq OMX 30 at Stockholm Stock Exchange up 2,74% – the strongest gain since October last year.

The U.S. markets rose slightly on Friday, with the Nasdaq Combined Composite Index ending at 2530 points, an increase of 0.44%

For the week overall, the index showed an increase of 2.0%. This was the fourth day in a row, the index rose, the analysts at Investtech.com points out.

However, the Swedish market gained the most Friday, with the OMX Stockholm 30 Index ending at 1067 points after an increase of 2.74%. The last time the index rose that sharp was the at October 14th 2009, when it jumped 2.83%. For the week overall, the OMX 30 showed an increase of 1.6%.

Also Oslo Stock Exchange ended last week with a good recovery. The Oslo benchmark index developed positively Friday, and rose 1.05% to end trading at 392 points. The week as a whole gave an increase of 1.3%.

The shares with the highest turnover was Yara International with 1.596 billion dollars, Statoil NOK 1.22 billion and SeaDrill with NOK 771 million.

The total turnover of shares and primary capital in Oslo on Friday was about NOK 9.5 billion. About average.

“The Oslo benchmark index is a rising trend and further expansion within this indicated. The price has also fallen back on the floor of the trend channel, which should give a reaction up. The index has broken through resistance at about 384 points and further rise is thus signaled. The index is considered technically positive in the medium term,” Investtech.com writes in today’s summary.

“The OMX Stockholm 30 Index has broken through the roof of the rising trend channel, allowing an even greater climb rate. The index has support at around 970 points. RSI diverges towards negative rate, which indicates a risk of a reaction to down. The index is considered overall technical positive on medium term.”

As for recommendations, Investtech points at the Norwegian holding company Copeinca (COP):

“Copeinca has broken the upward trend, which initially indicates a weaker rise rate. The stock has a potential head-and-shoulder formation under development. Established breaches under the support at NOK 47.08, preferably on  increasing volume, signaling further decline. Stock has broken through resistance at about NOK 47,00. Further expansion is thus indicated, and there is now support at NOK 47,00 in case of a responses back. The volume has previously been high around price peaks and low around the price bottoms. Volume balance is also positive, which weakens the trend break. The stock is considered overall technical positive on medium term,” the analysts writes.


“We are upgrading our market view to Buy,” Norway’s main brokerage DnB NOR Markets writes in its weekly update, adding that the “Ash-problem is in decline and the latest macro figures from the USA/Europe confirms the vision of a macro-economy improvement.”

DnB NOR Markets recommends the following shares listed at Oslo Stock Exchange for the coming week:

• Algeta
• Sparebanken Nord-Norge
• Statoil
Aker Solutions
• Northland Resources
• Orkla

About Orkla:

• Orkla is currently trading at a 27% discount to our sum-of-the-parts (SOP)
• Orkla’s solar exposure is significantly reduced, accounting for only 12% of our estimated equity SOP.
• Brands accounts for an estimated 46% of our estimated equity SOP
• We have a BUY recommendation with target price of NOK 64

Here’s the full list of recommendations from DnB NOR Markets.

Related by the Econotwist:

Euro-Tech’s: What’s Up? Or Down?

Morgan Stanley To Buy Bad Baltic Loans?

Swedbank Leaves The State Guarantee Program

Global Markets: Worries About Earnings, Oil And Inflation

Norway’s Paper Giant; Still Not Out Of The Woods

The Top 10 Nordic Stocks

“Buy The Rising Trend”, Market Research

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An Estonian Mystery

Although critics have for years predicted the collapse of Bigbank, Estonian-owned bank that started as a provider of small unsecured consumer financing, the bank reported much better 2009 results than any other bank in Estonia. In addition to making a nice profit, Bigbank doubled its volume of deposits and redeemed about 600 million kroons worth of international bonds before due date.

“At current projections we are not seeing a need to raise additional financing and plan to redeem our bonds by due date.”

Targo Raus

Moreover, while at the beginning of 2009, Bigbank was burdened by 1.5 billion kroons in issued bonds, the figure fell by half by the end of the year, the Estonian newspaper Äripäev writes.

“At current projections we are not seeing a need to raise additional financing and plan to redeem our bonds by due date,” said Targo Raus, CEO of Bigbank.

When Äripäev two years ago asked Raus about what would be the worst case scenario for Estonia, Raus said:

“It is if the economy would collapse and about 20% of people would be unemployed.”

Now Raus says that he believes the unemployment situation to have hit rock bottom; “I think most of the layoffs have been made and the initial impact of unemployment has been seen.

The bank’s consolidated net profit in 2009 amounted to 117.1 million Estonian kroons compared with 144.7 million kroons in 2008.

During the year the bank opened a branch in the Finnish market and launched offering of cross-border deposit services in the German and Austrian markets.

At the end of 2009, the bank’s loan portfolio was on the level of 2.053 billion kroons, a 10.3% decrease year-over-year. The loan portfolio showed a 17.0% growth in the Lithuanian market.

Looking by countries, loans issued in Estonia constituted to 47.1%, in Latvia to 40.6% and in Lithuania to 12.3% of the total loan portfolio.

The amount of term deposits reached 1.173 billion kroons at the end of 2009 compared with 630.6 million kroons at the end of 2008.

Targo Raus

Chairman Targo Raus said that on the background of the tough macroeconomic developments the bank was implementing a conservative management policy and at the same time managed to maintain proper profitability and enter into new markets.

“Our goal in 2010 is to continue the bank’s geographic and service range expansion in foreign markets,“ Raus says.

Bigbank is a specialised credit institution based on Estonian capital, which has branches in Finland, Latvia and Lithuania and provides its services on cross-border basis also in Austria and Germany.

As of the end of 2009 the bank employed 394 people and had in total 28 offices.

The bank’s bonds are listed on Stockholm Stock Exchange.

Source: balticbusinessnews.com

Financial Statement.

Related by the Econotwist:

The Latvian Solution: Go Blonde!

Standard and Poor’s: The Baltic Are Stabilizing

Swedbank Buy Greek Bonds With Estonian Money

Estonia Put Pressure On Journalists

Baltic Countries Remain In Recession

Estonian Company Claims $130mill from SEB

How To Make A Rat Look Like A Puppy

Swedbank In Estonia: “Daylight Robbery”

Swedbank Reports Record Loss of SEK 10,5bn

“SEB Robbed Customers,” Whistleblower Says

Bankrupt Baltic Baker Charged With Million-Dollar Fraud in U.S.

Nordic Central Banks Agree On Baltic Bank Bailout

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