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Indices: / OMXR 0.00% / OMXV 0.00% / OMXT 0.00% / OMXS30 0.00% / OMXH25 0.00% / MICEX 0.00% Stocks: OTE1V 0.00% / OMXR 0.00% / EEH1T 0.00% / GAZP 0.00% / URKA 0.00% / OTE1V 0.00% / OMXR 0.00% / EEH1T 0.00% / GAZP 0.00% / URKA 0.00% Porfolios: Gold Products 0.00% / pirmas_1 0.00% / rich 0.00% / my portfolio 0.00% / g 0.00%
SSE (Stockholm) - Swedish Stock Market OverviewYear: 2009 Week: 2After the last 10 successful days that were mainly caused by New Year‘s somewhat positive expectations, the Stockholm 30 Index (OMXS30) experienced a slight decrease of -1.15%, or -0.74EUR, dropping to the value of 64.06EUR from the initial 64.80EUR per share. Interestingly enough, the OMXS30 index should now be called OMXS29, as one stock, namely Vostok Gas SDB (VGAS SDB), is no longer listed in the index. 18 companies‘ shares dropped in value, whereas only 9 shares grew and 2 remained at the same place they started the week. The top performer-share of the week was Eniro (ENRO), whose share rose by 18.42%, or by 0.20EUR and reached the closing price of 1.26EUR per share. Boliden (BOL) was another gainer this week, rising by 12.57%, from the opening 1.71EUR per share to 1.92EUR per share on the 9th of January. The biggest loser of the week was SEB A (SEB A), dropping by -10.00%, or by -0.61EUR to the closing price of 5.46EUR per share. The follow-up between the losers was Volvo B (VOLV B), whose share price decreased by -8.19% in comparison to the last week, and reached the value of 3.88EUR per share. Swedish Match (SWMA) was also among the biggest losers, with -8.14%, or -0.91EUR and a closing price of 10.27EUR. The weekly turnover was lower that before - 3,323,345EUR, due to the fact that trading was closed on the Orthodox Christmas, the 6th of January, which is a public holiday in Sweden.
OMXS30 Index (source: www.nasdaqomxnordic.com)
Nothing too positive can be said about the Swedish economy in general this week, due to a number of pessimistic news. 17,960 people became jobless in December alone; a new report shows that a considerably higher number of Swedish firms move jobs out of the country in order to cut labour costs; another report shows that there is increasing pessimism in the expectations about the Swedish economy and personal finances among Swedish households; and fresh figures show a dramatic increase of 12% in the number of companies going bankrupt in the previous year and predictions of an even more difficult year for Swedish companies.
So what happened to Vostok Gas SDB (VGAS SDB)? The board of directors of Vostok Gas, SDB, an investment company for the Russian gas industry who owns approximately 0.5% of the shares in OAO Gazprom, decided the initiate the process of closing down the company. This decision was caused by the global financial turmoil. It made applying the leverage to a position such as Vostok Gas SDB‘s holding of Gazprom American Depositary Receipts impossible. As well as that, any long term credit became virtually impossible, whereas short term credit became unattractive because of extreme volatility. In addition to that, deleveraging was the cause of the company‘s decision to reduce its size of the holding. In other words, it is no longer in the interest of the company‘s shareholders to maintain its holding in Gazprom via Vostok Gas SDB. Although there was little change in the share price of Sv. Handelsbanken A (SHB A), namely -1.95%, or -0.23EUR to the closing value of 11.75EUR per share, something very threatening might influence the share‘s price in the future. Sv. Handelsbanken may end up with losing 95 million Euros because of a finance and realestate tycoon Maths O. Sundqvist, who was also the cause of the downfall of an investment bank, Carnegie. The company of Sundqvist, Landå, took a 160 million Euros loan from Handelsbanken in 2007 to finance the purchase of stock in the Industrivärlden investment firm. It appears that these shares are currently worth only 65 million Euros, which might make Handelsbanken lose 95 million Euros. It should also be pointed out that Carnegie also lost 93 million Euros from loans it made to Sundqvist. While the markets are still full with happy New Year‘s hopes, another factor which might cause the indices to rise is the inauguration of Barak Obama on the 20th of January. Who knows, maybe that will bring more of „Yes we can!“ into the markets? Review by: Pāvels Osipovs |
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