Despite the booming stock markets in the US, Finland’s Helsinki Stock Exchange experienced a downturn for the week. On Friday, the general index was down by 0.8%, reaching 9,756.86 points. Fortum and InnoEnergia were among the companies that saw a decline of 3.2% and 2.7% respectively. Out of ten companies that reported their results, there was a general theme of declining share prices across various industries, leading to a bearish market trend.
One such company was Lassila & Tikanoja, which faced an operating profit of €7.2 million lower than expected by three analysts due to declining prices and volumes of recycled materials. This resulted in a 9.7% decrease in its share price. Similarly, other companies like Kemira, Stockmann, YIT, Olvin, Bittium, and Telestone also experienced declines in their share prices.
However, not all companies fared poorly. Betolar had a remarkable rise of up to 14.4%, making it the highest performer in the stock market on Friday. Furthermore, Norrhydro saw a slight increase in their turnover but fell short of their previous estimate for 2023 earnings. Despite these mixed results, trading on Friday in Finland was overall bearish as investors remained cautious about future economic prospects.
In conclusion, while Wall Street continued to break records this week, Finland’s Helsinki Stock Exchange experienced a decline for the week with declining share prices across multiple industries leading to a bearish market trend overall.
Lassila & Tikanoja failed to meet analyst expectations after reporting an operating profit of €7.2 million due to declining prices and volumes of recycled materials resulting in a 9% decrease in its share price.
Kemira and Stockmann also experienced declines in their share prices while YIT saw a decline of 14%. Olvin had an increase of just over 10%, while Bittium’s shares rose by more than 6%. Telestone’s shares were down by more than 15%.
Betolar stood out as one company that bucked the trend with an impressive rise in its share price by more than 14%, making it the best-performing stock on Friday.
Norrhydro saw an increase in turnover but missed its previous estimate for earnings for next year.
Overall despite some exceptions to the downtrend such as Betolar’s impressive rise and Norrhydro’s slight increase in turnover most companies had declines ranging from less than %5% to over %15%.