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UPDATE 1-NORDIC STOCKS - Factors to watch on Sept 17
September 17, 2012 / 6:36 AM / in 5 years

UPDATE 1-NORDIC STOCKS - Factors to watch on Sept 17

(Adds SSAB, Hennes & Mauritz, UPM-Kymmene)

HELSINKI, Sept 17 (Reuters) - The following stocks may be affected by newspaper reports and other factors on Monday:


Swedish specialty steel firm SSAB said it would make an operating loss of around 700 million crowns in the third quarter as demand weakened, and said it would cut 10 percent of white-collar staff in Europe.

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Hennes & Mauritz, the world’s second-largest fashion retailer, said sales at stores open a year or more shrank 4 percent in local currencies in August, well below a Reuters poll forecast for 1 percent growth.

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Finnish forestry group UPM-Kymmene is on the lookout for more acquisitions and other ways to lower costs as it aims to boost the profitability of its paper business which is struggling with poor European demand, its chief executive told Reuters on Friday.

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Nordic region’s biggest bank Nordea’s Chief Executive Christian Clausen told Finnish business daily Kauppalehti he believed Swedish government will continue to reduce its ownership in Nordea “when the price is right”.

Swedish state is the second biggest owner of Nordea with 13.5 percent stake after the Nordic top insurer Sampo that has 21.4 percent.

When asked if the time of bank mergers in the Nordic countries was over, Clausen said: “No, why would it be. The grounds are however different. Banks’ in general have enough capital and the situation is not alarming.”

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Additional reporting by Copenhagen, Oslo and Stockholm newsrooms Reporting by Helsinki Newsroom

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