The general index of the Helsinki Stock Exchange rose by 0.05 per cent on Monday, eventually reaching 12,443.51 points.
The toughest gainers of the day were recent stock market entrants. Listed at the beginning of the month Merus Powerin the share rose 13.0 percent to 9.04 euros and last week’s newcomer Spinnovan share 10.5 percent to 10.50 euros.
Trading is scheduled to begin today Virala Acquisition Company i.e. a VAC share. Yesterday, it said its IPO had been oversubscribed and its market value would rise to 107.8 million euros.
The company’s IPO offered a total of 10,750,000 shares and attracted more than 3,200 shareholders. In both issues, the subscription price was EUR 10.00 per share.
VAC is Finland’s first spac-form listing. This means that it does not actually have its own business, but the funds raised through the share issue are to be used for acquisitions.
The company says that it is looking for a company worth approximately EUR 50–500 million with strong ties to Finland. The target company is to be purchased with VAC’s own shares, so that capital would also be left to develop its business.
In the list of the most exchanged Nokia became the hottest stock of the day with a turnover of more than 115 million euros, while its price rose 5.8 percent to 4.58 euros.
Nokia ‘s share price strengthened on Wall Street as early as Friday, when the Helsinki Stock Exchange was on Midsummer’ s Day, when Goldman Sachsin analyst following the company Alexander Duval increased the target price of its share from the previous EUR 4.10 to EUR 5.40 and its recommendation for the share from the hold level to the buy level.
He justified his improvement in recommendation with Nokia’s improved competitive position in the 5g business, noting that the company was “reclaiming its place as a key wireless network provider”.
Treasurer EAB Group updated its earnings guidance and estimates its results to be clearly positive this year, compared to what was previously expected to be only positive. The company also said it had bought two properties from the pension insurance company Ilmarinen for EUR 6.5 million.
Construction company YIT signed a EUR 100 million contract for the construction of rental housing in Poland. Discount store chain Tokmanni for its part, it said it had acquired the TEX chain’s stores in Tornio and Kemi.
Inderes canes Loudspringin target price from € 0.32 to € 0.25 and reiterated the reduce recommendation. ON in turn repeated Stora Enson The target price of EUR 18.00, but raised the share recommendation from the increase level to the buy level.
Source: Arvopaperi by www.arvopaperi.fi.
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