STOCK EXCHANGE: Nordea rises after a stronger-than-expected earnings report, Nokia falls

On Thursday, the Helsinki Stock Exchange opened close to its closing level of yesterday. The general index was down 0.08 percent at 10,050 points.

In the morning, Nokia and Nordea reported their results.

Nordic the result met analysts’ expectations. The company also raised its guidelines regarding return on equity. The course was up 5.2 percent at 10.93 euros 20 minutes after opening.

In July–September, Nordea’s net interest income fell from EUR 1,909 million in the comparison period to EUR 1,882 million, which was in line with analysts’ forecasts. Analysis service Factsetin the analyst forecast collected expected Nordea to report net interest income of EUR 1,882 million.

Nordea raised its outlook for the current year. Nordea estimates that the return on equity will be more than 16 percent this year. Earlier, Nordea estimated that the return on equity will be more than 15 percent this year.

The company also said that it has received permission from the European Central Bank to continue buying back its own shares for 250 million euros, and Nordea’s board of directors has decided today, in accordance with the authorization given by the 2024 annual general meeting, on a share buyback program of up to 250 million euros.

The bank also informs about changes in tasks. Current head of the Asset &Wealth business area Snorri Storset leave his job.

In his place, a member of the management team has been appointed as the manager of the Asset & Wealth business area Martin Perssonwho is currently the head of the Large Corporates & Institutions business area.

Information network company Nokian the comparable operating result in July–September increased from a year ago, but fell short of forecasts. However, the company kept its outlook unchanged. The comparable operating result was 454 million euros, while analysts estimated it to have been 474 million euros in the third half of the year. The stock opened down 3.1 percent.

Information security company F-Secure announced that it plans to reorganize and start change negotiations. If the planned changes are implemented, they may lead to the dismissal of a maximum of 60 employees, of which a maximum of 37 are expected to be in Finland.

The change negotiations do not affect F-Secure’s previously announced financial outlook for 2024 or F-Secure’s medium-term financial goals, the company reports. The stock opened up 0.2 percent.

Software company Admicom announced that he had appointed Simo Leistin as the company’s new CEO. Leisti will start his position at the beginning of next year. Until then, Admicom’s CFO will be the CEO One Helamo. The stock opened up 1.7 percent.

Admicom said yesterday that the company’s CEO had agreed Petri Kairinen with Kairinen’s immediate departure from the company. Kairinen had managed the company since summer 2022.

Brimstone calculates and its guidelines for 2024. According to the new guidelines, the turnover is estimated to be 33-37 million euros and the comparable operating result is estimated to be around 2-3 million euros.

According to previous guidance, the company expected a turnover of 37-44 million euros and a comparable operating result of approximately 3-5 million euros. The share was quoted down 6.1 percent.

OP laskee UPM:n target price to 32.50 euros from 35.50 euros, but the buy recommendation remained unchanged. The share opened down 0.6 percent to 27.86 euros.

OP raises Huhtamäki target price to 41.00 euros from 40.00 euros, but the recommendation rose to buy level from add level. The share opened down 1.3 percent to 33.94 euros.

Inderes lowers UPM’s target price to EUR 30.00 from EUR 34.00, but kept the add recommendation unchanged.