Thursday was a bullish day on the Helsinki Stock Exchange. The general index finally rose by 0.5 percent to 11,767 points.
In the most traded stocks Nordea rose 0.3 percent, while Nokia rose by 0.6 percent. Sampo strengthened by 0.6 percent.
They were on the rise QPR Software (+13,4%), Places (+3.9%) and Remedy (+3.2%) without company-specific news.
Ilka’s general meeting stopped the reforms
Media company Ilkka (-7.3%) organized the long-awaited general meeting on Thursday. The general meeting concluded that the share series will not be combined. It also refrained from transferring the supreme decision-making power from the supervisory board to the general meeting.
If the power had been transferred to the general meeting, it could have appointed a board whose primary task would have been to maximize shareholder returns rather than maintaining the current power structure. Currently, most of Ilka’s value consists of those on its balance sheet, including the one that publishes Kauppalehtä Alma Median of shares.
Transferring power to the general meeting would have increased the probability that Ilkka would have sold his valuable Alma holdings and distributed the funds as dividends. In the eyes of the market, such a move would probably have increased Ilka’s share price.
Ilka has traditionally had a large number of small owners from Southern Pohja, for whom keeping the local media and decision-making power in their own hands has been more important than unlocking the potential for value growth. This has also been driven by one of the largest owners Southern Ostrobothnia Newspaper Society.
The housing portfolio maintained the level of rental income
Housing investment company Housing portfolio (+3.2%) announced its financial statements and half-year review on Thursday. The accounting period for the housing portfolio is unusual and ends in September.
The comparable turnover of the housing portfolio was EUR 9.4 million in April–September. At the same time a year earlier, the turnover was 9.5 million euros.
The company’s comparable net rental income in the second half of the year was 5.7 million euros, while it was 5.8 million euros at the same time last year.
The company is also returning to dividend payments after a break of a couple of years. According to the board’s decision, a dividend of EUR 1.04 per share will be distributed for the ended financial year.
The Asuntosalku share was up 1.9 percent at 79.50 euros.
Other news
The Central Finn informed that Vesa-Pekka Kangaskorven the shareholding in the company has risen to 5.79 percent. Kangaskorpi tells Kauppalehti that he has received 102,824 shares as part of the inheritance.
Construction company YIT (+3.0%), on the other hand, announced that the city of Helsinki’s urban environment department has chosen the company as a partner in the development phase of the Jätkäsaari swimming and sports center.
The project starts in the development phase and is implemented as a cooperative project management contract. The estimated total value of the construction contract aimed at the implementation phase after the development phase for YIT is around 87 million euros. The value of the contract is specified in the development phase.
Infrastructure builders GRK:n (+0.2 %) and Creatine (+1.7%) has signed an agreement with the city of Vantaa for the first implementation phase of the eastern part of the Vantaa streetcar. The estimate for the construction of the alliance in the eastern part is 280 million euros, which will be divided equally among the parties of the group.
The revised total cost estimate for the Vantaa trolleybus is around 750 million euros.