STOCK EXCHANGE: Neutral opening on the Helsinki Stock Exchange – Glasto’s strongest rise

After about five minutes of trading, the Helsinki stock market index was up just under 0.1 percent at around 10,960 points.

They started for the hardest climb Glaston (+8,3 %), Qt (+3.5 %) and Finnair (+1,8 %).

Inderes raised Glaston’s recommendation to buy from the previous add, reiterating the target price of EUR 1.20. OP on the other hand, lowered Qt’s target price to 102.00 euros from the previous 144.00 euros and repeated the buy recommendation

The airline Finnair published its travel statistics for July. The company already carried almost one million passengers during July, i.e. about 370 percent more than July last year. From June, the number of passengers increased by 10 percent.

The passenger kilometers sold grew strongly, especially in Asian traffic. The largest increase in the number of passengers came in North America, where the 82,000 passengers carried were a new record. In Asia, the number of passengers increased more than sevenfold from the comparison period.

Freight figures improved from the comparison period and remained at June’s level.

Shipping company Viking Line (+2.9%) said they would sell their Amorella ship Corsica Ferries -company for 19.1 million euros. The vessel’s book value in June 2022 was only 3.2 million euros.

According to the release, the deal will be completed and the ship will be delivered during October.

The hardest decline was in morning trading Bittium (-3.0 %) and Scanfil (-1.9%) with the results and Revenue (-2,4 %).

OP reduced Revenio’s recommendation to reduce from the previous buy level and dropped the target price to 50.00 euros from 55.00 euros previously.

Inderes, on the other hand, raised Revenio’s target price to EUR 52.00 from the previous EUR 48.00 and repeated the reduce recommendation.

The most exchanged shares were In this (-0,5 %), Outokumpu (+0.8 %) and Sampo (+0,10 %).

Aktia and Bittium lived up to expectations

In the morning, four companies reported their results for the second quarter and the first half of the year.

Actian the result did not offer any big surprises, as the operating profit fell slightly short of forecasts. Aktia repeated its guidance calculated in July, in which it estimates that the operating profit will reach approximately last year’s level this year. Previously, it was estimated to grow.

The company’s situation is complicated by the uncertain market situation, which caused the assets it manages to shrink by five percent in the second quarter, despite positive net subscriptions.

However, net interest income has continued its good development as interest rates have risen, and business expenses have managed to be kept at last year’s level.

The result and turnover of Bittium, which develops communication technology, remained at last year’s level. The performance roughly corresponded to the expectations of the company itself and the analysts following it.

Challenges have been brought in particular by the shortage of components. On the other hand, the additional investments in the defense industry across Europe triggered by the war in Ukraine can support Bittium’s business.

The company has estimated its operating profit to be positive this year, although in January–June it was barely in the red and the third quarter is also expected to be in the red. The profit expectations have therefore been uploaded to the last quarter, but there is still a lot of uncertainty.

EAB’s result is strong, Scanfil’s is quiet

Asset management company EAB’s result in January–June improved by 300 percent from the comparison period to 4.1 million euros. Business revenues increased by 40 percent.

According to the company, the huge profit improvement was partly due to significant exits in some real estate funds. In addition, the result was supported by continuous operating income, which was a record high.

EAB is about to merge in October To get marriedwhich affects the share’s pricing.

The turnover of the electronics contract manufacturer Scanfil grew strongly and was a record high, but the result remained despite both the level of the comparison period and analysts’ expectations.

The result was boosted by the component shortage and the corona shutdown measures in the Chinese market that continued in late spring, which affected the company’s factory in Suzhou in particular. According to the company, however, production has already returned to normal.

The strengthening of the US dollar also had a significant impact on the result, resulting in a -1.4 million euro exchange rate loss.

By Editor