Stocks Succumb to Profit-Taking
May 05, 2011
The Affarsvarlden General Index fell 6 to 1992, while the general index eased 6.76 to 1966.42. Overall, 54 stocks rose, 68 declined, and 54 were unchanged. Industrial gas group AGA continued to suffer after posting a weaker-than-expected first-half earnings report Thursday and a warning that full-year earnings will be down 10% from 2010 levels. Previously, the company had forecast unchanged profit in 2011. The share stumbled 4 kronor to 102 after dropping 3 kronor a day earlier. Media group Marieberg was also hurt by weak earnings. Its share price fell 11 kronor to 137 after the company said its six-month pretax profit plunged 79% to 75 million kronor from 350 million kronor last year. Pharmaceutical company Astra's Class A share fell 1.5 kronor to 279.5, but telecommunications group L.M. Ericsson withstood negative pressure and closed flat at 152.5 kronor. Engineering company Atlas Copco and roller bearing company SKF also shook off negative trends. Atlas Copco added 2.5 kronor at 126.5 and SKF climbed 5 kronor to 151. Interest-rate-sensitive shares lost ground as bond yields moved higher. Banking group Handelsbanken fell 3 kronor to 144. At the stock market's close, the yield on the benchmark nine-year bond rose to 8.02% from 7.99% late Thursday.
