During Thursday watched a disturbing force present, and indextunga H&M low like a wet blanket after weak sales figures. We stepped under a key technical support level, while the sales force increased slightly compared with Wednesday. The OMXS30 closed finally -0.89 percent to 1624.97. Turnover on the stockholm stock exchange amounted even to 21 billion. Leading futures indicate this morning that we may get a small breath and opening of the technical key level, after the night’s trading in Asia, where sentiment is clearly positive.
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Today’s analysis
On Thursday dominated the sales force, which accelerated slightly compared to Wednesday, and we stepped already initially below the technical support level at 1630 points.
Indextunga H&M was one of the negative factors after weak sales in may, which was the OMXS30 to back.
Worth noting is that hygienbolaget Essity, after the spin-off from SCA now also included in the storbolagsindexet OMXS30 index.
After overnight trading in Asia, there exists a positive attitude, which means that the negative development that occurred around Europe, and on u.s. exchanges, not managed to drain over.
Leading futures suggests that we may have an opening in the positive territory, just above the technical resistance at 1630 points. Even american the semester, the S&P 500 has been developed slightly positive in overnight trading, which contributes to our positive assessment.
It is not possible to ignore the negative developments that occurred on Thursday. We now have two trading days in the baggage, with negative development, and we are looking for a return within the 1630-1650 with strength, in order to avoid the risk of a decline to test the 1600 in the short term.
We usually note in our weekly OMXS30 analysis on Mondays, we are seeking a turnover of around eur 25 billion as a sign of strength, and it had been damaged, if this emerged right now.
It would in such a scenario to confirm that it was a temporary ”sell-off” that occurred and took us down to the dagslägsta 1616 points on Thursday, and that we can return with a trip up to 1650, followed by further challenging and maybe with the outbreak of the high for the year 1657 the next week.
Above all, we would not get a development, where the OMXS30 challenge 1600, and especially the step in this sentimental heltalsnivå in strength. This would be an extremely strong negative signal for future development.
However, there is light in the tunnel, the last month we have not any significant volume below the current price level at 1625. However, we have, however, experienced a slightly greater interest in 1625, which means that with an expected opening of 1630 increases the likelihood that we will be up and testing of 1640.
This is also our assessment, that we in the short term now will challenge 1640, in order to continue a journey further north in its previous handelsintervall.
Today’s makroagenda invite not on any significant events, and rather, we turn our eyes to Monday, then the first round in Brexit negotiations will start.
In a press release on Friday morning, it was revealed that ”David Davis, minister for withdrawal from the European Union, and Michel Barnier, the EUROPEAN commission’s chief negotiator today agreed to start the article 50 negotiations Monday, the 19th of June”, which is also confirmed by Michel Barnier on Twitter.
To this week’s last trading day we have technical resistance levels, especially during the 1640, 1650, and the year high at 1657. In the short term we keep track of the particular support level at 1630. Then await a heavy support at the sentimental heltalsnivån 1600 points.
Due to technical problems deleted unfortunately the day today.
What hålltider and the company reports the next weeks you can read here.
Yesterday’s main börshändelser.
H&M challenge femårslägsta after sales figures.
Klädbolaget fell initially over the -2.5 per cent on Thursday morning.
Hennes & Mauritz continues further to the south on Thursday, after sales in may rose less than expected.
Expectations according to SME direkt was on a growth of 6.1 per cent among the analysts, and was also clearly lower than in the same month the year before, when sales growth was 9 percent.
The total number of H&M stores at the end of may amounted to 4.498 compared with 4.077, at the same time the year before.
Klädbolaget wrote in a press release that the first part of the month was pressured by tough market conditions in several countries, but that in the second part of the month sales were much better.
Thursday’s decline means that the company’s share, once again, is down and test femårslägsta, and thus managed not Thursday’s sales figures to turn on the mood of Hennes & Mauritz.
Castellum go against the tide after the buy recommendation.
Notes at the same time, a new high for the year, and an all-time high on Thursday!
Castellum is early on Thursday, the day’s winner, after a rise of +1.81%.
The company’s share goes so against Thursday’s negative power, where all the companies in the OMXS30 traded to the minus first handelstimmen.
Goldman Sachs raises forecast for the company in a sektoranalys on Thursday, and upgrade at the same time, the recommendation from neutral to buy.
By raising at the same time riktkursen to 149, from the previous 130 sek.
”The fundamentals for real estate remain good for the moment, but less favorable than in the past. They are slowing down after a positive development,” wrote Morgan Stanley on Monday, which also pointed out that so far it has not occurred to a market with this type of borrowing and the interest-rate sensitivity, which has been going strong for so long, only stabilizes when the growth slows down.
Boliden step down to a new low for the year on Thursday!
It is time to turn the attention to the 200 crowns now?!?
Boliden falling over -3 per cent on Thursday, to a new low for the year.
A clear technical support level around 235 sek has also clearly been broken, and we now leave all the more heavy the fork in the road in the form of the 200 day moving average behind us.
Today’s Industry already wrote Wednesday that you should wait with Boliden, until the metal prices are rising, and the dollar starts to recover.
Technically it looks like we may be about to get a decline to challenge the 215 kroner, which at the same time means that sek 200 is within reach, if the negative sentiment persists.
It may also be worth keeping an eye on how demand is progressing in China, and whether the country will continue to push for continued support for infrastructure investments.
Hålltider during the day
Macro statistics
- Austria: CPI may at 9.00 am
- EMU: CPI (def) may at 11.00
- EMU: labour cost index q1 11.00
- USA: residential construction may at 14.30
- USA: Michigan index (prelim) June at 16: 00
Other
- EU: ecofin meeting in Luxembourg at 9: 00 am
- BOJ: interest rate announcement
All börshändelser and estimates for the week can be found here!
Latest börsnyheterna
The stockholm stock exchange fell on Thursday. H&M proved once again on a weak sales figure and klädkedjans share of any sort.
The Federal Reserve raised the as expected the key interest rate by 25 basis points on Wednesday night. The u.s. central bank sees in its ”median forecast” continued a further interest rate hike this year and three next year. The inflation forecast was slightly reduced for this year.
At the time of closing was storbolagsindexet OMXS30 index down 0.9 per cent to the level of 1.625, and turnover was 21 billion. Also on the leading european exchanges pointed the index down.
H&M reported yet another in a line of weak sales figures. Majförsäljningen rose by 4 per cent compared with the same month a year ago. Analysts ‘ snittförväntningar low of 6.1 percent, according to SME direkt. Share dominated completely the turnover on the stockholm stock exchange and was punished with a decline of 5.5 per cent. Of the six analysuppdateringar as Troops Directly took part of the tagged no rekommendationsförändringar, only three small adjustments of the riktkursen.
Aktivistfonden Cevian under the direction of Christer Gardell has continued to increase its holdings in Ericsson. After börsstängning on Wednesday it emerged that the Cevians owns 5.5 per cent of the capital. Ericsson was pushed back 1.9%.
Hygienbolaget Essity made its first trading day after the spin-off from the SCA. The new shares closed at 245:80 sek.
Mr Green added to the 195 million through a placement of 5 million new shares that was implemented after the close of trading on Wednesday, with discounts of 6.25 per cent compared with the closing price. The dilution will be just over 12 per cent. Among the buyers are Handelsbanken’s mutual Funds and Third AP fund. In the transaction on the sell side, there are six major shareholder: Henrik Bergquist, Hans Fajerson, Fredrik Sidfalk, Martin Trollborg, Mikael Pawlo and Tommy Trollborg. Mr. Green fell 8 percent to 38:sek 10, lower than placeringskursen 39 sek.
Energibesparingsbolaget Enersize did on Thursday, its debut on the First North. The subscription price low at 6:90 crowns, but the share was quoted higher than that, 8:55 crowns.
Goldman Sachs has raised its recommendation for the Castellum to buy from a previous neutral. Riktkursen was set up to 149 sek from the previous 130 sek. Castellum went against the grain and traded unchanged at 132:90.
B&B Tools is traded without right to dividend of shares in Momentum Group. Shares traded down 31 per cent to 146:50 sek.
Paxman has taken home an order of 20 skalpkylningssystem in the united states. Thus, the company, which developed a system to combat hair loss associated with chemotherapy in cancer, signed a contract with a total of 39 cancer centres in the united states since FDA approval on april 19 of this year. Shares were rewarded with a rise of 7.5 per cent.
Oasmia held a capital markets day. Chairman of the board Julian Aleksov sees Russia as an important market for the next two years. 164 million from an ongoing rights issue shall be sufficient to take the company to profitability, is the goal. The stock rose 0.6 per cent.
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Recent trends (~there is a 06:40)
The OMXS30
EURO STOXX 50
Frankfurt DAX
The London FTSE 100
THE S&P 500
The DJIA
The Nasdaq Comp.
The NIKKEI 225
HANG SENG
EUR/USD
EUR/SEK
USD/SEK
WTI Semester
Brent Semester
1624.97
3525.46
12691.81
7419.36
2432.46
21359.9
6165.5
19985.56
25677.88
1.11
9.75
8.75
44.47
46.95
-0.89%
-0.61%
-0.89%
-0.74%
-0.22%
-0.07%
-0.47%
0.78%
0.44%
-0.04%
0.04%
0.11%
0.02%
0.06%
Stock and Technical Analysis each day at 10.00 am
By: Michael Andersson for Tradingportalen/Agency Directly.
Questions and comments always welcome in the newsroom[at]tradingportalen.com
