Halving the tax on car purchases in China gives the automotive sector a boost on the stock market



[ad_1]

Stockholmsbörsen began trading on Monday after the OMXS30 fell by 4% last week.

After supporting 4% last week, Stockholmsbörsen rose sharply on Monday.

The car-related actions collected data indicating that China was considering cutting the tax on car purchases by half. The Essity hygiene company released a report Monday morning that did not meet the expectations of analysts and the title had a turnover rate of less than 3%.

Just after 1:00 pm, the OMXS30 had risen 2.1% to 1,516 and the shares for $ 6.8 billion had changed ownership.

In the OMXS30, Autoliv reached a record high of 7.0%.

On Monday, Bloomberg News reported that the NDRC, the Chinese agency for development and reform, was planning to halve the tax on car purchases, which helped lift the auto sector as a whole. In Frankfurt, tire manufacturers Volkswagen, BMW and Continental Continental increased strongly, while in Stockholm, in addition to Autoliv, Veoneer recorded a rise of 6.8%.

In addition to large companies, many engineering companies were found among the winners. Sandvik grew by 6.2% and SKF by 5.4%. The industry as a group grew by 3.2%.

Health care rose by 3.0%, the main winner being Karo Pharma, with an increase of more than 25% since it was learned that EQT had submitted a bid recommended by the board of the specialty pharmaceutical company. The shares were quoted at the level around the 36:90 bid price.

The weakest sector of the Stockholm stock exchange was technology, with a 1.2% increase, while the Ericsson stock index posted a slight increase of 0.2%.

In the gambling sector, Kambi and Kindred continued their activities in the stock market, based on the report released on Friday and rising prices / recommendations. Kindred deposits increased 2.6% and Kambi deposits 4.2%. The sector also included Net Ent.

The e-commerce site Building Home recorded an increase in sales but a deterioration in profitability in the third quarter. Warm weather, weakness in the Swedish krona and rising commodity prices weighed on profitability and equities fell by 3%.

Lindab rose 5.3% to 61:60. Carnegie made its recommendation regarding the purchase share to be held and the target price from 68 SEK to 74.

The credit management company Intrum recorded a 3% increase to 225.50 SEK. Handelsbanken Capital Markets lowered its recommendation to reduce Intrum's previous increases and also lowered the target price to SEK 220.

Fingerprint cards fell 6.1%. UBS lowers recommendation on the sale of neutral fingerprint cards.

The purchase price of the stock market has impressed stock prices with real price increases for Beijer Electronics, Proact, Avensia, Momentum and Bulten.

Thule, which subscribed to Friday's report, posted an increase of 8.1%.

[ad_2]
Source link