On the last trading day of June 2024, the Helsinki Stock Exchange opened up 0.3 percent. The general index was at 10,008.82 points a few minutes after opening. The most exchanged companies progressed mainly in an upward direction as the stock market day opened. The most traded company around ten o’clock in the morning was Verkkoupäääää Nokia whose share was up by about 3.2 percent. The company announced that it is buying a Californian manufacturer of optical network solutions, Infineran, for about 2.3 billion US dollars. Nokia will pay $6.65 per share for the company’s shares, which is 28 percent more than the stock’s closing price on Wednesday.
According to the release, with the help of the deal, Nokia will increase the business of optical networks and speed up product development. Nokia says that the deal will create a scalable and global optical network business, which will strengthen the company’s technology portfolio and vertical integration and improve the market position in optical networks. Nokia’s goal is to obtain synergy benefits of 200 million euros from the deal in a comparable operating profit by 2027. The deal is estimated to improve Nokia’s comparable operating profit and earnings per share during the first year, and bring more than a ten percent improvement to comparable earnings per share in 2027. The strongest riser of the opening was Nightingale Health with a rise of 20.6 percent and the biggest decliner Qt Group with a decrease of 2.2 percent.
Nightingale Health and Boston Heart Diagnostics agree on a strategic collaboration to sell Nightingale’s Health Check service in the US. “Partnering with Boston Heart is a significant step in bringing the benefits of our technology to the US market. Together with Boston Heart, we have the goal of reducing the enormous burden of chronic diseases in the United States,” commented Teemu Suna CEO and founder of Nightingale Health. Developer of biodegradable orthopedic implants Bioretec announces that the company’s Remeos trauma screw European CE mark application for marketing authorization has been returned from the evaluation of the expert panel. Although the previously predicted schedule estimate was that the CE mark would be obtained by the end of the second quarter of 2024, the company now expects that it will be granted later than the previous schedule estimate. The company has previously postponed the assessment of obtaining the CE mark. Bioretec’s share was down 2.1 percent.
Pallas Air carried out the merger of the shares on Thursday as previously announced. The number of shares was reduced and it was accompanied by a free directed share issue, redemption of shares, and cancellation of shares. After the measures, the new number of shares is 1,286,262. The company’s stock opened a sunny Friday unchanged. Fortum’s members of the management team, general counsel Nora Steiner-Forsberg, and Elisa’s personnel and procurement director, who will become the personnel director and a member of the management team Evelina Dahl will leave Fortum at the end of 2024. Recruitment of followers will begin immediately. Fortum’s share was up 2.0 percent after the stock market opened, and Elisa’s share was sideways. Goldman Sachs has lowered Fortum’s recommendation to sell from the previous neutral. The company’s target price remains unchanged at 14.3 euros. Inderes downgraded Qt Group’s recommendation to reduce from a previous buy. The company’s target price remains unchanged at 80.0 euros.
US Index futures herald a rising opening on the western side of the Atlantic.