Nordic Technical Update, Stock Recommendations

Here’s the latest technical market update from the Norwegian brokerage firm Investtech.com, and the latest stock recommendations from Norway‘s main investment bank, DnB NOR Markets.

“The market was up sharply Friday. The OMX Stockholm 30 Index ended at 1067 points after an increase of 2.74%. Last time the index rose that sharp was at October 14th 2009.”

Investtech.com

The Nordic Stock market ended on a strong up-beat Friday, with the Nasdaq OMX 30 at Stockholm Stock Exchange up 2,74% – the strongest gain since October last year.

The U.S. markets rose slightly on Friday, with the Nasdaq Combined Composite Index ending at 2530 points, an increase of 0.44%

For the week overall, the index showed an increase of 2.0%. This was the fourth day in a row, the index rose, the analysts at Investtech.com points out.

However, the Swedish market gained the most Friday, with the OMX Stockholm 30 Index ending at 1067 points after an increase of 2.74%. The last time the index rose that sharp was the at October 14th 2009, when it jumped 2.83%. For the week overall, the OMX 30 showed an increase of 1.6%.

Also Oslo Stock Exchange ended last week with a good recovery. The Oslo benchmark index developed positively Friday, and rose 1.05% to end trading at 392 points. The week as a whole gave an increase of 1.3%.

The shares with the highest turnover was Yara International with 1.596 billion dollars, Statoil NOK 1.22 billion and SeaDrill with NOK 771 million.

The total turnover of shares and primary capital in Oslo on Friday was about NOK 9.5 billion. About average.

“The Oslo benchmark index is a rising trend and further expansion within this indicated. The price has also fallen back on the floor of the trend channel, which should give a reaction up. The index has broken through resistance at about 384 points and further rise is thus signaled. The index is considered technically positive in the medium term,” Investtech.com writes in today’s summary.

“The OMX Stockholm 30 Index has broken through the roof of the rising trend channel, allowing an even greater climb rate. The index has support at around 970 points. RSI diverges towards negative rate, which indicates a risk of a reaction to down. The index is considered overall technical positive on medium term.”

As for recommendations, Investtech points at the Norwegian holding company Copeinca (COP):

“Copeinca has broken the upward trend, which initially indicates a weaker rise rate. The stock has a potential head-and-shoulder formation under development. Established breaches under the support at NOK 47.08, preferably on  increasing volume, signaling further decline. Stock has broken through resistance at about NOK 47,00. Further expansion is thus indicated, and there is now support at NOK 47,00 in case of a responses back. The volume has previously been high around price peaks and low around the price bottoms. Volume balance is also positive, which weakens the trend break. The stock is considered overall technical positive on medium term,” the analysts writes.

BACK TO BUY

“We are upgrading our market view to Buy,” Norway’s main brokerage DnB NOR Markets writes in its weekly update, adding that the “Ash-problem is in decline and the latest macro figures from the USA/Europe confirms the vision of a macro-economy improvement.”

DnB NOR Markets recommends the following shares listed at Oslo Stock Exchange for the coming week:

• TGS
• Algeta
• Sparebanken Nord-Norge
Telenor
• Statoil
Aker Solutions
• Northland Resources
• Orkla

About Orkla:

• Orkla is currently trading at a 27% discount to our sum-of-the-parts (SOP)
• Orkla’s solar exposure is significantly reduced, accounting for only 12% of our estimated equity SOP.
• Brands accounts for an estimated 46% of our estimated equity SOP
• We have a BUY recommendation with target price of NOK 64

Here’s the full list of recommendations from DnB NOR Markets.

Related by the Econotwist:

Euro-Tech’s: What’s Up? Or Down?

Morgan Stanley To Buy Bad Baltic Loans?

Swedbank Leaves The State Guarantee Program

Global Markets: Worries About Earnings, Oil And Inflation

Norway’s Paper Giant; Still Not Out Of The Woods

The Top 10 Nordic Stocks

“Buy The Rising Trend”, Market Research


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