Despite the booming activity on Wall Street, the Helsinki Stock Exchange in Finland experienced a downturn for the week. By the end of trading on Friday, the general index had dipped 0.8 percent to 9,756.86 points. Fortum was down 3.2 percent while InnoEnergia was 2.7 percent lower. With ten companies reporting their results, the overall trend for Friday was a decline in share prices across various industries, resulting in a bearish market.
Lassila & Tikanoja, an industrial service company, reported an operating profit of €7.2 million but failed to meet the expectations of three analysts. Due to declining prices and volumes of recycled materials, L&T’s share price decreased by 9.7 percent. Similarly, other companies such as Kemira, Stockmann, YIT, Olvin, Bittium and Telestone also experienced declines in their share prices.
However, there were some exceptions to this downturn trend. Betolar’s share price increased by up to 14.4 percent and became the highest performer in the stock market that day. Additionally, Norrhydro saw a slight increase in turnover but did not meet its previous estimate for 2023 earnings growth targets.
Despite mixed results, trading in Finland saw a declining market overall with investors continuing to express concerns about inflationary pressures and political instability worldwide.
Overall, it seems that despite record-breaking activity on Wall Street, markets everywhere are still feeling the impact of global economic uncertainty and inflationary pressures.
Investors are closely watching global events as they continue to navigate an increasingly unpredictable market landscape.
As such, it is important for investors to stay informed about geopolitical developments and how they may impact their portfolios moving forward.