The Stockholm Stock Exchange remained in positive territory for most of Friday and earlier in the day set a new all-time high for the large-cap OMXS30 index. However, from 16:00 onwards, the index dropped sharply following a negative opening on Wall Street, where Nasdaq led the downturn. Among the standout stocks, Mips climbed after an acquisition, while Sectra fell on its interim report after an initial rise.
At the close, the OMXS30 index was down 0.28 percent at 2,821.01. Shares worth approximately SEK 19.7 billion were traded on the Stockholm Stock Exchange.
The best performance among the major industrial sectors on the exchange came from consumer discretionary, which rose by 0.7 percent. On the other end, energy and telecom sectors were at the bottom, both falling by 0.8 percent.
Among the leading stocks included in the OMXS30 index, EQT rose 1.5 percent, while Lifco B was up 1.4 percent. The worst performer was Handelsbanken A, down 2.1 percent, while SEB A slipped 1.7 percent.
Helmet safety company Mips has acquired Monaco-based Koroyd, a developer of impact protection technology for head and body safety. Last year, the acquisition generated EUR 21 million in revenue with an adjusted EBITDA of EUR 5 million. The purchase price is EUR 40 million, with a potential additional payment of up to EUR 25 million. The stock jumped 8.4 percent.
Medical technology company Sectra's operating profit for the second quarter came in significantly higher than analysts' expectations, partly supported by a one-time positive item. Revenue was in line with consensus. The company flagged a couple of factors expected to negatively impact the remainder of the fiscal year. The stock rose initially but reversed course and closed 2.4 percent lower.
Private equity firm EQT sold a large portion of its holding in specialist lender Enity, which was listed on the stock exchange in June. The sale amounted to 8 million shares, corresponding to 16 percent of the company's shares. The shares were sold at SEK 83 per share, a 5.4 percent discount to Thursday's closing price. EQT now owns 24 percent of Enity's shares. The sale had a positive effect on Enity's stock, which rose 2.6 percent.
Cash handling company Loomis announced it will take a goodwill impairment of SEK 320 million in the fourth quarter. Loomis is also making a SEK 40 million provision for a legal dispute in Denmark. The stock fell 0.9 percent.
Technology trading company OEM International is acquiring Mölndal-based Multicomponent Norden, which has annual sales of SEK 120 million. The stock increased by 0.8 percent.
Board game company Asmodee rose 0.2 percent. SB1 Markets has initiated coverage with a buy recommendation and a target price of SEK 148.
The same analyst firm has also started coverage of technology trading company Addtech and industrial conglomerate Lifco, issuing buy recommendations for both. Addtech rose 0.3 percent.
