Welcome Snackers, today’s snack will cover the market developments of BankNordik, RISMA Systems and Hypefactors.
Today’s Market Movements
Denmark:
OMX:C25 (-0.65%)
Sweden:
OMX:S30 (0.16%)
Norway:
OBX:OSL (0.85%)
S&P 500: (-0.61%)
Nasdaq: (0.04%)
Today’s European markets fell as fears of stagflation intensify. German inflation data came in at 4.1% for September, compared to 3.4% in August, the highest level since 1992. A reversal of a Covid-19 pandemic relief VAT reduction was partly responsible, however, much too is the result of rising energy and import costs. Supply chain bottlenecks still elevate shipping costs and unusually low-wind in Europe has reduced the productivity of wind energy, intensifying demand for natural gas, resulting in a supply crisis.
HC Andersen Capital’s chief economist Bo Overvad wrote: “There is no doubt that such a large increase in inflation will prompt hardliners at the ECB to argue for a tightening of monetary policy. Not least if the ECB starts to waver in the belief that the increases are only temporary.” The rising inflation is occurring simultaneously with global business surveys (Manufacturing purchasing Managers Index) suggesting the global recovery is losing momentum. In the US stocks have also moved lower as Wall St. battles with the currently still unresolved debt-ceiling crisis, and similar market conditions to Europe driven by the recent oil price increase. (See yesterday’s Late Snack for more on the debt-ceiling).
Today’s snacks
BankNordik revealed the date and agenda for its Extraordinary General Meeting (EGM) today. Scheduled for 22 October the meeting’s sole agenda will be a proposal to pay a dividend of DKKm 450 to shareholders on 27 October corresponding to DKK 46.8 pr. Share. The company previously stated they intend to return a total of DKKm 700 to the shareholders over the next 3 years with DKKm 450 in 2021 in the form of dividends, buyback or a combination of the two. The share closed the day in line with where it opened, at DKK 160.5.
RISMA Systems gained 4% on what was generally a red day for Scandinavian markets. The gain followed the announcement of Novicell as a new customer. RISMA also announced P. Christensen as a new customer earlier this week, pointing to good momentum in new customers. You can read the HC Andersen Capital investment case on the company here: https://lnkd.in/eaciQjZD
Hypefactors have experienced a gain of over 50% since an insider purchase from CEO Casper Janns last week. Today there was again news of insider purchases as it was announced that Commercial Director, Frederik Nørby, has acquired 15,710 shares at an average price of DKK 7.73 corresponding to DKK 121,423. The share price was seemingly unreactive.
Disclaimer: HC Andersen Capital receives payment from the companies for a #DigitalIR agreement.
Author: Philip Coombes
