Welcome Snackers, today’s snack will cover the market developments of Agillic, Valuer.ai and Asetek.
Today’s Market Movements
Denmark: OMX:C25 (+0.99%)
Sweden: OMX:S30 (+1.02%)
Norway: OBX:OSL (+0.38%)
S&P 500 (-0.47%)
Nasdaq (-0.90%)
European markets closed the week with positive momentum as major indexes edged upward. The European earnings season is in full swing, and analyst earnings expectations are being continually beaten. The pan-European stock index Stoxx 600 has now eradicated all its September losses as it gained 0.7%. The US has also experienced positive momentum, which led the S&P 500 to reach new highs last night. However, US indexes have opened lower today.
The mood in the markets was buoyed by the news Evergrande paid its missed dollar coupon this morning. The deadline for official default was tomorrow, and although Evergrande was expected to make its payment, the news of its settlement eased markets. In addition, markets enjoyed some easing of energy prices today. The price of brent crude oil is set for its first weekly decline in seven weeks as the price per barrel stands at USD 85.00 at time of writing – down from last week’s high of USD 85.86. Demand for oil as power generation has lessened, and gas prices have also fallen back. However, inflation fears remain; clues for how inflation is denting profit margins will continue to be watched next week.
In other news, Donald Trump announced Wednesday night he will be launching a new social media company called Truth Media (TMTG) to rival Facebook and Twitter via a SPAC. Truth Media and Technology Group (TMTG) will list on the Nasdaq through a merger with Digital World Acquisition Group; the transaction values TMTG at up to USD 1.7bn.
Today’s snacks
Agillic announced Q3 results this morning. ARR growth was 16% y-o-y, and the company’s EBITDA was positive. The share gained 4.1% after being traded under very high volume.
Valuer.ai, experienced profit taking today after the share had experienced a strong week summating with insider purchases from board member Susanne Larsson yesterday. The stock closed the day down 14%.
Asetek is again subject to high volatility as the stock gains 6.3%.
Disclaimer: HC Andersen Capital receives payment from the companies for a #DigitalIR agreement.
Author: Philip Coombes
