Story
Finland's OMX Helsinki 25 Edges Higher as Industrial Strength Offsets Nokia Decline
Summary
The OMX Helsinki 25 index gained 0.10% at Friday's close, buoyed by gains in basic materials stocks like SSAB, while a more than 3% drop in Nokia's share price limited the benchmark's advance.
Finnish stocks closed marginally higher on Friday, with the benchmark OMX Helsinki 25 index gaining 0.10%. The modest advance was driven by sector-specific strength in basic materials and consumer services, which managed to offset a significant decline in telecommunications heavyweight Nokia.
Session in Review
The session concluded with a positive market breadth on the Helsinki Stock Exchange, where rising stocks outnumbered declining ones 95 to 73, with 26 issues ending unchanged, according to exchange data. Despite the broader positive sentiment, the mixed performance among the index's largest components kept the benchmark's gains in check.
Key Stock Movers
Leading the gainers on the OMX Helsinki 25 was steel manufacturer SSAB AB B, which surged 3.43%. The advance reflected broader strength in the basic materials sector.
Other top performers included:
Ad- Nokian Renkaat Oyj: The tire maker climbed 2.40% to close at 13.20, marking a new three-year high.
- Qt Group Oyj: Shares rose 2.29%.
On the downside, Nokia Oyj was the session's most significant laggard, falling 3.17%. The decline in the heavily-weighted stock acted as a substantial drag on the overall index. Other decliners included pharmaceutical company Orion Oyj B (-1.70%) and IT services firm Tieto Oyj (-0.62%).
Broader Market Context
In global commodity markets, oil prices saw a slight retreat. Brent crude for September delivery was down approximately 0.97% to trade at $75.56 a barrel. Meanwhile, foreign exchange markets were relatively stable, with the EUR/USD pair seeing minimal change during the session.