Story
Finnish Stocks Fall as Basic Materials and Tech Shares Weigh on OMX Helsinki 25
Summary
Finland's benchmark OMX Helsinki 25 index closed down 1.50% on Thursday, dragged lower by sharp declines in basic materials and technology stocks, including Stora Enso and Nokia.
Finnish equities closed lower on Thursday, with the benchmark OMX Helsinki 25 index dropping 1.50% amid broad-based declines led by the basic materials and technology sectors. The sell-off saw declining stocks significantly outnumber advancers on the Helsinki Stock Exchange.
Heavyweights in Basic Materials and Tech Lead Declines
The session's downturn was driven by significant losses in several key industrial and technology sectors. Among the index's worst performers were major players in the basic materials industry, which faced heavy selling pressure.
- Stora Enso Oyj R (HE:STERV) plummeted 10.84%.
- UPM-Kymmene Oyj (HE:UPM) fell 7.80%.
- Nokia Oyj (HE:NOKIA) shed 5.45% of its value.
Pockets of Strength Amid Broader Weakness
Despite the negative market sentiment, a few companies posted notable gains. Packaging specialist Huhtamaki Oyj (HE:HUH1V) was the top performer on the index, rising 5.99%. Other bright spots included pharmaceutical company Orion Oyj B (HE:ORNBV), which added 2.00% to reach a new all-time high, and elevator manufacturer KONE Oyj (HE:KNEBV), which gained 1.88%.
AdOverall market breadth was decidedly negative, with 127 stocks falling compared to 45 advancing, while 21 ended the session unchanged, according to exchange data.
Moves in Commodities and Currencies
In the broader financial markets, energy prices saw a significant surge during the session. Brent crude oil futures for September delivery climbed 6.44% to $100.13 a barrel. In contrast, gold futures moved in the opposite direction, with the August contract falling 2.42%.
In currency markets, the euro was little changed against the U.S. dollar and the British pound. The U.S. Dollar Index Futures, which measures the greenback against a basket of major currencies, rose 0.35%.
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