Friday May 9, 01:13 PM
Helsinki shares lower midday, Nokia trades ex-dividend, TietoEnator gains
HELSINKI (Thomson Financial) - Shares were lower in midday led by Nokia Oyj (Xetra: 870737 - news) , which was trading ex-dividend
and with TietoEnator (Stuttgart: 870798 - news) outperforming after its chairman resigned on health grounds.
At 2:47 p.m., the OMX Helsinki 25 was 1.23 percent lower at 2,800.11 and the OMX Helsinki all-share index was down 1.75 percent at 9,665.74.
Total market volume amounted to 425 million euros.
Nokia was 2.81 percent lower at 18.71 euros as the share traded ex-dividend.
Most of the key stocks were also in the red, with Metso Oyj (Berlin: VLM.BE - news) shedding 2.02 percent to 30.08 euros, UPM-Kymmene Corp 1.91 percent lower at 12.92 euros and Sampo Oyj (Stuttgart: 881463 - news) 1.27 percent weaker at 17.87 euros.
TietoEnator Oyj outperformed the lower market as it added 0.78 percent to 16.83 euros after it said chairman Matti Lehti is resigning from the board on health grounds and that he will be replaced by deputy chairman Anders Ullberg.
Elcoteq was 0.73 percent lower at 5.42 euros after it said it will start personnel reduction, partial pay and compulsory holiday procedures with its Tallinn-based staff in Estonia, with some 330 people seen affected, to increase the efficiency of its Tallinn operations.
Elsewhere, Sanoma WSOY Oyj was down 4.35 percent at 16.50 euros after it reported higher year-on-year first-quarter profits on stronger sales and a major one-off gain and it repeated its outlook for 2008.
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