STOCKHOLM (AFX) - Shares remained in slightly negative territory in midday trade, weakening a touch from morning levels on deepening profit-taking, with Nordic and Baltic bourse owner OMX outperforming on continuing merger speculation, dealers said.
At 12.30 pm, the OMX Stockholm index was down 0.66 pct at 319.99 points, while the OMX Stockholm 30 index was down 0.71 pct at 991.97.
The main sub-indices moving at midday were industrials, down 0.88 pct; retailing, 0.78 pct higher; and materials, down 1.92 pct.
The major movers were Alfa Laval, down 1.87 pct at 236.50 skr bid; H&M B, 0.88 pct higher at 288; and Boliden, 4.24 pct lower at 135.50.
OMX was up 5.31 pct at 129, after the Financial Times reported that OMX is in preliminary talks to be acquired by Nasdaq, analysts said.
'Everybody is talking to everybody and Nasdaq wants to diversify its sale sources since it will soon face newer and lower tariffs and more competition in the US,' an analyst at a leading Nordic investment bank said.
'The LSE and Nasdaq don't have their own technology so there may be some potential from as well, along with cost synergies,' he added. The analyst said he does not believe OMX is overvalued at these levels.
'It depends who is buying. At 133 skr, the share is now trading at the global average for exchange shares, he said. stockholm@afxnews.com hc/jlw COPYRIGHT Copyright AFX News Limited 2005. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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