(Updating with full report)
STOCKHOLM (Thomson Financial) - Stockholm shares closed slightly lower on continued profit-taking, with Lundin Petroleum leading the market lower after its badly received first half results.
The OMX Stockholm index closed down 1.03 pct at 382.33, while the OMX Stockholm 30 index ended 0.86 pct lower at 1,183.45. Turnover was 25 bln skr.
The main sector movers were industrials, which closed down 1.58 pct; energy, down 1.99 pct; and materials, 1.87 pct lower.
The major movers within these sectors included Volvo B, down 3.57 pct at 114.75 skr; Lundin Petroleum, down 5.20 pct at 63.75; and Lundin Mining, down 4.35 pct at 76.75.
Lundin Petroleum reported weaker-than-expected first half results, hit by sharply higher production costs, with the company also lowering its production outlook due to delays in its Norwegain Alvheim field.
Tele2 B closed up 1.26 pct at 120.80. Tele2 wants to sell its German unit and has already started the sale process, industry sources said.
Trelleborg B closed up 0.32 pct at 158.50, after Kaupthing Bank hiked its recommendation on the share to 'neutral' from 'reduce'.
'We find the valuation of Trelleborg more appealing after the share price drop in recent weeks. From a trigger point of view, we do not see any significant share price triggers in the short term and the risks from the restructuring programme, input prices and the cartel investigation are still evident. Nevertheless, we can justify a long-term value on the company of over 200 skr per share. We keep our target price unchanged at 170 skr,' Kaupthing said in a note.
Hennes & Mauritz B closed flat at 395.50, after the fashion retailer reported weaker than expected sales growth in July.
The group said its sales in July rose 14 pct year-on-year, below the 15.1 pct rise consensus forecast.
Same-store sales rose 2 pct year-on-year versus market expectations of 3.3 pct.
But a dealer at a major Scandinavian brokerage said the picture isn't as gloomy as it appears at first glance.
'We believe consensus estimates were likely to have been lowered recently due to less calendar days and expectations of a 'soggy' UK performance,' he said.
'All in all a 2 pct rise in like-for-like and sales which were only slightly shy of consensus will likely be taken fairly well.'
Boliden closed down 3.78 pct at 140. Boliden's CEO Jan Johansson said he has fired his CFO of the last two years, Staffan Bennerdt, as he couldn't measure up to the job.
Husqvarna B closed down 0.29 pct at 86.50. Kaupthing Bank hiked its recommendation on the share to 'buy' from 'neutral', saying the upside to its 109 skr target price is now 26 pct.
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