HCA Market Close 03/01 2023: Featuring Danske Bank and Expres2ion Biotech
HCA Market Close 03.01.2023 – Expres2ion Biotech strengthens its management through appointment of new CSO, and the large Nordic Banks gained today, following this morning’s sector report from Autonomous Research.
Market Movements:
Denmark: OMX:C25 (+0.65%) ; Sweden: OMX:S30 (+0.69%) ; Norway: OBX:OSL (-1.35%) ; S&P 500 (-0.79%) ; Nasdaq (-1.25%); Stoxx 600 (+1.22%)
Market Drivers:
Today was the first full trading day of 2023, with all major markets open. Today’s theme was European outperformance, with Europe up and the US down, also reflecting dollar gains and European currency weakness.
Major moves included sell-offs in energy as the sector appears to be rolling over amid a warmer-than-expected European winter and falling demand as a result of recession fears. This was a theme in the lead-up to year-end and has rolled over into 2023, with Europe increasingly looking like it can navigate its energy crisis this winter, with increased optimism that gas storage can be filled ahead of winter 2023.
In the US, bonds were bid while stocks sold off, showing once again that the correlation between stocks and bonds has diverged and seemingly once more flipped negative. A drag on the Nasdaq, in particular, was Tesla, which fell 7% following weaker-than-expected Q4 2022 delivery numbers, handing over 405,000 cars, against expectations of 421,000.
Snacks from the HCA Platform:
Expres2ion Biotech announced today that it has appointed a new Chief Scientific Officer to strengthen its management team. Dr. Farshad Guirakhoo joins Expres2ion’s management team bringing more than 30 years of broad translational research experience in the vaccine development field.
Shares of Danske Bank, Nordea, Jyske Bank and Sydbank all gained in today’s trading following this morning’s sector reports from Autonomous Research with recommendation changes and/or target price adjustments. Jyske Bank gained the most with +2.95% despite Autonomous keeping their Underperform recommendation on the share though taking their target price higher to DKK 475.78 (from DKK 427.98). Danske Bank ends up with 2.18% after the double upgrade to Outperform from Underperform and a new target price of DKK 166.83 (from DKK 144.52). Sydbank was also upgraded to Outperform from Neutral with a new target price of DKK 341.21 (from DKK 298.60), and the share gains 1.39% today. Nordea, in the Danish listing, only gains 0.93% as Autonomous kept its Outperform rating and increased the target price to DKK 93.97 (from DKK 92.47).
You can follow the conversation at the Inderes.dk forum: https://forum.inderes.dk/
Disclaimer: HC Andersen Capital receives payment from the companies for a #DigitalIR agreement./ Philip Coombes 18:15
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