HCA Market Close 16/12 2022: Featuring Djurslands Bank and Penneo

HCA Market Close 16.12.22 – Djurslands bank upgraded its 2022 guidance, while Penneo announced a change of management

Market Movements:

Denmark: OMX:C25 (-1.78%) ; Sweden: OMX:S30 (-1.61%) ; Norway: OBX:OSL (-1.27%) ; S&P 500 (-1.54%) ; Nasdaq (-1.40%); Stoxx 600 (-1.20%)

Market Drivers:

Markets continued with their negative momentum today following hawkish moves from the ECB and Fed.

It seems that bad news is being considered bad news, rather than the reverse, which has been true for large parts of the year. In the US, the PMI index, which tracks the manufacturing and service sectors, fell to 44.6 this month from 46.4 in October (a number below 50 shows the economy is in contraction). So far, the service sector had held up well; however, it signals the largest contraction since the pandemic in November. Investors are starting to fear a recession.

Snacks from the HCA Platform:

Djurslands Bank earlier today upgraded its 2022 guidance and also revealed expectations for 2023. For 2022 Djurslands Bank now expects a pretax result of DKKm 140-160 from previously DKKm 100-130. Again, refinancing of mortgage loans, higher interest rates, low levels of loan losses and write-downs, together with better performance on the bond portfolio versus previous quarters, drives the upgrade for the remainder of 2022. For 2023 the bank expects to generate a pretax result of DKKm 140-170, thus very much in line with the current year. Shares of Djurslands Bank gained 0.6% in today’s market following the news.

Penneo announced a management change today as the company has hired a new Chief Marketing Officer (CMO), Daniel Selde, who will step into the role as of 1 January 2023. He will head the marketing team and be important in the execution of Penneo’s expansion strategy in Europe. Daniel Selde has 10 years of experience building marketing teams with a focus on delivering substantial growth and strategic efficiency improvements in both SaaS and e-commerce companies.

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Disclaimer: HC Andersen Capital receives payment from the companies for a #DigitalIR agreement./ Philip Coombes 18:15