HCA Market Close: 22/12/22: Featuring Skjern Bank and Photocat
HCA Market Close 22.12.22 – Skjern Bank narrows its guidance range towards the top end, while Photcat announces its first order in the UAE.
Market Movements:
Denmark: OMX:C25 (-0.13%) ; Sweden: OMX:S30 (-1.06%) ; Norway: OBX:OSL (-0.16%) ; S&P 500 (-1.96%) ; Nasdaq (-2.88%); Stoxx 600 (-1.06%)
Market Drivers:
Markets fell today as economic data from the US increases the likelihood of a hawkish Fed.
An unemployment report today showed that filings for unemployment last week increased to 216,000, which was below estimates of 220,000. The Q3 GDP data for the US was also revised higher up to a year-on-year increase of 3.2%, up from 2.9% previously.
As a result of the stronger than expected, but backwards-looking, economic data, markets expect that the Fed will, in fact, keep interest rates higher for longer, increasing the probability of a deeper recession; as a result sending markets lower, particularly tech stocks.
Snacks from the HCA Platform:
This afternoon Skjern Bank announced that they now expect to reach a pre-tax result in the upper end of the guidance range for 2022 of DKKm 175-205 due to higher income and lower market value adjustments on the bond portfolio. Further, they upgrade the core income to DKKm 225-235 from previously DKKm 210-225, which is related to higher income from increased business activity. Skjern Bank also provides guidance for 2023 where the bank expects a pre-tax result of DKKm 210-250. Skjern Bank will report its final numbers for 2022 on the 9th of February 2023. The share gained 3.4% today.
Photocat announced today it has secured its first project in the Middle East, to supply its photocatalytic technology for air cleaning for Fujairah Concrete Products, a leading concrete manufacturer in the UAE. The sale is for EUR 30,000 and will not affect Photocat’s financial performance for year 2022. Physical delivery will take place at the end of 2022, but payment will occur during Q1 2023. The share was unchanged today.
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Disclaimer: HC Andersen Capital receives payment from the companies for a #DigitalIR agreement./ Philip Coombes 18:07
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