HCA Market Close 15.11.22 –SP Group A/S published its Q3 2022 earnings, while Odico A/S announced its win in a legal dispute.
Market Movements:
Denmark: OMX:C25 (-0.01%) ; Sweden: OMX:S30 (-0.47%) ; Norway: OBX:OSL (-0.04%) ; S&P 500 (+1.42%) ; Nasdaq (+2.51%); Stoxx 600 (-0.37%)
Market Drivers:
Markets climbed today on renewed data suggesting that inflation is falling.
US producer prices showed that disinflation is taking effect as producer prices climbed 0.2% in October, against 0.3% month-on-month increases in September and consensus expectations for October increases 0.4%. Markets have soared recently on disinflation as markets expect a less hawkish Federal Reserve in response. Today’s move was no different; the dollar was down while stocks and bonds gained.
Markets also received a boost following strong earnings from Walmart. The retail giant lifted its annual sales and profit forecast as well as a new $20 billion share buyback. The big takeaways include continued strong demand for groceries despite higher prices, a comment that its inventory troubles are mostly “cleared out”, and overall suggestions that consumer spending is holding up into the year’s end.
From the G20 Summit, the main talking point has been China’s relative discontent with Russia’s war in Ukraine and narrowing in on a declaration of solidarity against the war among most major leaders at the Summit.
Snacks from the HCA Platform:
This afternoon SP Group A/S published its Q3 2022 report. The company is losing a little momentum in Q3 2022, as we also witnessed in Q2 2022 but maintains its full-year guidance. SP Group thus still guides for +5-15% revenue growth and an EBITDA-margin of around 16-18%. The share fell 1.9% in today’s trading.
Odico A/S today could announce that they won their trial against a former owner, that has made a demand for around DKK 23m. The total amount that needs to be settled is DKK 2,2m, which there already is a provision for. The announcement doesn’t mention DKK 0,6m for legal cost provisioned also, but as it was a straight-out win, there could be some one-time income from this provision.
Disclaimer: HC Andersen Capital receives payment from the companies for a #DigitalIR agreement./ Philip Coombes 18:15