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Yesterday’s market
Translation:
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Although the US job report released on Friday was a major disappointment, this did not seem to affect
investors yesterday. The UK FTSE 100 index and the German DAX index both closed up by 1.5%. The US
equities also increased decently yesterday due to speculations that the Fed will take another step to
lift the US economy at today’s monetary-policy meeting, which resulted in green figures for the three
leading equity indices – Nasdaq showed the best performance with an increase of 0.8%.
The Danish OMXC20 index also did well on Monday and closed up by 1.4%, as only one company, Tryg,
closed the day in negative territory. Carlsberg was the best performer yesterday with an increase of
2.5% and regained, thus, some of the ground lost on Friday. FLSmidth was also one of the best
performers, as the Chinese government announced the closing of 2000 polluted and outdated
production companies, which may be an advantage for FLSmidth.
Prior to the release of Danske Bank’s H1 accounts, this share was also popular yesterday and managed
to increase by 2%. The financial house Carngie raised its recommendation of the Topdanmark share
Read more equity- resulting in an advance of 2.1%.
research reports on
www.jyskemarkets.com/
Disclaimer:
Please see the last page
EQUITIES DAILY
Equity Research • 10.08.2010
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EQUITIES DAILY
Equity Research • 10.08.2010
430 10.800
425 10.700
10.600
420
10.500
415
10.400
410 10.300
405 10.200
400 10.100
10.000
395
9.900
390
9.800
385 9.700
1140,0
9.900
1130,0
1120,0 9.800
1110,0 9.700
1100,0 9.600
1090,0 9.500
1080,0
9.400
1070,0
9.300
1060,0
9.200
1050,0
1040,0 9.100
1030,0 9.000
8.900
6400,0 84
6300,0 82
6200,0 80
6100,0 78
6000,0 76
5900,0 74
5800,0 72
5700,0 70
Switch recommendation
Jyske Bank recommends the following switches:
From Genmab (REDUCE) to NeuroSearch (BUY).
From D/S Norden (REDUCE) and Torm (REDUCE) to A.P. Møller-Mærsk (ACCUMULATE)
From Pfizer (SELL) to Sanofi-Aventis (BUY)
From Novo Nordisk (REDUCE) to Sanofi-Aventis (BUY) and Novozymes (BUY)
From FLSmidth (REDUCE) to NKT Holding (BUY)
From Nordea (REDUCE) to Danske Bank (BUY)
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EQUITIES DAILY
Equity Research • 10.08.2010
Macroeconomic events
Time Event
Danish
09:30 DKK Consumer prices
Industrial production
Industrial orders
US
13:30 USD Sentiment index of small companies
14:30 USD Productivity, unit wages
16:00 USD Wholesalers' inventories
N/A USD Monetary-policy meeting in the Fed and interest-rate announcement
European
08:00 DEM Consumer prices, final
08:45 FRF Industrial production
09:00 ESP Home sales
10:00 NOK Consumer prices
- underlying
Producer prices
10:30 GBP Trade balance
Asian and others
14:30 CAD House prices
01:50 JPY machinery orders
CGPI
04:00 CNY Industrial production
Retail sales
Consumer prices
Yours faithfully,
JYSKE MARKETS
Jyske Bank
Equities
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EQUITIES DAILY
Equity Research • 10.08.2010
Disclaimer & Disclosure
Jyske Bank is subject to supervision by the Danish Financial Supervisory Authority.
Jyske Bank's analysts are subject to the recommendations of The Danish Securities Dealers Association on the handling of conflicts of interest in investment
banks.
The research report is based on information which Jyske Bank finds reliable, but Jyske Bank does not assume any responsibility for the correctness of the material
nor for transactions made on the basis of the information or the estimates of the report. The estimates and recommendations of the research report may be
changed without notice. The report is for the personal use of Jyske Bank's customers and may not be copied.
Conflicss of interest
Jyske Bank has prepared procedures to prevent and preclude conflicts of interest thus ensuring that research reports are being prepared in an objective manner.
These procedures have been incorporated in the business procedures covering the research activities of Jyske Markets, a business unit of Jyske Bank.
Moreover, equity analysts at Jyske Bank cannot trade in companies and papers for which they prepare research reports. Jyske Bank may, however, hold positions,
have interests in or business relations with the companies that are analysed. The research report has not been presented to the company prior to its release. The
analysts receive no payment from persons interested in individual research reports.
Allocation of recommendations, Danish shares (number) Allocation of recommendations, all shares (number)
14
20
12
10 15
8
10
6
4 5
2
0 0
Buy Accumulate Neutral Reduce Sell Buy Accumulate Neutral Reduce Sell
Risk
Investment in this share is associated with a risk. Movements in the equity market, the sector and/or news flows, etc. regarding the company may affect the
price of the share. See the front page of the research report for our view of the risk associated with the share. The risk factors stated and/or calculations of
sensitivities in the research report are not to be considered all-encompassing. If the share is traded in a currency other than the investor’s base currency, the
investor accepts an FX risk. In connection with an ADR or similar papers, the FX risk exists relative to the currency in which the underlying share trades.
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EQUITIES DAILY
Equity Research • 10.08.2010
Recommendation Return relative to the performance of the
general equity market
BUY >5%
ACCUMULATE 0 to 5%
NEUTRAL 0%
REDUCE 0 to -5%
SELL < -5%
Source: Jyske Bank
Since our recommendations are relative and risk-adjusted, it is possible to compare our recommendations across sectors and risk categories. In addition, the
potential is stated in absolute terms via our price target. It should be borne in mind, however, that the recommendation is the anchor. A BUY recommendation is
a BUY recommendation until the recommendation has been changed, also in the event that price increases have taken the price "too close" to the price target.
The future and historical returns estimated in the research report are stated as returns before costs since returns after costs depend on a number of factors
relating to individual customer relations, custodian charges, volume of trade as well as market-, currency- and product-specific factors. It is not certain that the
share will yield the stated expected future return/s. The stated expected future returns exclusively express our best assessment.