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On November 9, Pfizer and BioNTech presented positive vaccine results, which, among other things, caused previous pandemic losers to start to rise.
On the trading day before the vaccine announcement, SAS was traded for 76 öre and this morning the share rose to a total of SEK 2.34, or 200 percent more than before the optimism of the vaccine.
But just before lunch today, the stock fell sharply and at halftime SAS was trading for SEK 1.77, which corresponds to a decrease of 11.5 percent compared to yesterday’s closing price. But at most, the stock was trading at SEK 2.34 on Wednesday. This corresponded to an increase of 17 percent.
A similar pattern has been seen at the Scandic hotel chain, whose share increased from SEK 22.36 before the vaccine announcement on November 9 to a high of SEK 35.46 on Wednesday morning. This corresponds to an increase of almost 60 percent. But just before lunch today, the stock pulled back and traded at halftime for SEK 32.12, a decrease of minus 3.9 percent from yesterday and 9.5 percent during today’s high.
Other companies have also seen share prices fall sharply on Wednesday. Entertainment giant Moment Group was up a maximum of 19 percent this morning compared to yesterday’s closing price. But at halftime, the increase had been a 3.2 percent decrease.
Frida Bratt, an economist at Nordnet, has a theory why stock prices are now falling.
– It’s mostly about profit making, I’d say. Then the market also weighs a bit on how sustainable this particular industry rotation is, or if it’s just a shorter-term boost until we know more about how damaging the spread of the virus is for companies in the fourth quarter, he says.
When it comes to SAS airline, other factors also come into play.
– In SAS, it is speculation from low levels and to a large extent it is investors who go extremely short term, and then it is natural that there is a downward rebound after such a move. At SAS, the Norwegian problem was also a trigger, but now the issues are a bit “on hold” in relation to filing for bankruptcy protection, says Frida Bratt.
