Why did Kinnevik move?
Written after the close on
Kinnevik rose slightly as it declined to back Stegra again. Kinnevik AB, listed on Nasdaq Stockholm, rose clearly over the last five trading days while the OMX Stockholm 30 slipped, so it went against the market. The likely driver was last week's decision not to put more money into Stegra, a struggling green-steel venture in its portfolio: investors often read a refusal to fund a fresh capital round as discipline rather than throwing good money after bad, and a portfolio company's chief executive also talked up a sharp profit lift. The next scheduled event is the third-quarter report next week, which is what to watch.