Why did Kone rise on 6 October?
Written after the close on
Kone +2.53% · OMX Helsinki 25 +1.03%
Kone rose very sharply in the last session, likely helped by its plan to sell most of TK Elevator's European operations to ease competition concerns over the €29.4 billion takeover of the German elevator maker. Over the last five trading days Kone was roughly unchanged, while the OMX Helsinki 25 was also roughly unchanged, so the week's net move was flat even though the final session was strong. The planned European asset sale, which surfaced last week, is the most likely driver of the late burst of buying, since it addresses the main regulatory hurdle to the deal. The next earnings report is due in late October, which is what to watch next. Kone makes and services elevators and escalators, and its shares trade on Nasdaq Helsinki.
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