Fortum overtakes Nokia on Helsinki Stock Exchange
In spite of rise, Kone remains far behind Nokia
The energy company Fortum has taken the lead on the Helsinki Stock Exchange in a comparison of market value of domestic companies.
The market value of Fortum, calculated as the combined value of all of its shares, was EUR 16.2 billion on Friday.
With the exception of Nordea and Telia-Sonera, which are domiciled in Sweden, the figures make Fortum the most valuable company on the exchange.
The banking concern Nordea is valued at EUR 27.5 billion and the telecommunications company Telia-Sonera is worth EUR 22.6 billion.
Nokia is now in second place among Finnish companies, with a total value of EUR 15.3 billion.
Nokia’s net worth has plummeted in the past five years. At best, the company was valued at EUR 110 billion at the end of 2007. The decline is attributed partly to the overall decline of the stock market caused by the financial crisis.
However, the main reason is the loss of its leading position in smartphone production to its competitor Apple, which introduced its iPhone in 2007, and to phones with Google’s Android operating system, which is used by Samsung, for instance.
At the same time Apple has shot up to the position of the most valuable company in the world, spurred by its successful iPhone telephones and iPad tablet computers. The company was valued on Monday at 559 billion US dollars, or EUR 417 billion. In 2007 Nokia was valued much higher than Apple.
Breathing down Nokia’s neck on the Helsinki Stock Exchange is the financial holding company Sampo, with a market value of EUR 12.1 billion.
The insurance company If..., the life insurance company Mandatum Life, and Sampo, which owns 21 per cent of Nordea, have recovered very well from the depths of the financial crisis.
The elevator and escalator manufacturer Kone is significantly smaller than Nokia, even though it has been booming in recent years.
Kone is valued at about EUR 10.9 billion, when both the B shares quoted on the stock exchange, and the A shares owned by the Herlin family are taken into account. The A shares have ten times the voting rights of the B shares.
Coming far behind Kone are Wärtsilä, which manufactures ships’ engines and power plants, and the forest industry giant UPM-Kymmene. Both companies have a market value of about EUR 5 billion.
Also coming close to the EUR 5 billion level are Nokian Tyres, as well as the engineering company Metso and the paper manufacturer Stora Enso.
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