One sector in particular delivered high returns – once again

The sentiment on the Nordic growth exchanges was mostly positive during the week. The healthcare sector in particular delivered high returns, even though the sector as a whole has been the most bearish in 2022.

Shares on the Nordic growth exchanges (Kapital Partner Nordic Growth Exchanges Index/ KPNGX) rose 0.8% last week. By comparison, the Swedish S30 index rose 1.3% while the Danish C25 index rose 1%. The biggest return of 109% was in the healthcare sector.

Since January 1, 2020, both the KPNGX index and the Thomson Reuters Venture Capital Index have fallen approximately 9-11%. The development of the Nordic growth stock market is thus roughly in line with the development of the venture sector. Year to date, however, the difference is that the KPNGX index has fallen 44%, while the Thomson Reuters Venture Capital Index has fallen 57%.

KPNGX index development since 01.01.2020

The KPNGX index consists of all listed companies on the Nordic growth exchanges, including Nasdaq First North Growth Market, Spotlight Stock Market and EuroNext Growth.

The Nordic sentiment

The sentiment was mixed overall in the Nordic region, with just under half of the 908 stocks on the Nordic emerging markets showing an upward trend. On First North Denmark, sentiment was slightly more negative, with 21 out of 51 stocks rising even though the KPFNDK index was up overall, and of the 293 Nordic healthcare stocks, 156 had a positive week.

The positive percentage shows the proportion of companies within the indices that delivered a positive return during the week.

Sector development the past week

Academic & Educational services was by far the best performer last week, up 5.2%. However, there are only 4 companies in the sector, which creates large fluctuations. In addition, there were no less than 5 sectors that rose by more than 2%. At the other end, both Utilities and Financials delivered negative returns of -0.1% and -0.9% respectively. Year to date, the Energy sector has fared best in the wake of the energy crisis with a -1.4% fall, while Healthcare has fallen the most with -47%.

The 3 best performing stocks on the Nordic growth exchanges last week

The 3 best performing stocks during the week were all in the healthcare sector. This is partly because many of the companies in the sector rely on study results, approvals, etc. to develop drugs. When study results and possible approvals come, it can create high returns. Conversely, if positive study results and approvals are not achieved, this can also lead to large declines.

Brighter AB (+109%) focuses on data-driven treatment of chronic diseases. The company’s products and services include those for diabetes, which help patients keep their blood sugar levels under control. Last week, the company was approved for a corporate reorganization, where it is seeking financing to continue operations due to a lack of liquidity. The company has a market capitalisation of SEK 72 million. It is notable that the stock is the fastest rising across the Nordic emerging markets last week, up 109%, while the stock is down 86% year to date.

Share price development of Brighter AB year to date vs. Kapital Partner Healthcare Index (KPHC)

Redwood Pharma AB (+94%) is a pharmaceutical company focusing on the production of products for eye disorders caused, inter alia, by the use of contact lenses. The company has a market capitalisation of SEK 93 million and has fallen 39% year to date following last week’s sharp rise. Redwood Pharma AB rose following the release of the company’s Q3 results.

Share price development of Redwood Pharma AB year to date vs. Kapital Partner Healthcare Index (KPHC)

Diagonal Bio AB (+82%) is developing a platform to find and diagnose small parts of genomes such as viruses, bacteria and fungi. Diagonal Bio AB last week entered into a licensing agreement with OIM, whereby Diagonal will receive 18% of the revenues from sales of OIM products using Diagonal’s technology. Diagonal Bio AB has a market capitalisation of SEK 17 million and its share price has fallen 79% year to date.

Share price development of Diagonal Bio AB year to date vs. Kapital Partner Healthcare Index (KPHC)

Developments during the week on First North Denmark

The Kapital Partner First North Danmark (KPFNDK) index rose 1.2% last week. The KPFNDK index continues to be one of the best performing stock indices in the Nordic region year to date with -19% compared to KPNGX (-43%) and C25 (-20%). However, one explanation is that the KPFNDK index peaked a lot earlier during 2021 than the other indices.

Read more: “Strategic review” after the company has risen 13%

KPFNDK index development since 01.01.2020

KPNFNDK-index consists of all stocks on Nasdaq First North Denmark

Developments during the week on First North Denmark at company level

SPENN Technology A/S was the winner of the week with an increase of 79%. Brain+ A/S followed with a 30% increase. The two companies have delivered a negative return year to date in the range of -13-42%. Samesystem A/S, on the other hand, was the worst performing stock of the week with -12%. The worst performing stock on First North Denmark this year is Copyright Agent A/S with a fall of 78%.

Development on First North Denmark last week and year to date

Best performing stock of the week on First North Denmark: SPENN Technology A/S

SPENN Technology A/S (79%)(Nordnet) udvikler gratis banktjenester til slutbrugere, hvilket skaber et finansielt økosystem med større inklusion. Indtjeningsstrømmene kommer bl.a. fra bankpartnere og lokale virksomheder. Kunderne er både private, institutioner og andre finansielle virksomheder. Ugens store stigning skyldes, at et joint-venture mellem SPENN Technology og den nigerianske regering er gået “live”. Joint venturen er klar til at lave nationale udbetalinger på vegne af den nigerianske regering i form af bl.a. løn- og pensionsudbetalinger. Selskabet har en børsværdi på 388MDKK og aktien er faldet 42% år til dato.

Read the invesment case for Mdundo A/S that also operates in Africa

Price chart of SPENN Technology A/S year to date

Developments during the week for the Nordic healthcare stocks

Nordic healthcare stocks (Kapital Partner Healthcare Index/KPHC) have really taken a beating in 2022, falling around 47%. Last week, the KPHC index rose 0.8%, with the aforementioned Brighter AB (109%), Redwood Pharma AB (94%) and Diagonal Bio AB (82%) making up the top 5 along with Optomed Oyj (45%) and Newbury Pharmaceuticals AB (42%). Observe Medical ASA was the worst performer, down 34%.

KPHC index development since 01.01.2020

The KPHC-index consists of all healthcare stocks in the Nordics.

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