Nokia and Gamestop, two meme stocks that gained popularity three years ago, experienced a significant increase in value on Tuesday. The overall market index closed up 0.6 percent at 10,371 points on Tuesday. Despite this, there was no company-specific news driving the rise in Nokia’s value.
In other trading news, Nordea declined by 0.9 percent while Fortum strengthened by 1.8 percent. On Tuesday, Martela (-9.0%) and Ilkka (-1.0%) announced their results. Martela reported figures that fell short compared to the previous year, but profits were better than expected. The impact of strikes shifted turnover into the second quarter, and the company anticipates a boost in demand during the summer season.
Construction company SRV (+10.2%) secured a contract for a multi-purpose building project in Helsinki worth approximately EUR 56 million. Additionally, Asp (+0.7%) announced plans to create two separate companies, Aspo Compounder and Aspo Infra, in the coming years. Aspo also updated its financial goals and dividend policy to focus on maximizing shareholder value and positive profitability development.
German investors’ confidence index, ZEW, exceeded expectations on Tuesday as well as US producer prices rose more than expected in April compared to March.
Nokia’s rise can be attributed to the meme stock phenomenon that saw significant market value increases similar to Gamestop three years ago.
Despite there being no specific news related to Nokia or Gamestop that led to their rise on Tuesday.
The demand for meme shares appears to have influenced both stocks’ performance.
Overall, it seems like investors are becoming more optimistic about the future of these companies.
This is reflected not only in their stock prices but also in their financial reports.
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