SEK slipped only 0.1% but it was noticeable with other tech names enjoying a strong session and the sector gaining a solid +1.6%. This week saw SEK end its attempted takeover of Xref (XF1) after failing to receive the required shareholder support. This has left markets considering what comes next, especially as like an elephant it takes time for investors to forget recent disappointing company performance i.e. last year they delivered lower-than-expected earnings for FY24 and a decent downgrade to FY25 guidance. Next Tuesdays report will no doubt provide us a better handle on how the company is positioned moving forward.
- We see no reason to buy SEK here, at this stage, the next 10% move feels like a coin toss.
MM is neutral toward SEK
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