As Nokia stock rallies, here's all you need to know about it
The shares of Nokia jumped on Monday as investors shifted their focus to other parts of the stock market. The company saw its shares rise by as much as 9.4 per cent.
Nokia has been the biggest gainer in Europe last week.
The volatility, triggered by the so-called "Reddit rally", saw gains made by AMC Entertainment Holdings Inc and other favourites evaporate. After gaining as much as 30 per cent earlier on Monday, AMC shares ended the session little changed and then tumbled as much as 17 per cent in extended trading.
GameStop Corp, the most high-profile target of the Reddit forums, fell 31 per cent on Monday. The video-game retailer had surged 1,625 per cent last month, propelled by day traders who inflicted multibillion-dollar losses on hedge funds with large short positions.
This happened after Robinhood, a free-trading app, further eased trading limits on some stocks.
In further good news for the company, Norway's largest investment bank DNB Markets upgraded Nokia to buy from sell. This happened after Swedish company Ericsson posted good earnings last week boosted by the rollout of 5G networks.
"The pandemic has fast forwarded the digitalization of societies, including remote working, by months if not years... We see more signs that countries and enterprises see 5G as a key access technology," Ericsson CEO Borje Ekholm said in a comment to the annual results.
Ericsson, one of the leaders in 5G equipment, reported an annual net profit of 17.5 billion Swedish kronor ($2.1 billion
Together with China's Huawei and Finland's Nokia, they account for the majority of the world market for 5G network equipment.