Strike threatens Finland fund returns
Failure to mediate successfully in a dispute between employers and workers in industrial firms threatens to spill into Finland’s high tech sector, hitting the OMX Helsinki 25 and its bellwether stocks such as Nokia.
Up to 10,000 workers at some 40 companies are initially thought to be involved in a strike today at companies such as ABB, Valmet, Metso and Wärtsilä.
If mediation fails then strike action could spread by next week to incorporate companies such as Nokia and Nokia Siemens Network.
Metso, Wärtsilä and Nokia are constituents in the index of 25 leading Finnish firms, according to data from Nasdaq OMX, the operator of the Finnish stock market.
The index dropped more than 5% today. Wärtsilä was among the biggest losers, suffering a near 6% fall by midday CET.
Funds that could be hit according to FE data include Danske Invest Finland, FIM Tekno, FIM Nordic, and Alfred Berg Finland.