Norway stocks higher at close of trade; Oslo OBX up 0.31%

Investing.com -- Storage REITs face a slower demand backdrop heading into 2026 as weakening job data and muted housing turnover weigh on occupancy and pricing, Morgan Stanley said.

The brokerage said self storage landlords have lagged the broader REIT market this year because earnings have fallen short and demand has not recovered as expected.

It pointed to its proprietary job opening tracker, which has declined 14.7 percent year on year in the fourth quarter to date, signaling weaker move in activity. New tenant pricing was down 6.1 percent year on year in mid November, with monthly trends also running below seasonal norms.

Morgan Stanley said its economists expect hiring to remain soft through 2027 as the labor market adjusts to tariffs and policy uncertainty.

Existing home sales, another key driver of storage demand, are also likely to improve only modestly even if mortgage rates drop below 6 percent, given the lock in effect that has suppressed listings.

Supply pressures remain elevated. Storage construction spending is running at an annual pace of about $6 billion, above the five year average, and tracked construction starts in major markets are near record levels.

The firm expects average FFO growth of about 1.8 percent for storage REITs in 2025 and 2026, well below the roughly 4.5 percent expected for the broader REIT market.

Morgan Stanley resumed coverage of Public Storage at equal weight with a $290 price target, citing its strong balance sheet and dense portfolio, and kept Extra Space Storage at equal weight with a reduced $152 target after weaker guidance.

The firm upgraded National Storage Affiliates to equal weight with a $32 target, saying its weaker occupancy trends and lower quality markets are now better reflected in the valuation after a prolonged underperformance.

There are regulatory risks in California, Public Storage’s largest market. A new state law taking effect in 2026 will require clearer disclosures on rental rate changes, while emergency pricing rules in Los Angeles may extend into next year and continue to cap rate increases, which the company estimates will reduce 2025 Core FFO by about $0.23 per share.

Investing.com – Greece stocks were higher after the close on Friday, as gains in the Banking, Construction and Travel sectors led shares higher.

At the close in Athens, the Athens General Composite added 0.67%.

The best performers of the session on the Athens General Composite were Quality and Reliability SA (AT:QUAr), which rose 4.57% or 0.06 points to trade at 1.33 at the close. Meanwhile, Aegean Airlines (AT:AGNr) added 2.57% or 0.36 points to end at 14.36 and Profile Syst (AT:PRFr) was up 2.41% or 0.17 points to 7.23 in late trade.

The worst performers of the session were Ekter (AT:EKTr), which fell 2.07% or 0.07 points to trade at 3.08 at the close. Orilina Properties AEEAP (AT:ORILINAr) declined 1.27% or 0.01 points to end at 0.78 and Premia AE (AT:PREMr) was down 1.02% or 0.01 points to 1.36.

Rising stocks outnumbered declining ones on the Athens Stock Exchange by 65 to 47 and 22 ended unchanged.

Gold Futures for February delivery was up 0.88% or 37.45 to $4,280.45 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January rose 1.21% or 0.72 to hit $60.39 a barrel, while the February Brent oil contract rose 1.14% or 0.72 to trade at $63.98 a barrel.

EUR/USD was unchanged 0.07% to 1.17, while EUR/GBP unchanged 0.11% to 0.87.

The US Dollar Index Futures was down 0.05% at 98.90.

Investing.com -- Moody’s Ratings has affirmed Sappi Limited’s Ba2 long-term corporate family rating while changing the outlook to negative from stable, citing sharp deterioration in credit metrics.

The rating agency maintained the Ba2-PD probability of default rating and affirmed the Ba2 ratings of Sappi’s €400 million backed senior unsecured notes due 2028 and €300 million backed senior unsecured notes due 2032. Moody’s also affirmed the B1 rating of the $250 million 2032 notes issued by Sappi Papier Holding GmbH.

Sappi’s Moody’s-adjusted gross debt/EBITDA ratio increased to approximately 5.6x in September 2025 from 2.9x a year earlier, exceeding the 3-4x range considered appropriate for its current rating. This deterioration stemmed primarily from earnings decline and increased debt as the company drew on its revolving credit facility to cover cash burn from heavy capital expenditures related to its Somerset mill conversion in the US.

The company experienced price erosion across all segments during fiscal 2025, including dissolving pulp, paper, and paper packaging. While dissolving pulp prices have begun to recover, Moody’s expects the benefits to take time to materialize in Sappi’s financial results.

With planned maintenance shutdowns, restructuring costs in the first half of fiscal 2026, and ramp-up costs at Somerset, Moody’s sees a risk that leverage will continue rising before peaking around mid-fiscal 2026. The rating agency projects leverage to decline toward 5x by September 2026 and fall below 4x by September 2027.

Sappi’s management has suspended dividends for fiscal 2025 to preserve cash and plans to cut capital spending by over $200 million in fiscal 2026 - from nearly $500 million in fiscal 2025 to $290 million. Management aims to reduce net leverage to below 1.5x from the current 4x and net debt to below $1 billion from $1.9 billion, which may take 3-4 years.

Moody’s continues to view Sappi’s sizeable exposure to graphic paper (approximately 44% of group sales in fiscal 2025) as a key rating constraint due to the structural decline in this market.

Sappi recently announced plans to combine its European graphic paper assets with those of UPM-Kymmene in a 50:50 joint venture. Under the agreement, Sappi will receive €139 million in cash and transfer €53 million of pension and other liabilities. The transaction is subject to regulatory approvals with closing anticipated by the end of 2026.

The rating agency believes the joint venture will have limited immediate impact on Sappi’s credit profile, as the company will remain indirectly exposed to the structural decline in graphic paper.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- Invesco (NYSE:IVZ) stock rose 3.2% as the asset manager reached a critical voting deadline for converting its flagship QQQ fund into a standard ETF structure.

The company has secured approximately 50% of shareholder votes in support of converting the $407 billion Invesco QQQ Trust Series 1 from a unit investment trust to an open-ended exchange-traded fund, just shy of the 51% needed for approval. The voting deadline is set for Friday at 9 a.m. Central time, according to a Securities and Exchange Commission filing.

The potential conversion represents a significant financial opportunity for Invesco, which currently receives virtually none of the substantial fee revenue generated by QQQ under its existing investment-trust format. A successful conversion would likely boost the company’s revenue stream considerably.

In a filing with the SEC, Invesco urged remaining shareholders to participate: "QQQ is holding a Special Shareholder Meeting tomorrow and we need your vote to avoid adjourning the meeting to a later date. Stop the calls, texts and mail by VOTING NOW!"

The QQQ fund, which tracks the Nasdaq-100 Index, is one of the most heavily traded ETFs in the market. The outcome of the vote could have meaningful implications for Invesco’s business model and future revenue potential.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- Gelteq Limited (ASX:GTQ) stock gained 2.7% on Friday after the company announced promising preclinical results for its proprietary gel-based oral delivery technology, demonstrating significant improvements in drug bioavailability.

The clinical and science-based developer of advanced gel-based oral delivery systems revealed that its technology showed a 300% increase in bioavailability of an oil-soluble compound during the first hour compared to an FDA-approved reference product. Over a 24-hour period, the overall absorption improved by more than 20%.

These findings address a major challenge in pharmaceutical development, as more than 40% of approved drugs and up to 90% of developmental candidates are affected by poor solubility and bioavailability issues. The industry invests billions annually seeking solutions to these problems.

The preclinical studies also demonstrated that Gelteq’s platform enables controlled movement through the digestive system, targeted release, and effective absorption while maintaining full clearance of both active pharmaceutical ingredients and the gel material itself.

Gelteq’s technology could potentially benefit multiple therapeutic areas including neurology, inflammation and pain management, hormonal therapies, cardiovascular medicine, nutraceuticals, weight management, oncology, and veterinary health - categories where lipid-based or poorly soluble active ingredients are common.

The company positions itself as a valuable development partner for pharmaceutical and nutraceutical companies looking to reformulate existing assets or address complex formulation challenges in their pipelines.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com – Turkey stocks were higher after the close on Friday, as gains in the Banking, Tourism and Non-Metal Mineral Products sectors led shares higher.

At the close in Istanbul, the BIST 100 rose 0.81%.

The best performers of the session on the BIST 100 were Efor Yatırım Sanayi ve Ticaret A.Ş. (IS:EFOR), which rose 9.17% or 2.68 points to trade at 31.90 at the close. Meanwhile, Baticim Bati Anadolu Cimento Sanayi AS (IS:BTCIM) added 7.12% or 0.25 points to end at 3.76 and Dap Gayrimenkul Gelistirme AS (IS:DAPGM) was up 5.94% or 0.67 points to 11.94 in late trade.

The worst performers of the session were Destek Finans Faktoring As (IS:DSTKF), which fell 9.66% or 62.00 points to trade at 580.00 at the close. Aksa Akrilik Kimya Sanayi AS (IS:AKSA) declined 3.85% or 0.41 points to end at 10.25 and Grainturk Holding AS (IS:GRTHO) was down 3.57% or 11.25 points to 303.75.

Rising stocks outnumbered declining ones on the Istanbul Stock Exchange by 355 to 221 and 25 ended unchanged.

Shares in Efor Yatırım Sanayi ve Ticaret A.Ş. (IS:EFOR) rose to all time highs; up 9.17% or 2.68 to 31.90.

Gold Futures for February delivery was up 0.95% or 40.15 to $4,283.15 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in January rose 1.29% or 0.77 to hit $60.44 a barrel, while the February Brent oil contract rose 1.22% or 0.77 to trade at $64.03 a barrel.

USD/TRY was up 0.06% to 42.51, while EUR/TRY rose 0.01% to 49.60.

The US Dollar Index Futures was down 0.10% at 98.86.