10/27/2016, 10:55 AM (Source: TeleTrader)
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Chart for: ABB LTD N

Nokia plunges over 6% on director departure

Shares in Nokia Corp. slumped more than 6% during the early trade on Thursday after the company announced the departure of its finance director Timo Ihamuotila. The official has served at the firm during the last 17 years, but will now leave to join the Zürich-based ABB as its new Chief Financial Officer. This, however, is not helping the engineering giant's stock either, which is on the slide after the company reported a fall in third-quarter orders due to Brexit.

The Finnish telecommunications firm also posted its third-quarter results earlier today, revealing a modest recovery in its financial performance despite a generally weak market for mobile equipment.

Nokia's shares plunged 6.58% to sell for €4.37 at 10:35 a.m. CET, while ABB's stock dropped 6.18% to 20.64 Swiss francs at the same time.

Breaking the News / IB