March web-activity insights
Despite tumultuous markets in March, the latest website activity figures indicate declining customer activity versus February on Avanza’s platform, while the corresponding figure for Nordnet is roughly flat. We still see downside risk to consensus on Avanza’s brokerage and fund commission trends, particularly after the last few weeks of weak markets. We reiterate our HOLD on Avanza and BUY on Nordnet, with a more cautious view on Avanza’s cost trends and near-term trading activity outlook.Avanza Bank Holding is the holding company of the Avanza Bank Group. Co.'s offerings comprise of: brokerage services, which enable investments in Swedish and foreign equities, bonds, funds, derivative financial instruments including futures, warrants and options, investment advisory services, pension products, pension insurance, as well as capital insurance services. Co. targets private individuals, high net-worth customers, corporate customers, day traders, fund managers and institutions.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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