Stora Enso de-lists from NYSE

Stora Enso has followed rivals UPM-Kymmene and Metso in delisting from the New York Stock Exchange, leaving mobile phone maker Nokia as the only Finnish company listed on the NYSE.

Stora Enso said the move would be completed by the end of the year and was aimed at cutting costs and simplifying its operations. It will now be listed only in Helsinki and Stockholm.

The company said the globalisation of financial markets meant US shares typically accounted for less than 5% of daily trading volumes and the cost of reporting obligations under the Securities Exchange Act were no longer cost-effective.

“The euro zone provides liquid and well functioning capital markets,” a company spokesperson said.