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Here’s Why Nokia Share Price Gains Over 5% This Week

Practice Stock Trading
Updated: 10 October 2020

Shares of Nokia (HEL: NOKIA) gained more than 5% this week after the Finnish giant won another major contract in the 5G field. 

Orange and Proximus have chosen Nokia to supply them with 5G gear as they start replacing Huawei’s mobile gear in Belgium and Luxembourg.

This marks another loss for Huawei, after the United States and the UK have banned the Chinese firm from their countries for security reasons.  

The United States lobbied hard for Orange to remove Huawei’s gear as Brussel is home to European Union’s top executive body and parliament.

“This is the outcome of a tender organised by operators and the result of the free market,” a Huawei spokesman commented.

“We embrace fair competition, the more diversified a supply chain the more competitive it becomes”.

It was reported recently that Nokia struck a major 5G equipment deal with the British telecom BT.

Nokia stock price gained 5% on new 5G contract October 2020

Nokia share price closed 3.51% higher on Friday to total weekly gains to 5.33%.