Jefferies downgrades Gjensidige, upgrades Storebrand; neutral on Sampo, Tryg

Jefferies takes a neutral stance on Nordic insurers, citing fading tailwinds as the current interest rate backdrop favours other financials while insurance prices decelerate. The brokerage upgrades Norwegian financial services provider Storebrand to "buy" from "hold" but downgrades Norwegian peer Gjensidige to "hold" from "buy". It keeps "hold" ratings on Sampo and Tryg.