Company Performance: Nokia's financial results, revenue growth, and profitability directly influence investor sentiment.

Industry Trends: Changes in the telecommunications industry, such as 5G adoption and network infrastructure spending, impact Nokia's business prospects.

Economic Conditions: Global economic growth or recession can affect demand for Nokia's products and services.

Competition: Actions by competitors like Ericsson and Huawei influence Nokia's market share and pricing power.

Technological Innovation: Nokia's ability to innovate and develop new technologies impacts its long-term competitiveness.

Regulatory Environment: Government regulations and policies regarding telecommunications can affect Nokia's operations.

Market Sentiment: Overall investor confidence and risk appetite can drive stock prices up or down, irrespective of fundamentals.

Dividend Policy: Nokia's dividend payouts can attract income-seeking investors and affect stock valuation.

Global Events: Major global events, like political instability or pandemics, can create uncertainty and impact stock prices.