Shares of Nokia are likely to extend gains as the world's leading cell phone maker expands its share of the growing global market, financial newspaper Barron's reported in its September 17 edition.

The company, which holds a 37 percent share of the global wireless handset market that is expected to grow 17 percent this year, has seen its shares jump 60 percent this year.

Nokia has a stellar lineup of phones in just about every price category, the article said, and few rivals can compete with the company that produces 1 million devices a day.

Nokia's shares trade at 17.5 times 2007 earnings, well below the 37 times earnings for Apple shares and 43 times earnings for Research in Motion (RIM.TO: Quote, Profile, Research), according to Barron's.

The company has also rolled out Internet services under the name Ovi which are expected to generate future growth and profits.

(Reporting by Matt Daily)