Record gains on Stockholm exchange
Published: 13 Oct 08 18:18 CET | Print version
Online: http://www.thelocal.se/14916/20081013/
The Stockholm stock exchange recovered some of the ground lost in recent weeks with a massive 8.8 percent rise on Monday.
- Stockholm exchange down sharply (10 Oct 08)
- Exchange plummets in early trading (8 Oct 08)
- Worst day of trading since 9/11 (6 Oct 08)
An EU-wide stabilization package at the weekend is being seen as the driving force behind Monday's recovery, which was replicated in markets across the Union.
The country's beleaguered bank stocks made a much needed recovery as the OMXS index climbed to 214.1 points.
SEB led the charge (+12.8 percent), closely followed by Swedbank (+11.3 percent), Handelsbanken (+7.4) and Nordea (+5.7).
Wallenberg family jewel Investor was also one of the day's big winners, up 14.6 percent to 111.75 kronor.
H&M blames long winter for profit drop
Swedish clothes manufacturer H&M posted a larger than expected drop in quarterly profit on Wednesday, citing the unusually harsh winter in Europe and North America. READ () »
Sweden sells 6.4-percent stake in Nordea
The Swedish government announced on Wednesday that it had sold 6.4 percent of its stake in Nordic banking giant Nordea, reducing its holding to 7.0 percent. READ () »
Aid cuts would be 'devastating'
Criticism of the government's foreign aid policy is mounting as Swedish ambassadors, aid organizations and politicians slam Development Aid Minister Gunilla Carlsson's announcements that development assistance to several countries may be slashed. READ () »
Swedish forestry firm cuts 2,500 jobs
Forestry giant Stora Enso plans to let another 2,500 employees go, of whom 750 work in Sweden, citing weak markets and deflating profits. READ () »
Sweden among winners in future EU-US deal
Sweden is second in line to benefit the most from an EU free-trade deal with the US, for which negotiations were finally given the all-clear in a move welcomed by pro-business groups in Sweden. READ () »
New Telia CEO 'excited' about the job
TeliaSonera's new head Johan Dennelind believes he is the right man to restore the Swedish telecom giant's reputation after the company's Uzbek bribery scandal. READ () »
ABB board unanimous in pick of CEO
Swiss-Swedish engineering giant ABB has appointed a new CEO, who has a background in oil and gas, utilities, telecoms and automotive industries and who was a key player in the acquisition of Baldor. READ () »
Wine pulled because it was 'too good': supplier
Sweden's state-run liquor store monopoly has sent back 6,000 bottles of a Spanish wine because it tasted better than expected, according to a Swedish alcohol supplier. READ () »
Sweden may cut aid to Palestinian territories
Development aid minister Gunilla Carlsson has said that the Swedish government may reduce development assistance for the Palestinians since they have failed to reach a peace agreement with Israel. READ () »
Gothenburg corruption blamed on city culture
A hierarchical "Gothenburg Spirit" among politicians and civil servants contributed to a culture of corruption in the past decade, concluded a report on Sweden's second largest city. READ () »
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