Stockholm shares mirror international fall

Shares prices in Stockholm fell dramatically on Wednesday, following big falls on markets around the world.

AstraZeneca fell substantially after it lost a battle in the US to retain patent protection of a top-selling heart drug.

Stockholm share prices fell in opening trading in the wake of an accounting scandal in Japan and weak reports from a number of American corporations. Chief among these were unexpectedly poor results from chip-maker Intel.

By the closing bell, the OMX index had fallen 1.9 percent to 298.4, and the more narrowly-base OMX30 index had fallen 2 percent to 941.6. Shares worth 26.6 billion kronor changed hands during the day.

Among the losers were big names including Ericsson, which fell by 1.9 percent to 24.40 kronor. This was despite record fourth quarter results from its half-owned joint venture Sony Ericsson. Nokia lost 1.1 percent, falling to 142 kronor.

Other big losers were the Swedish banks – Föreningssparbanken fell 3.8 percent and Nordea fell 2.4 percent. Atlas Copco, SKF and Skanska also fell.

TT/The Local