Stock exchange takes another nosedive

Trading on the Stockholm stock exchange took a nosedive on Wednesday morning, continuing a trend established in Asia earlier in the day. By 10am the OMXS index had fallen by 2.2 percent to 375.3 points, while the OMX Nordic index slipped back 2 percent to 1,196.6 points.

Concern over developments on Wall Street led to leading Asian stock exchanges shedding 2-3 percent of their value.

In Stockholm, the finance, energy and industry sectors have been hardest hit by Wednesday’s slump.

Swedbank and SEB’s shares each lost 3.4 percent of their value.

Mining companies Boliden and Lundin also had a tough morning, with each dropping over 3 percent.

The building industry also took a major hit. Skanska fell by 4 percent and JM shed 4.3 percent.

Clas Ohlson fell by 1.6 percent which, despite showing a 7 percent profit increase in an interim report presented on Wednesday morning.