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Stockholm stock exchange approaches all time high

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11:41 CEST+02:00
The Stockholm stock exchange has reached its highest level so far this year and is approaching an all time high. Analysts however are struggling to locate the source of renewed optimism.

Shortly after trading began on Tuesday, the OMXS index rose by 0.8 percent. The latest increase means that the Stockholm stock exchange has completed its recovery after February's slump and is once more moving towards its highest ever level, a record set in March 2000.

The stock exchange has now risen by a full 7.5 percent since the start of the year.

Peter Malmqvist, a shares analyst at Nordnet, does not quite understand the reasons behind the evaporation of many people's recent concerns.

"I don't think we have seen any sort of information that looks better now than it did a month ago. The American economy is the most important factor, and nothing looks better there than it did one or two months ago," he said.

Malmqvist does however speculate that the buoyancy may stem from analysts calling various companies to inquire about their forthcoming quarterly reports.

"My guess would be that rising optimism is linked to expectations about the quarterly reports," he said.

The optimistic outlook in Stockholm followed a similar trend on the Asian markets. The European exchanges also started brightly on Tuesday.

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