Stockholm shares on the up

Stockholm shares on the up
Share prices in Stockholm rose sharply on Monday following rises in Asia and a positive end to trading in New York on Friday.

The Stockholm market was continuing Friday’s upward trend, which came on the heels of several days of sharply falling share prices in the wake of bad news from the US credit markets.

After 10 minutes trading, the OMXS index was up 1.5 percent to 380.9, while the Nordic 40 index was up 1.4 percent.

All sectors saw rises, with engineering companies leading the way. ABB and SKF saw rises of almost 3 percent.

Budget fashion giant H&M rose by 1.7 percent to 389 kronor, making it the largest contributor to the increase. Sandvik, which rose 2.9 percent to 131.25 kronor, and Ericsson, which rose 1.2 percent to 24.62 kronor, also contributed to the rise.

Tele 2 was one company bucking the upward trend. The company’s shares fell 0.2 percent to 115.75 kronor, following its statement on Monday morning that it plans to sell its Belgian operations to KPN for 890 million kronor. The sale will make a dent of 70-90 million kronor in the company’s results.