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OMXS

Market down slightly after turbulent day

The Stockholm Stock Exchange closed down slightly on the week after a turbulent day of trading on Friday. TeliaSonera pleased investors with third quarter profits beating expectations, but engineering company Sandvik proved a disappointment.

Published: 26 October 2007 19:24 CEST

The day started with rises, TeliaSonera shooting up after announcing a major dividend payout. The OMXS index fell back again soon afterwards, and the rest of the day was turbulent following disappointments from SEB and Sandvik.

At close of trading, the OMXS index was down 0.1 percent to 380.6.

The day’s major winners were Telia Sonera, which rose 5.6 percent to 61.50 kronor and Trelleborg, which rose 10.2 percent to 162.50 kronor on the back of increased profits.

Sandvik fell 5.1 percent to 126 kronor after its report turned out worse than the market had expected. Electrolux fell for the third day running, dropping 4.5 percent to 121.25 kronor. The company’s shares were down 13.4 percent since it released a worse-than-expected report on Monday.

Engineering company ABB was up 2.4 percent to 190 kronor. SEB was down 2.1 percent to 185 kronor after positives outweighed negatives in its interim report. Swedbank fell by 1.3 percent to 190 kronor. Handelsbanken rose by 0.7 percent to 206.50 kronor.

The major European bourses were in positive territory. In Frankfurt, the DAX was up 0.2 percent to 7,944.4. The FTSE 100 index in London was up 1.3 percent to 6,661.3. The CAC 40 in Paris was up 0.6 percent to 5,794.9.

STOCKS

Stockholm stock market hits new all-time high

The Stockholm stock exchange closed at a record high on Wednesday, with the OMXS index climbing 1.4 percent to smash the previous record set in 2007.

Published: 15 January 2014 17:54 CET
Stockholm stock market hits new all-time high

The OMXS closed at 430.6, besting by more than three points the previous record of 427.2 set in July 2007.

"Finally, after more than five years, we've come up to the all-time high," Nordea stock strategist Martin Guri told the TT news agency.

The Stockholm stock market's advanced was in line with developments on other exchanges around the world, and can be attributed to a new World Bank forecast indicting advances in global economic growth. Strong retail sales statistics from the United States helped as well.

Guri rejected any notion that the Stockholm exchange's recent rise was any sort of bubble, but is simply a continuation of a strong 2013.

"We had the worst financial and economic crisis since the 1930s. Now we can say that we've left it behind and are moving on to the next chapter," he said.

"The market could rise somewhere between ten and 20 percent this year."

He added that there are many signs of economic improvements, and while economic growth may not be strong, risks have deteriorated, bolstering investor confidence. 

Guri cited central banks in the US, Japan, and the eurozone for stimulating stock market growth.

"They've promised financial markets they plan to keep interest rates low," he said.

Wednesday's OMXS rise was led by heavyweights such as retailer H&M and bank Nordea, which climbed 2.7 percent and three percent, respectively, as the Swedish fashion retailer reported better than expected sales results for December.

Other market winners on Wednesday included pharmaceutical firm AstraZeneca, telecom equipment maker Ericsson, and truck maker Scania, all of which rose by around two percent.

The Swedish krona weakened slightly against the dollar, which can now buy 6.48 kronor. The krona-euro exchange rate remain unchanged, at 8.80 kronor to the euro.

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