Stockholm bourse falls on US consumer stats

TT/Peter Vinthagen Simpson
TT/Peter Vinthagen Simpson - [email protected]
Stockholm bourse falls on US consumer stats

The Stockholm stock exchange ended a largely positive week on a sour note on Friday as the OMXS index closed down 1.1 percent on reports of weaker consumer demand in the USA.


The day's trading began with small gains in line with the other European bourses. H & M, Telia Sonera, Scania and Sandvik were among the larger companies that opened positively.

Trelleborg and Husqvarna were among the many firms presenting reports in the morning. Rubber conglomerate Trelleborg reported a pre-tax profit of 220 million kronor ($34.4 million) for the final quarter 2007. White goods firm Husqvarna reported a profit after financial items of 94 million kronor for the period.

The stock market weakened towards lunchtime and fell as new statistics came through from the USA which indicated further signs of a pending recession. The Michigan Index of consumer confidence fell in February to its lowest level since 1992.

The OMXS index had dipped 1.1 percent to 308.6 points by close of business and has now fallen over 12 percent this year. Dagens Industri reported that the day's trading was characterised by profit taking following gains in many stocks during the week.

Clothing retail giant H & M weighed down the bourse closing down 2.1 percent; automotive firm Volvo fell 3.7 percent and major bank Nordea fell 1.6 percent. Among the winners were steel concern Sandvik, up 0.3 percent and Swedbank, which closed up 0.6 percent. TV production company Zodiak Television led the field with a climb of 11.4 percent.

New York's Dow Jones-index closed down 0.2 percent to 12,348.2 and the Nasdaq Composite-index fell 0.5 percent to 2,321.8. London's FTSE-index fell 1.6 percent to 5,787.6 points, Frankfurt's DAX-index dipped 1.9 percent to 6,832.4 and the Paris CAC-index fell 1.8 percent to 4,771.8.


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