Stock market falls across the board
TT/Peter Vinthagen Simpson · 8 Mar 2008, 09:15
Published: 08 Mar 2008 09:15 GMT+01:00
The day began badly as the OMXS index plunged on opening following falls in New York and Asia during the night. The OMXS index closed at 306.6, down 1.4 percent for the day and 4 percent for the week.
US labour market statistics indicating that 63,000 jobs had disappeared in February contributed to the gloomy outlook. February thereby became the worst month for the US labour market in five years. Analysts had expected an increase of 25,000 jobs.
Credit concerns returned to the world's stock exchanges and several Swedish finance stocks fell as a result.
SEB's A share fell 4.1 percent, Nordea by 2 percent and Handelsbanken by 1.5 percent.
Clothing retail giant H & M continued to fall after the announcement of its takeover of Fabric Scandinavia on Thursday, closing down 1.2 percent to 326 kronor.
Pharmaceuticals firm Astra Zeneca battled against the negative trend to close up 1.3 percent to 229.50 kronor. Forestry giant Stora Enso climbed 4.6 percent to close at 80.50 and electronics retailer Netonnet shot up 10.7% to 67 kronor on the back of a strong interim report.
The Stockholm stock exchange was typical of European exchanges on Friday.
London's FTSE fell 1.2 percent to 5,699.9. Frankfurt's DAX index fell 1.2 percent to 6,511.6. Paris' CAC 40 dropped 1.3 percent 4,619.
New York's Dow Jones index fell 1.2 percent to close at 11,893.7 while the Nasdaq Composite dropped 0.4 percent to 2,212.5.