Editions:  Austria · Denmark · France · Germany · Italy · Norway · Spain · Sweden · Switzerland

Swedish banks take a tumble

Share this article

Swedish banks take a tumble
18:30 CEST+02:00
Shares in Swedish banks continued to fall on the Stockholm stock exchange on Tuesday amid fears of a deepening crisis in the US financial sector.

Oil shares also plummeted as the OMXS index shed two percent of its value.

AIG, the world's largest insurance company, went into freefall in early trading before leveling out on rumours of US government intervention.

The bad news from across the Atlantic was matched by a miserable day in all sectors on the Stockholm bourse.

By close of trading the OMS index had dropped two percent to 257.5 points.

Swedbank, with ties to the bankrupt Lehman Brothers investment bank, lost 7.9 percent of its value, dropping to 99 kronor.

Nordea (-2.8 percent), SEB bank (3.6 percent) and Handselsbanken (-2 percent) also saw their shares tumble, though not to the same extent.

Tanganyika Oils took a massive nosedive, plunging by 18.1 percent to 91.75 kronor. Shares in Lundin Petroleum closed the day at 47.1 percent, a drop of 9 percent.

Get notified about breaking news on The Local

Share this article

From our sponsors

The ‘fairytale' boarding school nestled in a Swedish village

The words ‘boarding' and ‘school' often summon images of strict teachers, drab dormitories and downcast children. That image couldn't be further from reality at Sigtunaskolan Humanistiska Läroverket (SSHL), where boarders describe the ‘fairytale' school as a home away from home.

Advertisement