Swedish stock market ends week on a high

A rollercoaster week on the Stockholm stock exchange ended on a peak as rates rose in anticipation of Friday's financial rescue package vote in the United States.

The OMXS index rose 1.9 percent on Friday, closing on 247.7 points.

All eyes were turned to the United States as the House of Representatives prepares to vote on a financial crisis package. Wall Street also saw rates jump in early trading on news that supporters of the deal appeared to be in the majority.

Swedish banks continued their recovery on the Stockholm bourse after a torrid few weeks. Shares in Swedbank went up a hefty 8.1 percent, with SEB not far behind.

Raw materials stocks also ended the week strongly. Boliden saw shares up 6.2 percent, while SSAB’s shares rose 6 percent.

Friday was not so kind to the telecoms sector however, as Teligent shares lost 10 percent of their value and Ericsson saw a 0.5 percent slide.