Stocks dip on shortened trading day

The Stockholm stock exchange finished Friday down 0.57 percent to close at 201.37 on a trading day shortened in advance of the All Saints Day holiday.

The dip follows three successive days of gains on the OMXS index, and reflects similar trends on markets across Europe.

Trading in Stockholm ended at 1:00pm, and bank stocks struggled through another tough day with Swedbank shares dropping 1.2 percent to 62.25 kronor ($8.00) and Nordea stock off 3.2 percent to 61.00.

SEB shares shed 2.0 percent of their value to finish at 74.25 kronor, while Handelsbanken stock dropped 1.6 percent to 138.50.

Stock in telecoms giant Ericsson closed down 0.7 percent at 54.00 kronor following a warning from chip manufacturer Intel that the financial crisis would likely hit the company’s bottom line.

Drug maker Meda among the day’s losing stocks. The company’s profits fell by 80 million kronor, causing its shares to slide 13 percent.

The Industrivärden holding company reported a pre-tax loss of 8 billion kronor for the third quarter, compared with a loss of 3.1 billion kronor for the same period last year. The mounting losses cause stock in the company to fall 0.9 percent.