Bumper Friday for krona and stocks

The Stockholm stock exchange and the krona both hit record levels for the year on Friday as several economic indicators point to an upswing in Sweden's economic fortunes.

By close of trading the Stockholm bourse was up 2.7 percent to 281.4 points, the highest level since August last year.

Banks, trucks and engineering firms led the charge, with SEB, Volvo, Scania, Sandvik and Atlas Copco all recording significant share price increases.

The OMXS index was in a buoyant mood all afternoon on news of Federal Reserve chairman Ben Bernanke’s bright forecast for the US economy.

The Swedish krona also hit an annual high on a day in which finance minster Anders Borg expressed optimism about Sweden’s GDP growth. The currency recorded record highs for the year against both the euro (10.09 kronor) and the dollar (7.02).

News agency TT said observers it had spoken to believed the embattled currency may now have crossed an important threshold on its path to recovery.


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