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Stockholm market back up after Greece vote

The Local · 7 Jul 2015, 11:21

Published: 07 Jul 2015 11:21 GMT+02:00

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Stockholm's stock exchange reported a return to form after share prices dipped in the wake of Sunday's vote in Greece, which sent economic jitters across the European Union.
On Monday morning Stockholm's stockmarket was down by 1.4 percent, but it rose by 0.8 percent at the start of trade on Tuesday.
Swedish steel manufacturer SSAB, which was one of the firms worst affected by the dip earlier in the week, saw its stocks go up by 2.0 percent.
Meanwhile Sweden's major banks, Handelsbanken, Swedbank and Nordea all experienced rises of between 1.3 and 1.7 percent.
DIY firm Byggmax was the biggest winner of the morning with stocks up by 7.6 percent after the firm announced that its profits had risen 37 percent in the second quarter of the year.
Sweden does little business with Greece and its banks are not exposed to the southern European country's debts.
But financial experts have warned that general turbulence in Europe linked to the crisis could impact on the Scandinavian country.
If the euro continues to weaken against the krona, this could cause problems for Swedish exports, as it will become more expensive for eurozone countries to trade with Sweden.
Swedish tourists travelling to Greece this summer are being warned to withdraw cash before setting off, because many Greek shops and restaurants are only accepting cash in the wake of the crisis.
Story continues below…
More than 60 percent of Greek voters voted against the conditions of its latest bailout on Sunday rejecting further austerity after years of cuts following the financial crisis.
The move leaves Greece facing a possible financial collapse and exit from the euro.
Eurozone finance ministers are holding crisis talks on Monday afternoon with leaders scheduled to hold further discussions in Brussels during the evening.

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