Swedish stocks rebound from post-Brexit collapse
The Local · 28 Jun 2016, 11:13
Published: 28 Jun 2016 11:13 GMT+02:00
Monday was the first day of trading in Sweden since Britain voted to leave the European Union last Thursday, and at the time of closing the Stockholm exchange was down by 7.8 percent.
The 430 billion kronor wiped off the blue chip OMXS30 index's value on June 27th was the greatest decline since it began in 1986. The drop was worse than the one following the September 11th attacks, as well as the Wall Street crash of 1987.
In the early hours of Tuesday the Stockholm exchange was up by 2.2 percent however, in line with Europe's leading exchanges. And the recovery was broad, with all shares in the OMXS index on an upward trajectory.
The highest movers were AstraZeneca and Nordea, which saw price increases of between two and three percent.
Shares in Volvo meanwhile, which had dropped by 14.5 percent on Monday, were going up by 3.4 percent on Tuesday morning. Shares in major Swedish banks were also rising, after dropping by between nine and 11 percent on the first day of the week.
The Swedish national holiday of Midsummer's Eve meant the Stockholm exchange was closed on Friday, so Monday was the first time the effects of the Brexit vote on market confidence in Sweden could be measured.