Rally for Ericsson as Stockholm stock market stays cautious

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Rally for Ericsson as Stockholm stock market stays cautious
Photo: Pontus Lundahl/TT

Telecom company Ericsson's shares rose sharply on the last trading day of the week, while the Stockholm Stock Exchange as a whole hovered near zero. The broad OMXS index rose 0.2 percent.

Ericsson reported a profit that exceeded expectations this morning and announced a share buyback program of 15 billion kronor. Its shares rose 10.5 percent.

Other winners in the large-cap index OMXS30 were defense group Saab and mining company Boliden, up 4.0 and 2.7 percent respectively.

Major banks Swedbank, down 2.0 percent, and Nordea, down 1.8 percent, were among the biggest losers in the OMXS30, with venture capital firm EQT down 2.3 percent.

Caller ID service Truecaller rose nearly 13 percent after the company released preliminary figures for the fourth quarter.

The Swedish krona has strengthened against both the dollar and the euro. At the close of trading on Friday, one dollar cost 9.01 kronor and one euro cost 10.60 kronor.

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By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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