Axfood winner on struggling Stockholm stock exchange

The Stockholm stock exchange fell on Tuesday. The broad OMXS-index decreased by 0.3 per cent. For the food conglomerate Axfood, it was a more pleasant trading day following the acquisition of City Gross – the share price rose by 2.1 per cent.

» Updated: July 16 2024

» Published: June 11 2024

Axfood winner on struggling Stockholm stock exchange
Photo: Fredrik Sandberg/TT

The Stockholm stock exchange fell on Tuesday. The broad OMXS-index retreated 0.3 per cent.

For the food conglomerate Axfood, it was a more pleasant trading day after the purchase of City Gross – the share rose 2.1 per cent.

The majority of the most traded shares in the OMXS30-index retreated. At the bottom were the property company SBB, the vehicle safety company Autoliv, and the Stenbeck family's power company Kinnevik, all of which fell 4.4–4.2 per cent.

Axfood's share went against the trend and rose 2.1 per cent after the announcement that the food conglomerate is buying the remaining shares of the retail chain City Gross for two billion. Axfood previously held a 10 per cent stake in City Gross.

Skanska has received an order worth approximately 530 million kronor to clear up after the collapse of the Francis Scott Key Bridge in Baltimore, USA. Skanska also reports that it has sold an office building in Poznan, Poland, for 920 million kronor. The construction company's share rose 1.9 per cent.

Competitor Peab has received an order for the expansion of the E20 at Mariestad worth 848 million kronor. Peab's share advanced 3.1 per cent.

The development in Stockholm was in line with the trend on leading European stock exchanges. They continued to fall after Monday's price drop, in the wake of French President Emmanuel Macron's call for new elections following the setback in the EU election.

The Stockholm stock exchange fell 0.7 per cent on Monday. So far this year, the exchange is up 8.9 per cent.

Tags

TTT
By TT - Translated and adapted by Sweden Herald

More news

Porsche's Tunnel Plan Sparks Protests
2 MIN READ

Porsche's Tunnel Plan Sparks Protests in Salzburg

Dubai Chocolate Craze Drives Pistachio
1 MIN READ

Dubai Chocolate Craze Drives Pistachio Prices to New Heights

Volvo to Cut Up to
1 MIN READ

Volvo to Cut Up to 800 Jobs in US Facilities

Easter Eggs Evolve: More Companies
1 MIN READ

Easter Eggs Evolve: More Companies Join the Festive Trend

Economics Students' Math Skills Lagging,
1 MIN READ

Economics Students' Math Skills Lagging, Warn Swedish Educators

Survey Reveals Workplace Silence Affects
1 MIN READ

Survey Reveals Workplace Silence Affects One in Seven Employees

Trump's EU Talks: Agriculture, Security,
2 MIN READ

Trump's EU Talks: Agriculture, Security, and Currency on the Agenda

Volkswagen Considers Shifting Audi Production
1 MIN READ

Volkswagen Considers Shifting Audi Production to U.S. to Avoid Tariffs

Skistar Relocates Guests Due to
1 MIN READ

Skistar Relocates Guests Due to Snow Shortage in Swedish Mountains

Swedes to Spend Nearly a
3 MIN READ

Swedes to Spend Nearly a Billion Kronor on Easter Candy

Indonesia to Boost Oil and
1 MIN READ

Indonesia to Boost Oil and Gas Imports from USA to Ease Trade Tariffs

European Stocks Gain Popularity as
3 MIN READ

European Stocks Gain Popularity as Investors Shift Focus from US

Asian Markets Show Mixed Movements
1 MIN READ

Asian Markets Show Mixed Movements as Investors Eye US Tariff Talks

Netflix Surpasses Market Forecasts with
1 MIN READ

Netflix Surpasses Market Forecasts with Strong Quarterly Earnings

United Health's Sharp Decline Weighs
1 MIN READ

United Health's Sharp Decline Weighs on Wall Street Indices

Civil Servant Strike Averted as
2 MIN READ

Civil Servant Strike Averted as New Agreements Reached

IMF Predicts Global Economy to
1 MIN READ

IMF Predicts Global Economy to Sidestep Recession Despite Trade Strains

Judge Rules Google Maintains Illegal
1 MIN READ

Judge Rules Google Maintains Illegal Monopoly in Digital Advertising

Electricians Secure New Deal with
1 MIN READ

Electricians Secure New Deal with Pay Raises and Shorter Hours

US Economy Shows New Signs
2 MIN READ

US Economy Shows New Signs of Weakness with Housing and Manufacturing Slumps

Jonathan Anderson Named Dior Menswear
1 MIN READ

Jonathan Anderson Named Dior Menswear Creative Director

Eli Lilly Shares Surge After
1 MIN READ

Eli Lilly Shares Surge After Promising Weight Loss Pill Results

ECB Lowers Rates Again, More
3 MIN READ

ECB Lowers Rates Again, More Cuts Expected This Year

Study Reveals Long-Term Economic Strain
1 MIN READ

Study Reveals Long-Term Economic Strain for Russia in Ukraine Conflict

Trump Claims He Can Oust
2 MIN READ

Trump Claims He Can Oust Fed Chair Powell Despite Lacking Authority

Hermes Increases U.S. Prices to
1 MIN READ

Hermes Increases U.S. Prices to Offset Tariff Impact

Trump Administration Halts New York
1 MIN READ

Trump Administration Halts New York Offshore Wind Farm Construction

Genre image
1 MIN READ

Pernod Ricard Sales Dip Due to Cognac Challenges in China

TSMC Reports Strong Q1 Results
1 MIN READ

TSMC Reports Strong Q1 Results with 42% Sales Increase

ABB Gains Despite Downturn in
1 MIN READ

ABB Gains Despite Downturn in Stockholm Stock Exchange

ABB Boosts Profit, Plans Robotics
2 MIN READ

ABB Boosts Profit, Plans Robotics Division Spin-Off

Asian Markets Rise on Positive
1 MIN READ

Asian Markets Rise on Positive US-Japan Trade Talks

SBAB Predicts Decline in Mortgage
1 MIN READ

SBAB Predicts Decline in Mortgage Rates as Repo Rate Expected to Drop

Trump Reports 'Great Progress' in
2 MIN READ

Trump Reports 'Great Progress' in Trade Talks with Japan

Nvidia's Warning Sends Wall Street
1 MIN READ

Nvidia's Warning Sends Wall Street Indices Tumbling

EU Launches Safety Sweep to
1 MIN READ

EU Launches Safety Sweep to Tackle Dangerous Products Online