Stockholm Stock Exchange Rises 1.7% Following Global Market Trends

The Stockholm stock exchange went up in a multi-stage rocket on Friday. It started in the morning – to gain more momentum when the US central bank chief opened up for a rate cut in the afternoon. At closing, the broad OMXS index stood at a plus of 1.7 percent.

» Published:

Stockholm Stock Exchange Rises 1.7% Following Global Market Trends
Photo: Fredrik Sandberg/TT

Share this article

By lunchtime, the stock exchange had risen 0,7 percent, and by 4 pm, the OMXS index was up almost 1 percent.

Then, the central bank chief Jerome Powell said in a speech in Wyoming that the situation "can justify" an interest rate cut in September – which made the world's stock exchanges jump for joy, also in Stockholm.

At the close, the reporting heat pump manufacturer Nibe was the highest among the most traded stocks on the OMXS30 list, with a plus of 5.1 percent. The other two podium places were taken by the mining company Boliden and the engineering company SKF, which rose 4 and 3.4 percent, respectively.

At the other end of the scale, the pharmaceutical company Astra Zeneca had fallen back 1 percent, while the telecom operators Tele2 and Telia had fallen 0.8 and 0.1 percent, respectively.

At the close in Stockholm, the mood was cheerful also on the larger European stock exchanges with rises in Frankfurt, London, and Paris – and in New York, all three major indexes were even more positive.

The krona has strengthened during the day and one dollar costs 9.50 kronor and one euro costs 11.14 kronor.

Friday's rise means that the Stockholm stock exchange is 2.2 percent down for the week in total.

Tags

Author

TTT
By TTEnglish edition by Sweden Herald, adapted for local and international readers

More news

Government Boosts Support for Sweden's Regional Airports

Government Boosts Support for Sweden's Regional Airports

Klarna CEO: Embracing "Swedishness" as a Key Asset

Klarna CEO: Embracing "Swedishness" as a Key Asset

Handelsbanken Swish Payment Disruption Resolved

Handelsbanken Swish Payment Disruption Resolved

Government Proposes Increased Export Credit Guarantees for Swedish Companies

Government Proposes Increased Export Credit Guarantees for Swedish Companies

AstraZeneca Halts UK Research Facility Expansion Plans

AstraZeneca Halts UK Research Facility Expansion Plans

Princess Madeleine's Skincare Brand Launch Draws Lukewarm Interest

Princess Madeleine's Skincare Brand Launch Draws Lukewarm Interest

Länsförsäkringar Swish Payment Issue Resolved

Länsförsäkringar Swish Payment Issue Resolved

Blind Box Trend Raises Concerns Over Consumer Behavior and Spending

Blind Box Trend Raises Concerns Over Consumer Behavior and Spending

France's Credit Rating Downgraded by Fitch

France's Credit Rating Downgraded by Fitch

Microsoft Gains Amid Mixed US Market

Microsoft Gains Amid Mixed US Market

FTC Investigates Google and Amazon Over Advertising Practices

FTC Investigates Google and Amazon Over Advertising Practices

US Proposes G7 Tariffs on China and India Over Russian Oil Purchases

US Proposes G7 Tariffs on China and India Over Russian Oil Purchases

Taco Bell Plans Expansion into Sweden with First Stockholm Location

Taco Bell Plans Expansion into Sweden with First Stockholm Location

Russia's Central Bank Makes Smaller Than Expected Interest Rate Cut

Russia's Central Bank Makes Smaller Than Expected Interest Rate Cut

ECB Officials Divided on Future Interest Rate Decisions

ECB Officials Divided on Future Interest Rate Decisions

Klarna CEO Secures Billion-Kronor Loan to Buy Out Co-Owner

Klarna CEO Secures Billion-Kronor Loan to Buy Out Co-Owner

Six Suspects in Consultant Scandal Face Charges After Spain Raid

Six Suspects in Consultant Scandal Face Charges After Spain Raid

Microsoft to Remove Teams from Office Package in EU Agreement

Microsoft to Remove Teams from Office Package in EU Agreement

UK Economy Growth Stagnant in July as GDP Remains Unchanged

UK Economy Growth Stagnant in July as GDP Remains Unchanged

German Inflation Rises to 2.2 Percent in August

German Inflation Rises to 2.2 Percent in August