Stock market surge lost momentum – Saab plummeted

The Stockholm Stock Exchange started Tuesday's trading with a strong surge following last night's batch of Chinese stimulus measures. However, prices fell back in the afternoon, only to recover somewhat in the final hour. The broad OMXS index closed at minus 0.3 percent.

» Updated: October 02 2024

» Published: September 24 2024

Stock market surge lost momentum – Saab plummeted
Photo: Anders Wiklund/TT

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Among the most traded stocks in the OMXS30 index, the mining company Boliden rose the most, up 5.7 percent. The index as a whole rose 0.2 percent.

Other winners among the heavyweights were Nibe Industrier, a manufacturer of cooling and heating systems, whose stock rose 4.9 percent. A number of heavy industrial stocks – such as SKF and Sandvik – also performed well.

In the other scale, among others, the defense company Saab plummeted 9.3 percent. The pharmaceutical company Astra Zeneca and the clothing chain H&M were also found among the losers.

Elekta, a manufacturer of radiation therapy systems, submitted an application for approval of Elekta Evo – a computer tomography-controlled radiation therapy system – in the USA, according to a press release. The stock rose 0.6 percent.

Leading Asian stock exchanges, particularly in China, rose broadly following a stimulus package from China's central bank. The Tokyo Stock Exchange also followed the upward trend. The leading European stock exchanges also rose, with the CAC index in Paris rising the most, by over 1 percent.

The Stockholm Stock Exchange's OMXS index started the week with a rise of 0.2 percent on Monday. Since the turn of the year, the index has risen by 10.7 percent.

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

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