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Saab surged on a declining stock market

The Stockholm stock exchange fell across the board in the report-heavy trading on Tuesday morning. The prices recovered somewhat, but the broad OMXS index closed at minus 0.4 percent. Among the exceptions was the defense conglomerate Saab.

» Updated: 22 October 2024, 17:41

» Published: 22 October 2024

Saab surged on a declining stock market
Photo: Anders Wiklund/TT

After unexpectedly strong figures for the third quarter, the Saab share surged 8.9 percent. The company exceeded expectations in terms of both profit and order intake, and Tuesday's price increase meant that the share had risen nearly 58 percent since the turn of the year.

The truck conglomerate Traton, with Scania in its portfolio, also performed well – up 3.6 percent after a reversed profit warning after the market closed on Monday.

The mining group Boliden, whose interim report was also better than expected, rose 1.7 percent.

Tough for property companies

Housing developer JM continued to face headwinds and performed slightly worse than expected. The share fell 1.8 percent. Among the reporting companies that fell, one could also find the property companies Wallenstam and Fabege, which declined 3.7 and 3.2 percent, respectively.

Telecom company Tele2 also lost ground after its report, down 2.6 percent.

Venture capitalist Ratos, with crisis-hit Plantagen in its portfolio, reported a slightly worse operating result than expected and a declining sales trend. The share fell 1.1 percent.

Climat control company Munters' report for the third quarter was also worse than expected, for both sales and order intake and profit. The share plummeted 11.0 percent.

Increased economic uncertainty

The global economic uncertainty received new fuel from a downward adjustment of the growth forecast by the International Monetary Fund.

The krona, which has lost strength in recent times, continued to circle around its lowest level against the dollar since August. At the market close, one dollar cost 10.53 kronor.

The Stockholm Stock Exchange started the trading week with a price fall of 0.9 percent on Monday, but since the turn of the year, the OMXS has risen 9.0 percent.

The leading European stock exchanges in Frankfurt, London, and Paris also fell, although slightly less than in Stockholm.

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By TTThis article has been altered and translated by Sweden Herald

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