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.

» Published: October 22 2024

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

Share this article

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.

Tags

Author

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

More news

USA and Japan Reach New Trade Agreement on 15% Tariffs
1 MIN READ

USA and Japan Reach New Trade Agreement on 15% Tariffs

Activity Toys Pose Serious Injury Risks for Children in EU Survey
1 MIN READ

Activity Toys Pose Serious Injury Risks for Children in EU Survey

Hexagon Sells Software Business for 30 Billion Kronor
1 MIN READ

Hexagon Sells Software Business for 30 Billion Kronor

US Stock Market Sees Broad Gains Amid Labor Market Weakness
1 MIN READ

US Stock Market Sees Broad Gains Amid Labor Market Weakness

Ørsted Sues Trump Administration Over Halted US Wind Project
1 MIN READ

Ørsted Sues Trump Administration Over Halted US Wind Project

US Private Sector Adds 54,000 Jobs in August, Below Expectations
1 MIN READ

US Private Sector Adds 54,000 Jobs in August, Below Expectations

Goldman Sachs: Fed Uncertainty Could Propel Gold Prices
1 MIN READ

Goldman Sachs: Fed Uncertainty Could Propel Gold Prices

Food Chains in Sweden Promise Price Cuts with VAT Reduction
3 MIN READ

Food Chains in Sweden Promise Price Cuts with VAT Reduction

Experts Criticize Halving Food VAT as Ineffective and Costly
2 MIN READ

Experts Criticize Halving Food VAT as Ineffective and Costly

Sweden to Temporarily Halve Food VAT from April 2026
3 MIN READ

Sweden to Temporarily Halve Food VAT from April 2026

Centre Party Proposes Halving Food VAT and Tax Breaks for Farmers
1 MIN READ

Centre Party Proposes Halving Food VAT and Tax Breaks for Farmers

Sydney Sweeney Campaign Boosts American Eagle Outfitters Stock
1 MIN READ

Sydney Sweeney Campaign Boosts American Eagle Outfitters Stock

Volvo Car Sales Drop 9% in August with Decline in Electric Models
1 MIN READ

Volvo Car Sales Drop 9% in August with Decline in Electric Models

Lyten to Revive Northvolt Factory with Fewer Employees
3 MIN READ

Lyten to Revive Northvolt Factory with Fewer Employees

Interest Rate Cuts Possible Despite Rising Inflation in Sweden
3 MIN READ

Interest Rate Cuts Possible Despite Rising Inflation in Sweden

Saab Shares Drop 4.9 Percent Amid Stockholm Stock Exchange Gains
2 MIN READ

Saab Shares Drop 4.9 Percent Amid Stockholm Stock Exchange Gains

China Stock Markets Decline as Japan and South Korea See Gains
1 MIN READ

China Stock Markets Decline as Japan and South Korea See Gains

Government Intensifies Efforts Against Economic Violence Towards Women
1 MIN READ

Government Intensifies Efforts Against Economic Violence Towards Women

Trump urges Supreme Court to uphold tariffs amid legal challenge
1 MIN READ

Trump urges Supreme Court to uphold tariffs amid legal challenge

Google Fined $425 Million for Privacy Violations
1 MIN READ

Google Fined $425 Million for Privacy Violations