Saab against the tide on a sour stock market

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Saab against the tide on a sour stock market
Photo: Fredrik Sandberg/TT

The weekend's announcement that Colombia would buy Swedish fighter jets caused Saab shares to rise on Monday - on an otherwise gloomy Stockholm Stock Exchange.

The broad OMXS index lost 0.8 percent and the large-cap index OMXS30 lost the same amount.

Saab shares, which rose 2.5 percent, were the best performers on the OMXS30 list. Colombia is to buy 17 Gripen planes – an order worth around SEK 34 billion. The shares closed at SEK 538.50, still a bit off the year's high at the end of September when it cost around SEK 583.

In the opposite direction, clothing giant H&M, in particular, fell 2.8 percent, despite the announcement that the owner family Persson had purchased shares for SEK 292 million after the share dividend last week.

The leading European stock exchanges also fell, most notably the DAX index in Frankfurt, which fell just over 1 percent.

On the foreign exchange market, the krona weakened marginally against the dollar, while the euro became slightly cheaper. At the close of trading, one dollar cost 9.46 kronor and one euro 10.97 kronor.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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