Decline on the Stockholm Stock Exchange – Saab plummeted

The Stockholm Stock Exchange turned downward on Thursday and at the close, the OMXS index stood at minus 1.11 percent. American inflation figures and the defense company Saab contributed to the sour stock market mood.

» Published: October 10 2024

Decline on the Stockholm Stock Exchange – Saab plummeted
Photo: Pi Frisk / SvD / TT

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An initial decline was reinforced during the afternoon following the report of the inflation statistics for September.

A slightly higher inflation than expected now makes the market fear that the interest rate cuts will not occur at the same pace as expected, which is negative for the stock market.

Later in the afternoon, the US Department of Justice announced that it is requesting information and answers from Saab regarding the Gripen deal with Brazil for 36 aircraft in 2014.

The effect was immediate for the stock price, which fell 6.38 percent. Kinnevik and the real estate company SBB also fell heavily, declining 3.13 and 2.92 percent, respectively.

Among the winners on the Stockholm Stock Exchange, the banking sector stood out, with Swedbank at the top with an increase of 0.49 percent. Nordea also rose slightly, up 0.17 percent.

The development on the leading exchanges in Europe was also negative, although better than in Stockholm. Frankfurt fared best with a minor decline of 0.11 percent.

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

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