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Industrial Giants Weigh Down the Sluggish Stock Market

» Updated: 08 November 2024, 17:40

» Published: 08 November 2024

Industrial Giants Weigh Down the Sluggish Stock Market
Photo: Stina Stjernkvist/TT

The Stockholm stock exchange ended the trading week on a minus, weighed down by declines in industrial companies. The broad OMXS index fell 0.6 percent.

Among the losers in OMXS30, which includes the most traded shares, were the mining company Boliden and truck giant Volvo, which lost 3.9 and 2.8 percent, respectively. Several other industrial companies also fell between 2 and 3 percent.

In the opposite direction, the pharmaceutical company Astra Zeneca rose 1.9 percent, and the medical technology company Getinge, which climbed 1.8 percent. The index-heavy fashion giant H&M also closed on a plus, up 0.4 percent.

On the leading European stock exchanges, it was just like in Stockholm - red numbers. The indexes in Frankfurt, London, and Paris fell by about the same amount as the Stockholm stock exchange.

Cryptocurrencies have reacted positively to Donald Trump's victory in the American presidential election. The Bitcoin exchange rate surged on Thursday evening to nearly 77,000 dollars, a new historical record, and on Friday it hovered around 76,000 dollars.

The krona weakened against both the dollar and the euro, and at the close of the exchange, the rate was 10.84 and 11.62 kronor, respectively.

For the week as a whole, the Stockholm stock exchange rose 0.9 percent, and since the turn of the year, the OMXS has risen 8.8 percent.

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By TTThis article has been altered and translated by Sweden Herald

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