Stock Market Up for Seventh Consecutive Day

The Stockholm Stock Exchange turns upwards on a weak plus after a hesitant start. It became the seventh trading day in a row on plus.

» Published: December 05 2024

Stock Market Up for Seventh Consecutive Day
Photo: Fredrik Sandberg/TT

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At the close, the OMXS-index, after some fluctuations, ended up at 0.1 percent.

Among the most traded stocks in the OMXS30-index, measurement technology company Hexagon rose 2.6 percent and major bank SEB 2.5 percent.

Real estate company SBB fell 3.7 percent in the wake of the dispute with bondholders who believe the company has breached the terms of the interest coverage ratio.

Steel manufacturer SSAB is receiving a billion-kronor support from the EU for the transformation of its Luleå factory. The stock still closed at minus 0.8 percent.

During the night, the cryptocurrency bitcoin crossed the $100,000 mark for the first time and has continued to rise. At 17:30 Swedish time, the price was around $100,918.

The demand for cryptocurrencies has received an extra boost since incoming President Donald Trump nominated Paul Atkins, an outspoken crypto-friendly economist, as the new head of the US financial supervision SEC.

The krona has strengthened against the dollar, which now costs 10.87 kronor. This can be compared to the price peak on Wednesday at 11.04 kronor.

At the close in Stockholm, the stock exchanges in Frankfurt, London, and Paris were all up.

Wall Street closed on Wednesday at new record levels, while it has been mixed on leading Asian stock exchanges during the night's trading. After opening on Thursday, two out of three major New York stock indexes had fallen back.

The Stockholm Stock Exchange has risen for six trading days in a row and is now up 10 percent since the turn of the year.

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

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