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Sour on the stock exchange on the last trading day of the year

This year's last trading day on the Stockholm Stock Exchange ended on a low note, with declines for, among others, ABB and Kinnevik.

» Published: December 30 2024

Sour on the stock exchange on the last trading day of the year
Photo: Jakob Åkersten Brodén/TT

The stock market's broad index, OMXS, ended the day at minus 0.3 percent.

Among the large companies on the OMXS30 list, heat pump manufacturer Nibe performed the best, up 2 percent. The company has otherwise had a tough year on the stock market, with a decline of nearly 40 percent.

Industrial company ABB ended up at the bottom of the list for the day, with a decline of 1.5 percent. Nor did investment company Kinnevik have a bright day on the stock market, with a decline of 1 percent. Overall, a majority of the list's shares fell, contributing to the index closing at minus 0.3 percent.

So far this year, the Stockholm stock market has risen by nearly 6 percent, which is significantly lower than the American S&P 500, which has risen by around 25 percent. The somewhat modest result can be explained, among other things, by the fact that profits in banks and industrial companies have not increased, according to stock analyst Peter Malmqvist.

According to Malmqvist, the good performance in the US is almost exclusively due to the successes of the large tech giants. For example, chip manufacturer Nvidia has risen by nearly 180 percent.

The development on the leading stock exchanges in Europe mirrored that in Stockholm, with red numbers.

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By TTThis article has been altered and translated by Sweden Herald
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