Volvo soared and SEB plummeted

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Volvo soared and SEB plummeted
Photo: Fredrik Sandberg/TT

The truck giant Volvo rushed to the top, the major bank SEB plummeted to the bottom. These were the reactions on the Stockholm Stock Exchange following Wednesday morning's closing. The exchange's broad OMXS index closed at plus 0.8 percent.

Volvo's quarterly profit was somewhat worse than expected, but the order flow surprised positively. The stock price moved away nicely, and the company rose 7.7 percent.

Even competitor Traton, owner of Scania, was affected and rose 5.8 percent.

Tele2 will get rid of over 600 employees. On the stock exchange, it was thumbs up, the stock price rose 5.2 percent.

Significantly worse was the performance of the large bank SEB, which did not offer any extra dividend to shareholders, but instead launched a buyback program that should appeal to speculators. But the stock price fell anyway, 4.2 percent.

Otherwise, yesterday's stock market candy was Cloetta, which rushed 11.5 percent after releasing its annual report.

Another report winner was the industrial company Trelleborg, plus 4.3 percent.

At closing in Stockholm, the large European exchanges in Frankfurt, London and Paris had all clearly gone up.

On Wall Street in New York, two of the three large indices had backed off ahead of the central bank Federal Reserve's (Fed) interest rate statement later in the evening Swedish time.

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

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