Despite oil announcement, the stock
Photo: Pontus Lundahl/TT

Despite oil announcement, the stock market fell

The Stockholm Stock Exchange closed 0.8 percent lower. The decline occurred despite Western countries' decisions to release oil from their strategic reserves in response to the war in Iran.

The decline was broad, and among the biggest losers were stock-market heavyweights the private equity firm EQT, down 3.1 percent, and the defense group Saab, down 2.8 percent. Against the tide was the gadget chain Clas Ohlson, whose shares rose nearly 8.8 percent after an interim report.

It was similar elsewhere in Europe, where both London and Paris closed in the red.

The market continues to be characterized by concerns about the effects of an energy price shock due to the halt in oil and gas supplies from countries around the Persian Gulf - a result of Iranian attacks on civilian shipping around the Strait of Hormuz.

Western countries in the International Energy Agency (IEA) have agreed to release 400 million barrels of crude oil from their reserves to dampen price increases, but on Wednesday afternoon the price of Brent was just over $92 per barrel, still relatively high.

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AuthorTT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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