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Stock Market Rises After Bank Reports

» Updated: 16 July 2024, 17:46

» Published: 16 July 2024

Stock Market Rises After Bank Reports
Photo: Anders Wiklund/TT

The Stockholm Stock Exchange climbed upwards on Tuesday.

A reporting major bank is the driving force behind the stock market upswing, but another one is acting as a brake.

The OMXS index rose 0.4 percent, despite declines on leading European stock exchanges.

Prior to the stock market opening, major banks SEB and Swedbank presented quarterly reports showing that the banks' net interest income is being pushed downwards, but they still manage to produce slightly higher profits than expected.

Swedbank's share fell 1.3 percent, while SEB's rose 2.7 percent.

Telecom giant Ericsson and investment company Kinnevik also joined the top performers with price increases of 3.0 and 1.8 percent, respectively.

It went worse for real estate company SBB, which fell 3.4 percent, and mining company Boliden, which lost 1.6.

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By TTThis article has been altered and translated by Sweden Herald

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