ABB and Assa Abloy Drive Stockholm Stock Exchange Rally

After a shorter downturn in morning trading, the Stockholm Stock Exchange gained momentum on Friday. The broad OMXS index closed with a plus of 0.9, with several industrial companies at the top.

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ABB and Assa Abloy Drive Stockholm Stock Exchange Rally
Photo: Johan Hallnäs/TT

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The automation concern ABB rose 2.7 and lock giant Assa Abloy lifted 2.6 percent. Measurement technology company Hexagon and heat pump manufacturer Nibe increased 2.5 and 2.0 percent, respectively.

The share in defense concern Saab, which released its quarterly result in the morning, initially rose sharply but fell back and closed 0.2 percent up.

In the opposite direction, forest concern SCA went after an interim report that lowered the share by 2.1 percent.

Outside the large-cap list, housing website Hemnet fell 12.3 percent and e-retailer Boozt 18.3 percent after releasing quarterly reports.

The Stockholm Stock Exchange rose since the US stock exchanges again rose sharply on Thursday. Hopes of a lowered interest rate contributed to the rise after statements indicating that the trade war may pressure the American central bank to an early interest rate cut. Signals of easing in the US's trade dispute with the rest of the world were also a positive factor.

The krona lost value against the dollar and euro. One dollar cost 9.70 kronor and one euro 11.03 kronor at the close of the stock exchange.

The leading European stock exchanges rose. The DAX index in Frankfurt performed the best, increasing by around 1 percent.

For the week as a whole, the Stockholm Stock Exchange rose 3.4 percent, but since the turn of the year, the OMXS index has fallen 3.2 percent.

Corrected: In an earlier version of the text, an incorrect euro rate was stated.

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

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