Stock Market Stalls as Cloetta Jumps 10.4 Percent

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Stock Market Stalls as Cloetta Jumps 10.4 Percent
Photo: Claudio Bresciani/TT

The trend was negative on the major European stock exchanges on Wednesday, despite the news that ministers from China and the US would meet later in the week to discuss the trade war. The Stockholm stock exchange fluctuated around zero during the day, and the broad OMXS index closed 0.1 per cent up.

Prior to the stock market opening, a number of companies presented quarterly reports, including Skanska and Cloetta. The construction giant fell back 1.6 percent, despite positive interim results. The confectionery manufacturer, on the other hand, surged 10.4 percent following the announcement of increased profit.

Among the most traded shares in the OMXS30 index, Saab fell back 0.2 percent following the news that the defense group had received a new billion-order from the Defence Materiel Administration.

The winners in OMXS30 included major banks, where Swedbank performed best, up 2.0 percent. The index was topped by the real estate company SBB, which rose 3.0 percent.

A preliminary inflation figure for April from the Statistics Sweden was unexpectedly low. Analysts do not believe that it will result in the Swedish Central Bank lowering the interest rate on Thursday – but it may affect the outlook for interest rate cuts later in the year.

The market's focus was directed towards how the US Federal Reserve would formulate its stance on the future and the effects of the Trump administration's tariffs, when the bank announces its interest rate decision on Wednesday evening.

With Wednesday's marginal increase, the Stockholm stock exchange has fallen back 2.4 percent since the turn of the year.

Leading indices on the stock exchanges in Frankfurt, London, and Paris all fell.

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

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