Volvo Boosts Stockholm Stock Exchange Amid Market Weakness

The Stockholm stock exchange started positively on Wednesday, but the broad OMXS index declined during the afternoon and closed at minus 0.1 percent.

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Volvo Boosts Stockholm Stock Exchange Amid Market Weakness
Photo: Stina Stjernkvist/TT

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The large company list OMXS30 was weighed down by declines in several industrial shares, including ABB and Atlas Copco, which fell 1.6 and 1.3 percent, respectively.

Upward was driven primarily by truck manufacturer Volvo, up 1.7 percent, and defense group Saab, which rose 1.4 percent.

Outside OMXS30, insurance group Sampo rose 4.5 percent after reporting a strong quarterly report. In the other direction, Lundin company Orrön Energy plummeted 7.6 percent after its report.

In the morning, the National Institute of Economic Research lowered its forecast for Swedish growth. The NIER now expects Sweden's GDP to grow by 0.7 percent this year.

The leading European exchanges in Frankfurt, London, and Paris rose a few tenths of a percent. In Copenhagen, the index was weighed down by the fact that pharmaceutical giant Novo Nordisk fell back 3.6 percent after an interim report that did not meet expectations.

In the currency market, the krona strengthened against the dollar, which cost 9.62 kronor when the stock exchange closed. Against the euro, the rate was unchanged: 11.20 kronor.

The Stockholm stock exchange has now, after Wednesday's marginal decline, risen 1.2 percent after the turn of the year.

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

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