H&M Stock Rises Amid Stockholm Market Decline

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H&M Stock Rises Amid Stockholm Market Decline
Photo: Fredrik Sandberg/TT

The Stockholm stock exchange fell in afternoon trading on Tuesday and the broad OMXS index closed at minus 0,9 percent. Against the trend went clothing giant H&M, which rose 2,1 percent.

The H&M stock was thus traded at the highest level since February. The evening before, the American competitor Gap rose by more than 4 percent on the stock exchange in New York.

Among other winners in the large company index OMXS30, the forestry company SCA was noted, up 0.9 percent, and the truck manufacturer Volvo, which rose 0.6 percent. For Volvo's part, the increase was linked to the fact that the American major bank Citi had reported a positive view ahead of the company's upcoming interim report.

But 26 out of 30 stocks in the OMXS30 fell in value. The most losses were made by the telecom and broadband operator Tele2, down 3.6 percent. The Wallenberg sphere's venture capital company EQT, which rose sharply the day before, fell 2.5 percent.

In the morning, the Financial Supervisory Authority announced that it is proceeding with the steel manufacturer SSAB's billion-kronor write-down. The stock rose 0.4 percent.

The development on the leading European stock exchanges resembled that in Stockholm. The indexes in Frankfurt, London, and Paris all fell, with the German DAX losing nearly 2 percent.

After Tuesday's decline, the Stockholm stock exchange has risen 2.3 percent since the turn of the year.

In the currency market, the krona strengthened against the dollar but weakened against the euro. At the close of trading, one dollar cost 9.25 kronor and one euro cost 10.95 kronor.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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