Banks and Industrials Drag Down Stockholm Stock Exchange

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Banks and Industrials Drag Down Stockholm Stock Exchange
Photo: Claudio Bresciani/TT

The Stockholm stock exchange's broad OMXS index fell 0.8 percent on Wednesday, weighed down by declines in banks and industrial companies.

Nordea, which reported better-than-expected quarterly results, rose 1.7 percent. The three competing major banks, on the other hand, lost almost 1 percent.

The industrial company Sandvik reported increased profit for the first quarter, and the stock rose 0.3 percent. However, several other industrial companies were among the losers, including the heat pump manufacturer Nibe and the bearing giant SKF, which fell 2.7 and 1.7 percent, respectively.

It went better for the automotive safety company Autoliv, which reported a significant profit increase in its quarterly report. The stock surged 7.7 percent.

The best-performing stock on the OMXS30 large-cap list was the online casino company Evolution, up 2.9 percent.

On the Asian stock exchanges, it was mostly downhill during the night Swedish time. The indices on the Frankfurt and London stock exchanges rose 0.3 percent, while the CAC 30 in Paris fell 0.1 percent.

On the currency market, the krona strengthened against both the dollar and the euro. One US dollar cost 9.77 kronor at the close of trading, and one euro cost 11.10 kronor.

Corrected: In an earlier version of the text, incorrect index figures were stated for the European stock exchanges.

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

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