H&M Shares Drop 2.1% Amid Stockholm Stock Exchange Decline

The Stockholm stock exchange fell on the first day of the trading week. The broad OMXS index decreased by 0,7 percent and the large-cap index OMXS30 lost 0,8 percent.

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H&M Shares Drop 2.1% Amid Stockholm Stock Exchange Decline
Photo: Viktoria Bank/TT

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Worst in OMXS30 was the heat pump manufacturer Nibe, down 8.0 percent, after a surge on Friday in connection with the company's interim report. Index-heavy clothing giant H&M declined 2.1 percent.

Against the trend went the defense group Saab. The share rose 3.2 percent after the announcement that Thailand is buying four Gripen planes with a total order value of just over 5 billion kronor.

Among the smaller companies, a sharp price decline was noted in the leisure product company Thule after the major bank SEB lowered its recommendation for the company. The share fell 5.9 percent.

Last trading week ended with a clear rise on the Stockholm stock exchange after a speech by the American central bank chief Jerome Powell, in which he opened up for a reduction of the USA's interest rate in September.

The leading Asian markets followed suit during the night Swedish time and rose significantly, including in Hong Kong. The development on the major European exchanges was mixed: the DAX index in Frankfurt and the CAC index in Paris declined, while the London stock exchange rose slightly.

In the currency market, the krona weakened marginally against both the dollar and the euro, which at the close of trading cost 11.14 kronor. One dollar cost 9.54 kronor.

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

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