Saab Stock Surges Amid Weak Market on German Contract News

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Saab Stock Surges Amid Weak Market on German Contract News
Photo: Claudio Bresciani/TT

The Stockholm stock exchange's broad OMXS index circled around zero on Monday and closed at minus 0,2 percent. But the defense equipment manufacturer Saab rose sharply.

Downward in the large company list OMXS30 pulled among others the telecom company Telia, minus 2.0 percent, and the venture capital company EQT, which lost 1.6 percent.

Among the winners were Saab, up 5.2 percent, after the announcement that the company is close to a billion contract that concerns the upgrading of German fighter planes. The increase was also in line with other European defense companies whose shares rose after Russia on Friday violated Estonian airspace.

Upward it went also for the mining company Boliden, plus 2.1 percent, and for the measurement technology company Hexagon, which rose 1.5 percent.

The world market price of gold recorded another record level: 3,723 dollars per ounce, equivalent to approximately 1,230 kronor per gram.

In the currency market, the krona strengthened against both the euro and the dollar. At the close of the stock exchange, one euro cost 11.04 kronor and one dollar 9.38 kronor.

Indices on the Frankfurt and Paris stock exchanges fell, while the London stock exchange closed slightly upward.

The Stockholm stock exchange has since the turn of the year risen 3.1 percent, including Monday's decline.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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