Stockholm Stocks Surge as Nibe Leads Market Rebound

After a gloomy Tuesday, the Stockholm Stock Exchange rose significantly on Wednesday with the broad OMXS index up 2 percent. The air heat pump manufacturer Nibe was the locomotive.

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Stockholm Stocks Surge as Nibe Leads Market Rebound
Photo: Fredrik Sandberg/ TT

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The rebound follows Tuesday's decline of 3.3 percent, which was summarized as the worst stock market day in almost two years.

USA's Trade Minister Howard Lutnick announced during the night that a trade compromise with Mexico and Canada may be near.

Wednesday's rise in Stockholm was broad. The best of the most traded stocks on the OMXS30 list was Nibe, up 6.8 percent. Defense conglomerate Saab also performed well and rose 6.1 percent, while industrial company Atlas Copco climbed 5.8 percent.

Among the few major ones that fell, real estate company SBB was the worst, down 3.5 percent. Pharmaceutical company Astra Zeneca and telecom operator Tele2 lost 1.8 and 1.6 percent, respectively.

Even on the leading European stock exchanges, it was upward at the close in Stockholm. The Frankfurt Stock Exchange's DAX index had performed the best, up 3.5 percent.

On Wall Street in New York, all three major indexes fell after a couple of hours of trading. US stock markets fell clearly for the second day in a row on Tuesday.

The dollar weakened against the Swedish krona. One dollar costs 10.25 kronor and one euro 11.03 kronor.

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

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