Ericsson Boosts Stockholm Stock Market Amid Interest Rate Cut

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Ericsson Boosts Stockholm Stock Market Amid Interest Rate Cut
Photo: Claudio Bresciani/TT

The Stockholm stock exchange rose on Tuesday after the Swedish Central Bank's announcement of a reduction in the interest rate. The broad OMX index lifted 0.7 percent with Ericsson as the locomotive.

The telecom company climbed 2.5 percent, the most in the large-cap index OMXS30, after information on the economics site EFN that the company will for the first time begin to buy back its own shares.

Also, the index-heavy clothing giant H&M rose, up 2.1 percent.

A new player made a successful debut on the Stockholm stock exchange: the online pharmacy Meds, which entered First North at a subscription price of 53 kronor. At the close, the share cost 58 kronor.

The krona strengthened a few öre against the dollar and euro to exchange rates of 9.35 and 11.03 kronor, respectively, while market interest rates fell marginally.

The world market price of gold continued to rise and was at its highest at $3,791 per ounce. However, the price fell slightly in the afternoon and was at the close of the stock exchange at $3,779 per ounce, which corresponds to 1,247 kronor per gram.

Leading indices on the stock exchanges in Frankfurt, London, and Paris rose, although somewhat less than the Stockholm stock exchange.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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