Stockholm Stock Exchange Opens Week with Gains as OMXS Index Rises

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Stockholm Stock Exchange Opens Week with Gains as OMXS Index Rises
Photo: Claudio Bresciani/TT

The Stockholm stock exchange began the trading week with an upturn. The OMXS index closed 0.6 percent up.

Among the heavier winners in the OMXS30 index, with the most traded shares, was the major bank Swedbank, which rose 2.0 percent after the announcement over the weekend that the US financial supervisory authority SEC had closed an investigation against the bank without action. Other authorities in the US are still investigating the bank.

The major bank Nordea was another winner, up 1.4 percent.

Industry went strong

Industrial shares also went strong. Atlas Copco and Sandvik both rose 2.4 percent.

The leading European stock exchanges also rose during the day. The London Stock Exchange rose slightly, while Frankfurt and Paris both increased more than Stockholm.

It has also been upwards during the night's trading on the leading Asian stock exchanges. And the stock exchanges on Wall Street also rose when they opened.

It is turbulent on the currency market, where the Japanese yen is being pressed by political uncertainty in Japan since Prime Minister Shigeru Ishiba said he is resigning.

The dollar is being pressed in turn by increased expectations that the US central bank Federal Reserve (Fed) will lower the interest rate in just over a week after yet another weak labor market report, which came on Friday. The dollar currently costs 9.36 kronor, the lowest rate since spring 2022.

New gold record

At the same time, the krona is at 10.99 kronor per euro, one of the strongest krona exchange rates since June. The euro has been pressed by interest rate worries ahead of a vote of confidence in the French parliament, which is expected to bring down the country's government.

The gold price rose during the day and is at a new historic record with a peak of $3,637 per ounce (31.1 grams) late in the afternoon - in the wake of the weaker dollar.

Corrected: In an earlier version, an incorrect percentage figure was stated for the OMXS index's increase.

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