Stock market slightly down, but banks are winners

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Stock market slightly down, but banks are winners
Photo: Pontus Lundahl/TT

After a decline on Tuesday morning, the Stockholm Stock Exchange recovered in late trading and closed near unchanged. The broad OMXS index fell 0.1 percent.

The major banks, on the other hand, performed strongly. Handelsbanken and Nordea rose 2.2 and 1.3 percent, respectively. Another winner was engineering company Sandvik, up 1.5 percent.

In the large-cap index OMXS30, the distribution between winners and losers was even. The worst performers were industrial group Lifco, down 3.1 percent, and technology trading group Addtech, which fell 2.6 percent.

Scania owner Traton's shares fell 1.2 percent after Morgan Stanley analyst Shaqeal Kirunda downgraded the stock. Kirunda warned of headwinds due to a costly investment in China and tariff effects - while the boost from major investments in infrastructure and defense in Europe is not expected to contribute positively until next year.

Small movements in Europe

Overnight Tuesday, the Tokyo Stock Exchange rose sharply after market speculation about a new Japanese election gained momentum - which, based on public opinion, could strengthen Prime Minister Sanae Takaichi's mandate.

Movements on the leading European stock exchanges were small. Indices in Frankfurt, London and Paris moved only a few tenths of a percent.

The price of gold rose to a new record high of just over $4,600 an ounce. Oil prices also rose after US President Donald Trump threatened 25 percent tariffs on all countries doing business with Iran.

The krona weakened

On the foreign exchange market, the krona weakened slightly. At the close of trading, one dollar cost 9.21 kronor and one euro 10.72 kronor.

The Stockholm Stock Exchange, where the reporting season begins in earnest next week, was flat on Monday. After Tuesday's marginal decline, OMXS has risen by 2.5 percent since the turn of the year.

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By TT News AgencyEnglish edition by Sweden Herald, adapted for our readers

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