The stock market rose for the third day in a row

The Stockholm stock exchange continued upwards on Thursday for the third day in a row. The broad OMXS index rose 0.7 percent.

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The stock market rose for the third day in a row
Photo: Anders Wiklund/TT

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Among the most traded stocks in the OMXS30 index, the telecom company Tele2 and the heat pump manufacturer Nibe performed the best, up 2.8 and 2.6 percent, respectively. Down in the OMXS30 were, among others, the bearing giant SKF, down 1.1 percent, and the real estate company SBB, down 0.9 percent.

The investment company Ratos rose 1.1 percent since Plantagen – part of the company's portfolio – had a reconstruction plan approved by the district court.

A slightly weaker retail sales figure than expected for December from the US caused no major waves on the market.

Risk appetite on the market around the world has received a boost after a report on Wednesday, which showed a slightly lower core inflation than expected in the US. This increases the likelihood of interest rate cuts from the US central bank Federal Reserve going forward.

A number of unexpectedly strong quarterly reports from financial giants such as Wells Fargo, JP Morgan, and Goldman Sachs also contributed to strengthening the stock market sentiment. And the reporting season in the US continued on Thursday with further evidence of strength from the banking sector in the form of reports from Bank of America and Morgan Stanley.

The European major stock exchanges also rose. The CAC index in Paris performed the best, up around 2 percent.

The Stockholm stock exchange – whose reporting season does not get underway in earnest until next week – rose 2.3 percent on Wednesday. This was also linked to the inflation figure and the strong bank reports from the US.

The OMX index has, including Thursday's rise, risen 3.2 percent since the turn of the year.

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

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