Saab Soars 11.6% as European Defense Boosts Stockholm Stocks

The Stockholm Stock Exchange started the trading week on an upward trend. At the close, the stock exchange's broad index stood at plus 0.6 percent with Saab as the undisputed winner on the OMXS30 list.

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Saab Soars 11.6% as European Defense Boosts Stockholm Stocks
Photo: Karl-Josef Hildenbrand/AP/TT

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Monday's rocket was the defense company Saab, which rose 11.6 percent after the weekend's political discussions about increased investments in European defense. In the morning, the company also announced that it had received a robot order from the jointly owned German Taurus Systems worth 1.7 billion kronor. Saab's share has risen about 53 percent on the stock exchange this year.

The OMXS30 index, which includes the 30 most traded companies, including Saab, rose 0.7 percent. At the bottom of the index was the real estate company SBB, which fell 2.3 percent.

The Swedish krona strengthened against both the dollar and the euro on Monday, driven by expectations that Sweden's defense industry will be strengthened as Europe increases its defense investments, reports the news agency Bloomberg.

One dollar costs 10.52 kronor and one euro 11.08 kronor.

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

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