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The stock market ended the reporting week on a low note

An intense reporting week ended on Friday with falling prices on the Stockholm Stock Exchange. The broad OMXS index closed at minus 1.1 percent with Boliden and Evolution as the drag.

» Updated: 19 July 2024, 17:43

» Published: 19 July 2024

The stock market ended the reporting week on a low note
Photo: Anders Wiklund/TT

An intense reporting week ended on Friday with falling prices on the Stockholm Stock Exchange. The broad OMXS index closed at minus 1.1 percent, with Boliden and Evolution as the losers.

Mining company Boliden weighed heavily with a 8.8 percent drop in its share price after a quarterly report. Reporting online casino company Evolution fell even more, down 8.3 percent.

Another report loser was Saab, whose share lost 6.4 percent despite the defense company reporting a quarterly report with a significant profit increase and an order intake well above expectations.

Car safety company Autoliv also fell hard, down 10.2 percent, after a report with an unexpectedly small profit increase. Industrial company Sandvik fared better but still fell 0.8 percent after its report.

The development was in line with major exchanges in Europe. The same direction also applied to the initial trading on Wall Street, where Crowdstrike plummeted after the IT security company's system crashed following an update, causing a global wave of problems.

Against the trend was appliance manufacturer Electrolux, which turned a loss into a profit in the second quarter and now hopes to achieve cost savings in the second half of the year. The share rose 2.3 percent.

Another report winner was cloud service company Sinch, which surged 11.8 percent.

Construction company Skanska's share doubled its profit in its report for the second quarter, and the order intake, which was flat, was better than expected. The share rose 0.3 percent.

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By TTThis article has been altered and translated by Sweden Herald

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