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Factory companies weighed down the stock market

The Stockholm Stock Exchange started the week down. The broad OMXS index fell 0.4 percent, weighed down by declines in industrial companies.

» Published: December 16 2024

Factory companies weighed down the stock market
Photo: Stina Stjernkvist/TT

Among the most traded shares in the OMXS30 index, cloud service company Sinch rose 3.4 percent. At the other end, heavyweights such as truck giant Volvo fell 2.0 percent. Industrial companies Sandvik and Alfa Laval fell 1.7 and 1.6 percent, respectively, and appliance giant Electrolux dropped 1.5 percent.

The decline in OMXS30 was broad: 22 out of 30 shares closed in the red.

On leading Asian stock exchanges, it was mostly downhill overnight, partly due to continued weak consumption in China. November figures show the lowest growth in three months.

This week, several central banks will announce interest rate decisions, including the Swedish Central Bank. In mid-November, the Swedish Central Bank made a so-called double cut in the repo rate. On Thursday, almost everyone expects a further cut, but by 0.25 percentage points.

On Wednesday, the US central bank, the Federal Reserve, will also announce its interest rate decision. Most analysts expect a cut of 0.25 percentage points.

The cryptocurrency bitcoin was back at record levels, just above $106,700 per bitcoin. The krona strengthened slightly against the dollar and euro – one dollar cost 10.90 kronor and one euro 11.45 kronor at the close of the exchange.

The leading European stock exchanges in Frankfurt, London, and Paris fell in line with the Stockholm Stock Exchange.

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By TTThis article has been altered and translated by Sweden Herald

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