The stock market falls in line with the rest of the world

The Stockholm Stock Exchange closed clearly down in today's trading, in line with leading European stock exchanges and the initial trading on Wall Street. Energy and mining shares are taking a particularly hard hit in the wake of lower metal prices and a fall in the price of crude oil.

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The stock market falls in line with the rest of the world
Photo: Fredrik Sandberg/TT

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Stockholm Stock Exchange closed sharply down in Tuesday's trading, in line with leading European exchanges and the initial trading on Wall Street.

Energy and mining shares took a particularly hard hit in the wake of lower metal prices and a fall in the price of crude oil.

The OMXS index had fallen 0.7% by closing.

Among the losers, one finds mining companies Lundin Mining and Boliden, down 2.6% and 6.6%, respectively.

The major banks are also facing headwinds. Swedbank fell 2.6%.

Wallenberg's power company Investor backed off 0.5% after the announcement that finance director Helena Saxon will leave the company next year.

Ventilation company Systemair is moving in the right direction after a quarterly report, up nearly 4%.

The decline in Stockholm is in line with what's happening on leading European exchanges. It's also pointing downwards in Tuesday's initial trading on Wall Street.

On the world's stock exchanges, energy shares are particularly weighed down, since the oil cartel Opec and Russia, together with other oil-producing countries, have agreed to ease production quotas going forward. The decision creates concern about over-supply and is putting downward pressure on the world market price of crude oil.

Interest rates are falling and the krona has lost a few öre against the euro and the dollar ahead of the expected rate cut by the European Central Bank (ECB) and fresh job figures from the US later in the week.

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

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