SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Down on the stock exchange – tough for Volvo Cars

The Stockholm Stock Exchange started the week with falling prices. Among the losers, Volvo Cars stood out, which retreated after new profit warnings from the industry.

» Updated: 08 October 2024, 11:31

» Published: 30 September 2024

Down on the stock exchange – tough for Volvo Cars
Photo: Stina Stjernkvist/TT

The broad OMXS index fell by 0.3 percent on Monday, similar to the development on several of the leading European stock exchanges.

Several Swedish industrial giants experienced a rough development during the trading day. For example, ABB fell by 1.0 percent, while SKF dropped by 1.3 percent.

Volvo Cars also fell significantly during the day, and had fallen by 3.5 percent by the close.

Several profit warnings have characterized the automotive industry in recent times. Last week, German Volkswagen issued such a warning, and on Monday it was Stellantis, owner of, among others, Peugeot and Fiat, who wrote down their profitability forecasts.

A majority of the shares on OMXS30 fell during the day, and the index ended the day down by 0.5 percent overall.

Against the trend, less cyclical-sensitive companies such as paper product manufacturer Essity and telecom operator Telia rose by 1.5 and 0.7 percent, respectively.

In the afternoon, new German inflation statistics were released, where the price increase rate fell further, which may indicate that Europe's growth engine continues to lose momentum.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Took a tough stance on crypto companies - resigns
1 MIN READ

Took a tough stance on crypto companies - resigns

Ingvar Carlsson on PG: "A very loyal friend"
2 MIN READ

Ingvar Carlsson on PG: "A very loyal friend"

No Wage Guarantee in American Process
1 MIN READ

No Wage Guarantee in American Process

He became "PG" to the entire Swedish people
3 MIN READ

He became "PG" to the entire Swedish people

PG Gyllenhammar has died: "meant a lot"
1 MIN READ

PG Gyllenhammar has died: "meant a lot"

Unstable US stock market ends on a plus
1 MIN READ

Unstable US stock market ends on a plus

Temu's owner shows its hand
1 MIN READ

Temu's owner shows its hand

Nvidia rises in pre-trading on Wall Street
1 MIN READ

Nvidia rises in pre-trading on Wall Street

Reconstruction in the USA to save Northvolt
3 MIN READ

Reconstruction in the USA to save Northvolt

Northvolt: Negotiations are still ongoing
3 MIN READ

Northvolt: Negotiations are still ongoing

Higher Compensation for Job Interviews in Another Location
1 MIN READ

Higher Compensation for Job Interviews in Another Location

Vehicle Giant Warns of Challenges in 2025
1 MIN READ

Vehicle Giant Warns of Challenges in 2025

Unchanged interest rate in Turkey
1 MIN READ

Unchanged interest rate in Turkey

Trump anxiety in the EU over US tariffs
3 MIN READ

Trump anxiety in the EU over US tariffs

Weak demand for scrapping premium
1 MIN READ

Weak demand for scrapping premium

E-fuel company takes in half a billion
1 MIN READ

E-fuel company takes in half a billion

New Report Boost for AI Giant Nvidia's Share
2 MIN READ

New Report Boost for AI Giant Nvidia's Share

Stockholm Stock Exchange Turned Upwards
1 MIN READ

Stockholm Stock Exchange Turned Upwards

Bitcoin closer to the dream limit
1 MIN READ

Bitcoin closer to the dream limit

Higher fee to stop burning of plastic
2 MIN READ

Higher fee to stop burning of plastic