The stock market continued to fall – H&M plummeted

The Stockholm Stock Exchange continued to decline after last week's gains, with the clothing chain H&M as a drag. The European Central Bank's (ECB) lowering of the interest rate did not help – the broad OMXS index fell 0.6 percent.

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The stock market continued to fall – H&M plummeted
Photo: Erik Simander/TT

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Among the most traded stocks in the OMXS30 index, game developer Evolution and H&M weighed down with price falls of 3.4 and 2.4 percent, respectively.

Nibe Industrier also fell, with a price fall of 3.2 percent.

In the other scale, real estate company SBB was found, whose stock soared 11.8 percent.

The stock of Dometic, which manufactures leisure equipment, fell 4.8 percent after the company announced 500 employees would be laid off in connection with a new savings package.

The ECB, as expected, lowered interest rates by 0.25 percentage points and removed a phrase about the interest rate level now being restrictive. They also lowered both inflation and growth forecasts.

The development was simultaneously cautious on leading European stock exchanges, with trading around zero after a broad rise on Asian stock exchanges during the night's trading.

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

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