The stock market rose – people's shares went up

The week got off to a slow start on the Stockholm Stock Exchange. But it turned upwards, albeit with a slight decline in the last hour of trading. The broad OMXS index closed up 0.2 percent with several high-volume shares as pull factors.

» Updated: October 07 2024

» Published: September 23 2024

The stock market rose – people's shares went up
Photo: Tim Aro/SvD/TT

Interest rate sensitive shares rose, including the real estate company SBB, which increased by 3.1 percent. Among the heavyweights, popular shares such as the clothing chain H&M and telecom equipment manufacturer Ericsson also rose, by 2.4 and 0.7 percent, respectively.

The index-heavy Astra Zeneca slowed down the upturn with a decline of 1.5 percent after a new setback for the Swedish-British pharmaceutical giant's cancer treatment developed with Japanese Daiichi Sankyo.

Billion-dollar order for Skanska

All major banks fell, with Nordea dropping the most: down 1.4 percent.

The construction company Skanska received an order in New York, USA, with an estimated value of SEK 6.6 billion. The share rose 2.2 percent.

Asian stock exchanges reacted positively to a lowered interest rate in China. The development on leading European stock exchanges was also positive, with the exception of the French stock exchange. The CAC index in Paris fell slightly.

The krona weakened against the dollar

An unexpectedly weak purchasing managers' index from major euro countries, such as Germany, pushed down market interest rates and weakened the krona against the dollar.

The Stockholm stock exchange ended last week with a small decline of 0.4 percent after strong price increases in the interest rate party following the Federal Reserve's rate cut earlier in the week.

The OMXS index has risen 11 percent since the beginning of the year.

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By TTThis article has been altered and translated by Sweden Herald

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