The stock market is up again – but SKF crashed

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The stock market is up again – but SKF crashed
Photo: Stina Stjernkvist/TT

The Stockholm Stock Exchange continued to rise on Tuesday, as did the major European stock exchanges. But ball bearing giant SKF fell hard.

The stock exchange's broad OMXS index rose 1.1 percent. In the large-cap OMXS30 index, which rose by the same amount, almost all shares closed in the red. The best performers were the private equity firm EQT, up 3.1 percent, as well as pharmaceutical giant Astra Zeneca and industrial group Alfa Laval, both of which rose 2.3 percent.

At the other end, SKF fell 6.8 percent after management launched new financial targets in connection with a capital markets day. The ball bearing manufacturer also flagged that the company's transformation is taking longer than expected.

In overnight Asian trading, prices turned slightly downward. However, indices on the leading stock exchanges in Europe rose, most notably the CAC40 in Paris, which rose approximately 1.5 percent.

The oil price turned up again. A barrel of North Sea oil cost around $65 on Tuesday afternoon.

On the foreign exchange market, the krona strengthened further against both the dollar and the euro, which at the close of trading cost 9.45 and 10.96 kronor respectively.

After clear gains during the first two trading days of the week, the Stockholm Stock Exchange has now risen 7.4 percent since the turn of the year.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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