The stock market rally continues – opens slightly higher

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The stock market rally continues – opens slightly higher
Photo: Pontus Lundahl/TT

The Stockholm Stock Exchange extended its rally on Thursday with a cautiously positive opening of the trading day. The OMXS index has risen 0.1 percent after five minutes of trading.

Food retailer Axfood is among the winners with a price increase of 3 percent after the announcement of a multi-billion-sek investment in automation in a new logistics center in Kungsbacka.

Major bank Nordea is also among the heavyweight winners in the OMXS30 index, with an increase of 1.1 percent. Defense group Saab is also doing well, up 0.9 percent.

Risk appetite in the market gained some momentum on Thursday after an unexpectedly low inflation figure from the US for November, which increases the likelihood of further interest rate cuts by the US Federal Reserve (Fed) next year.

During the night, the Bank of Japan simultaneously raised its key interest rate to the highest level since 1995. The interest rate announcement was expected, but helped push the interest rate on the ten-year Japanese bond above 2 percent for the first time in almost 20 years.

On Thursday, the Stockholm Stock Exchange rose 1.1 percent, in line with leading European exchanges. Since the beginning of the year, the OMXS index has been up 7.6 percent.

It was also up on Wall Street on Thursday and it continued to rise on the leading Asian stock exchanges overnight into Friday.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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