Ericsson fell hard on a weak stock market

The Ericsson share plummeted on the last day of the trading week, and the Stockholm Stock Exchange's broad OMXS index closed at minus 0.2 percent, despite a positive start to the day.

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Ericsson fell hard on a weak stock market
Photo: Fredrik Sandberg/TT

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The telecom equipment manufacturer Ericsson reported on Friday a lower profit than expected for the last quarter of last year. The stock market reaction was intense and the share fell almost 13 percent.

Other losers on the large-cap list were the telecom companies Telia and Tele2, down 0.9 and 0.8 percent, respectively. The major banks also turned downward after Thursday's gains. Handelsbanken, for example, fell 1.3 percent.

The best among the large-cap companies was the forestry company SCA, up 3.3 percent, and the online casino company Evolution, which climbed 2.0 percent.

The OMXS index rose during the past week by 3.2 percent, and since the turn of the year, the stock market has risen by 6.5 percent.

The krona strengthened slightly against the dollar and cost 10.91 kronor at the close of trading on Friday, while the euro was unchanged and cost 11.47 kronor.

On the leading European stock exchanges, the development was mixed. The FTSE index in London fell, the CAC40 index in Paris rose slightly, while the DAX index in Frankfurt closed almost unchanged.

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

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