Upwards on the stock exchange – industrial companies at the top

The Stockholm Stock Exchange rose steadily throughout Friday's trading. At the close, the broad OMXS index had risen 2.2 percent, boosted by unexpectedly positive inflation statistics.

» Updated: July 16 2024

» Published: July 12 2024

Upwards on the stock exchange – industrial companies at the top
Photo: Stina Stjernkvist/TT

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The Stockholm stock exchange rose steadily throughout Friday's trading. At the close, the broad OMXS index had risen 2.2 percent, boosted by unexpectedly positive inflation statistics.

The majority of the most heavily traded stocks in the OMXS30 index rose. Only 2 of the 30 companies fell: the defense conglomerate Saab and the investment company Kinnevik, which lost 0.9 and 0.2 percent, respectively.

The OMXS30 was topped by a number of industrial companies, including the heat pump manufacturer Nibe, up 4.8 percent, and the telecom giant Ericsson, which climbed 4.4 percent.

Ericsson reported a massive loss for the latest quarter on Friday, but the result was still better than analysts had expected. The stock initially rose over 7 percent but then fell back slightly.

The index-heavy fashion giant H&M also rose, up 2.4 percent.

Inflation figures from the Statistics Sweden were released on Friday morning. Inflation fell to 1.3 percent in June, more than expected and well below the Swedish Central Bank's target of 2 percent.

The leading stock exchanges in Europe rose, but not as much as the Stockholm stock exchange.

During the past week, the OMXS index rose 3.2 percent, and since the beginning of the year, the stock exchange has risen 12.2 percent.

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

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