Volvo Cars Soars 38% on Stockholm Stock Exchange After Strong Report

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Volvo Cars Soars 38% on Stockholm Stock Exchange After Strong Report
Photo: Björn Larsson Rosvall/TT

Volvo Cars surged more than 38 percent on the Stockholm stock exchange after a positive quarterly report. At the same time, the broad OMXS index rose 0.8 percent.

The car manufacturer was Thursday's clear biggest winner. The price increase was the largest increase during a day's trading since the company was listed on the stock exchange four years ago.

Also, the car sales company Bilia rose sharply, up 11.4 percent, after, among other things, having announced a cost-saving program at the same time as the company's interim report was better than expected.

Among the heavyweights in the OMXS30 index, Telia performed the best, up 7.2 percent, after the telecom operator raised its cash flow forecast by half a billion kronor.

In the opposite direction, above all, the online casino company Evolution went. The share fell 7.1 percent to the lowest level since autumn 2020. The company did not meet the market's forecasts in its quarterly report, mainly regarding the development among Asian customers.

Among the losers were also Handelsbanken, down 2.9 percent, after Wednesday's interim figures. Competitors SEB and Swedbank, which reported on Thursday, fell back 0.1 and 0.2 percent, respectively.

The development on the leading European stock exchanges was mainly positive. The FTSE index in London performed the best, rising nearly 1 percent.

In the currency market, the krona continued to strengthen against both the dollar and the euro. At the close of trading, one dollar cost 9.39 kronor and one euro 10.90 kronor.

The Stockholm stock exchange has now risen 7.1 percent, counted from the turn of the year.

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By TTEnglish edition by Sweden Herald, adapted for our readers

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