Major Banks Soar on the Stock Exchange

It was a course rally in the major banks on Wednesday after strong quarterly reports, but the Stockholm Stock Exchange as a whole rose very moderately. The broad OMXS closed at plus 0.1 percent.

» Published: Wed 23 Oct 2024 07:25 CEST

Major Banks Soar on the Stock Exchange
Photo: Erik Simander/TT

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Handelsbanken and Swedbank both presented more positive reports than expected for the third quarter, and the two major banks' shares rose 8.0 and 5.0 percent, respectively.

Volvo Cars also exceeded expectations, but revised down its sales forecast for the full year for the second time this year. The car manufacturer warned in its quarterly report of increased macroeconomic headwinds and "geopolitical complexity". The share fell 5.9 percent.

Husqvarna, a manufacturer of gardening products, had even stronger headwinds in its report. The result plummeted in the third quarter, and net sales fell by 7 percent. The company announced staff cuts, with 400 jobs in the group to be eliminated to save half a billion kronor. The share rose 3.3 percent.

Steel manufacturer SSAB, one of this year's losers on the stock exchange, fell 0.1 percent after an interim report that showed a hard pressure on the result.

A quarterly report from car dealer Bilia confirmed the headwinds in new car sales. However, the share rose 2.6 percent.

Industrial conglomerate Atlas Copco fell 0.7 percent after a quarterly report that was worse than expected.

With the OMXS index's modest increase on Wednesday, the Stockholm stock exchange has risen 9.1 percent since the turn of the year.

The development on leading European stock exchanges was negative, but the declines were not large, less than one percent.

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

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