Bulls rush back to stock exchange

The OMXS index shot up 3.1 percent shortly after trading began and by mid-afternoon the index had continued up 4.1 percent to 311.55 points by 3pm.

The positive start to the day’s trading was on the back of a rebound in New York and Tokyo during the night. Stockholm followed the other leading European bourses into positive territory.

Finnish telecom company Nokia led the positive start with a report far above analyst expectations. Nokia’s stock shot up 12 percent to 222 kronor.

Telecom industry colleague Ericsson shared in the euphoria and its badly battered stock recovered 4 percent.

Only six major companies featured on the losers list by mid-afternoon. Among these were mining company, Boliden, whose stock had tumbled 18 percent by 3pm. Boliden issue a profits warning after its net profit for the fourth quarter came in 66 percent below analyst expectations. Boliden was joined by Lundin Mining whose stock had dropped 0.6 percent by 3pm.