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Strong finish for Stockholm stock exchange

The Stockholm stock exchange finished the trading week higher with TeliaSonera and bank stocks leading the way.

Published: 18 April 2008 18:30 CEST

When trading ended on Friday, the OMXS-index was up 1.5 percent for the day, closing at 317.3.

France Telecom confirmed its interest in TeliaSonera, sending the latter’s stock up 3.6 percent to 51.50 kronor ($8.60).

The largest US bank, Citigroup, posted losses of around $5.1 billion during the first quarter and announced that it would shave off an additional 9,000 employees. The losses were larger than expected, but the company’s stock was up in early trading in New York.

And bank stocks in Stockholm also had a banner day.

Shares in Nordea rose 2.8 percent to finish at 99.00 kronor, and Swedbank saw its stock close up 3.6 percent to 172.00 kronor.

SEB shares were up 2.2 percent to 160.00 kronor and Handelsbank shares finished the day at 182.50 kronor, a rise of 0.6 percent.

The day was less bright for HQ Bank, however, as the bank reported worse results than expected for the first quarter, causing its shares to tumble 6.5 percent to 144.50 kronor.

After having a tough day on Thursday, telecoms companies Nokia and Ericsson saw their shares recover in value somewhat on Friday, with Ericsson up 1.2 percent to close at 11.85 kronor, and Nokia up 1.3 percent to close at 173.00 kronor.

Raised expectations helped Astra Zenca stock finish up 1.8 percent to 249.00 kronor.

Other winners among Sweden’s major companies included Electrolux, which finished the day up 2.7 percent to 93.75 kronor, and H&M, which was up 0.8 percent to 360.00 kronor.

Gaming company Redbet posted a first quarter profit after financial items of 8.3 million kronor. The corresponding figure for the previous year was 0.3 million kronor. Redbet stock jumped up 36.2 percent on the news to close at 94.00 kronor.

STOCK

Oslo Børs sees biggest fall since financial crisis

Oslo’s stock exchange has suffered its biggest decline since the financial crisis hit in 2009, with its shares tumbling a full 6.3 percent as China’s stock market crash reverberates around the world.

Published: 24 August 2015 15:27 CEST
Oslo Børs sees biggest fall since financial crisis
Oslo's Stock Exchange building. Photo: George Rex/Flickr
Several Chinese indices fell by around eight percent in early trading on Monday, as a stockmarket boom largely powered by Chinese retail investors came to a dramatic end. 
 
Norway stockmarket was one of the worst affected in Europe, as China’s slowdown is expected to drag down on the oil markets that are such an important part of its economy. 
 
Of the 167 companies listed on the index, only four small and insignificant companies saw their shares rise.
 
“When you look at how quickly markets have fallen in the last few days it seems that there is an overreaction,” Paul Harper, equity strategist at DNB Markets told Norway’s Aftenposten newspaper
 
“What is happening in the Chinese stock market is not that important for European markets, the stock exchanges in Europe and the US are reacting to weak macroeconomic data from China,” he said. 
 
Market observers have been watching China anxiously for weeks as the country suffers an abrupt slowdown in economic growth.
 
The latest loss of value comes in spite of massive Chinese government efforts in recent weeks to shore up markets in the country.
 
Shanghai’s stock market has now lost all of the value it had added in the course of 2015.