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FINANCIAL CRISIS

Worst day of trading since 9/11

Stockholm's stock exchange plunged on Monday at a rate not seen since the terrorist attacks of September 11th 2001.

Worst day of trading since 9/11

Share prices took a nosedive in Stockholm on Monday following sharp drops on Asian markets and falling prices on US markets at the end of last week.

The OMXS shed 7.1 percent of its value, slipping back to 230.3 points by close of trading. The terror attacks of September 11th 2001 led to a drop of 7.8 percent.

The city’s leading indexes went south as soon as trading began on Monday and continued the downward trend all day, led by tumbling bank shares.

Swedbank dropped 11.1 percent to 92.00 kronor, while SEB plummeted 10.6 percent to 108.00 kronor. Nordea fared little better, falling 9.3 percent to 79.90 kronor, and Handelsbanken saw shares slashed by 6.5 percent to 151.00 kronor.

The oil and truck sectors also took a pummeling as many of the major players watched share prices head for the floor: Lundin Petroleum (-11.1 percent), West Siberian (-8.9), Vostok Gas (-26.8), Volvo Trucks (-6.6), Scania (-9.4).

It was also a dark day for some of Sweden’s largest firms, with Ericson (-7.3), SAS (-9.6) and H&M (-4.8) all feeling the effects of the crash.

The financial crisis also landed at the doors of steel manufacturer SSAB (-11.3) and engineering giant ABB (-8.2).

FINANCE

Stockholm stock exchange suffers worst day of 2018

The Stockholm stock exchange plunged by 2.8 percent on Thursday, making it the worst trading day of 2018.

Stockholm stock exchange suffers worst day of 2018
File photo: Stina Stjernkvist/TT
Stock markets across Europe suffered for the third day in a row as the arrest of a top Huawei executive in Canada has raised the spectre of an all-out trade war between the US and China.
 
For the Stockholm Stock Exchange, it meant a blood-red trading day that ended as the worst of the year thus far. The OMXS Stockholm 30 index fell by a combined 2.8 percent.
 
The majority of the companies on the index lost value, with the exception of Ericsson, which seemed to benefit from the news about its Chinese competitor Huawei with a 1.8 percent increase. Airline SAS also saw its stock increase, rising 4.2 percent thanks to sharp declines in oil prices. 
 
Among Thursday’s biggest losers was the mining company Boliden, which suffered a 6.1 percent drop. The stock of the Stockholm-based tech company Hexagon fell 5.6 percent.
 
Meanwhile, the stock of Swedish auto safety equipment manufactor Autoliv fell 6.1 percent on the news that it expects to pay some 1.8 billion kronor in fines as a result of an European Commission investigation into anti-competitive behavior in the EU. 
 
Stockholm was far the only European bourse to have a gloomy Thursday. The CAC index in Paris fell 3.3 percent, the DAX index in Frankfurt dropped 3.5 percent and the London Stock Exchange's FTSE index decreased by 3.2 percent.
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