Stockholm Stock Exchange Sees a Week of Declines, but Some Shine
The Stockholm Stock Exchange experienced a turbulent week, marked by an initial lukewarm start that deteriorated significantly on Tuesday. The OMXS30 index suffered its worst day since the spring’s tariff turmoil. Sentiment improved somewhat following semiconductor giant Nvidia’s surprisingly strong report on Wednesday evening.
By Friday’s close, the OMXS30 had fallen by 2.1 percent to 2,699, from 2,757 the previous week. The broader OMXSPI also declined by roughly the same amount, from just under 1,014 to just over 990.
Defensive Stocks Offer Shelter
Among the heavyweight stocks, the classically defensive AstraZeneca performed best, rising over 3 percent during the week. Truck manufacturer AB Volvo also ranked among the winners, with a modest gain of 1.1 percent. The stock received a boost on Wednesday following a new announcement from the U.S. Environmental Protection Agency (EPA) confirming the timeline for new emissions standards. Volvo’s press officer, Claes Eliasson, views the announcement as positive but points out that no complete proposal exists yet to draw conclusions from, as major changes have been signaled.
Kinnevik Rallies Amid Leadership Change
Under pressure, Kinnevik surged over 4 percent on Friday, bringing the week’s gains to 2.3 percent. This followed the announcement on Thursday evening that the company’s CEO, Georgi Ganev, is stepping down.
“I, the board, and Georgi agree on the need for new leadership reinforcement, and therefore we are starting a process for a new CEO,” says Cristina Stenbeck.
Saab Plummets Amid Peace Plan News
At the bottom of the list was Saab, which fell by 8.6 percent from Friday’s closing price and 10.9 percent compared to the first trade on Monday. The defense giant was joined by other industry peers in Europe after the U.S. compiled a peace plan to end the war in Ukraine. However, year-to-date, Saab is still up over 105 percent.
Climate control company Munters fell 6.6 percent during the week after AI fervor gripped the market again on Thursday.
Mining and Metals Sector Under Pressure
Mining and metal-related stocks also had a red week. Boliden fell 4.6 percent, Sandvik 3.9 percent, while Lundin Mining and Lundin Gold lost 6 and 4.7 percent, respectively. In Lundin Gold, an insider sale was reported by one of the company’s board members.
Intellego Faces Turmoil
The company that dominated headlines, however, was First North-listed Intellego, which was suspended from trading before Tuesday’s market opening. The company’s former CEO, Claes Lindahl, is now in custody for aggravated fraud, and Nasdaq wants to remove the stock from the trading venue. The situation has created great concern among the thousands of retail investors who own the stock.
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