Key Points
- Swedish and Finnish stock markets both closed higher on Wednesday.
- The industrial and basic materials sectors led the gains.
- Volvo was the best performer on the Stockholm 30 index.
- Outokumpu was the biggest winner on the Helsinki 25, soaring by more than 5%.
Stock markets in Sweden and Finland both closed higher on Wednesday, with gains in the industrial and basic materials sectors leading the way.
In Stockholm, the OMX Stockholm 30 index rose 0.39%. The car and truck maker Volvo was the best performer of the day, with its stock climbing over 2%. The industrial company NIBE and the engineering group Sandvik also had strong sessions.
On the downside, the pharmaceutical giant AstraZeneca fell 1.66%, and the technology company ABB also declined. Despite these losses, advancing stocks outnumbered declining ones on the Stockholm exchange. One notable loser was Evolution AB, which fell to a 5-year low.
In Helsinki, the gains were even stronger, with the OMX Helsinki 25 index rising 0.97%. The steel company Outokumpu was the star of the show, with its stock soaring by more than 5%. SSAB, another steel producer, and the forestry company Stora Enso also posted solid gains.
The real estate company Kojamo was the worst performer in Helsinki, falling 1.32%. The telecom giant Nokia also slipped slightly. Overall, rising stocks far outnumbered declining ones on the Helsinki exchange.
In the global commodities market, oil prices were slightly higher, while gold futures surged, rising nearly 1.5% to over $4,830 an ounce.
In the currency markets, the Swedish krona gained ground against both the euro and the U.S. dollar. The euro was little changed against the dollar.
