Stockholm Stock Exchange Soars 1% as Federal Reserve Set to Announce Interest Rates – OMXS30 Update
At around 12:30, the OMXS30 was up 1% to 2,622 with shares worth about 4 billion kronor traded on the Stockholm Stock Exchange. The German DAX index and French CAC40 were up 0.5% and 1.3% respectively.
On the macro front, the US Federal Reserve is expected to announce its interest rate decision at 8:00 PM Swedish time. The Fed is expected to leave the target range unchanged at 5.25-5.50% after the FOMC meeting on July 30-31, marking the eighth consecutive meeting with no change.
In individual stocks, Atlas Copco and Boliden led the major index with gains of 2.7% each. Meanwhile, Telia and SBB were at the bottom of the index with declines of 3% and 4% respectively.
Outside the OMXS30, Diamyd Medical surged approximately 23% after positive interim results from the phase 3 study of Diagnode-3, evaluating the vaccine candidate Diamyd for patients with type 1 diabetes.
Lundin Mining climbed 2.5% after reporting a net profit of $122 million in the second quarter. Concentric, on the other hand, dropped over 7.7% after missing expected operating results.
In other news, Bioarctic’s partner Eisai presented long-term data for lecanemab showing increasing benefits for patients with early Alzheimer’s disease, leading to a 3.4% increase in the stock price.
White Pearl, formerly DS Plattformen, saw a 12% surge after deciding not to proceed with Ayima Groups bankruptcy estate. The company also announced write-downs and provided forecasts for 2024.
Additionally, telecommunications operator Millicom rose about 0.4% after signing a non-binding memorandum for the potential combination of Telefonica Colombia (Coltel) and TigoUne.
In conclusion, the Stockholm Stock Exchange is performing well with various companies posting positive results and developments. Investors should keep an eye on the Federal Reserve’s interest rate decision as it can impact market trends. Overall, diversifying investments and staying informed about macroeconomic events are key to financial success.