Breaking News: European Stock Markets Down, Saab and SBB Hit Bottom in OMXS30 Index
At around 9:15 am, the OMXS30 was down 1.8 percent to 2,500. Stocks worth a total of 1.3 billion SEK had been traded on the Stockholm Stock Exchange. Leading European stock markets were also trading lower. The German DAX index fell 1.6 percent, while the CAC40 in Paris dropped 0.9 percent. In London, the FTSE 100 was down 0.6 percent.
At the opening bell, defense company Saab and real estate company SBB were at the bottom of the OMXS30 index with declines of 4.1 and 5.1 percent, respectively.
Atlas Copco also traded lower, weakening by 3.1 percent. The industrial company has acquired companies in both Denmark and Australia.
Outside the large-cap index, car manufacturer Volvo Cars reported a 6 percent increase in global car sales in July 2024 compared to the same month last year. The sales growth was mainly driven by strong sales of the company’s fully electric cars in Europe, according to Volvo Cars.
Volvo Cars’ stock was down 0.6 percent.
Furthermore, refrigeration and climate control company Beijer Ref fell 1.3 percent. The company has signed an agreement to acquire 75 percent of the shares in GIA Group, with the option to acquire the remaining shares. GIA Group had a turnover of 1.1 billion SEK in 2023.
Among today’s reporting companies, Millicom is expected to release its earnings at lunchtime. Atlas, controlled by Xavier Niel and owning just over 29 percent of the shares and votes in Millicom, has raised its bid on the telecom operator to $25.75 per share from the previous $24.
Millicom’s stock rose 4.5 percent.
Gaming operator Betsson lost 1.8 percent. The company has acquired Sporting Solution from the French state-owned gaming company FDJ.
Real estate company Catena’s subsidiary Foodhills is divesting a property in Bjuv, through a company transaction at an underlying property value of 645 million SEK. The stock fell 1.5 percent.
On the analysis front, Barclays Capital has upgraded its recommendation for Sandvik to overweight from underweight. The target price has been raised to 220 SEK from 195 SEK.
In summary, European stock markets are experiencing a downturn, with specific companies like Saab, SBB, and Betsson facing declines. However, companies like Volvo Cars and Millicom are seeing positive growth in sales and stock prices. Investors should keep an eye on these developments and potential investment opportunities in the market.