OMXS30 down 0.3% at 2,404 around 12:30 PM. Stocks worth 5.6 billion had been traded on the Stockholm Stock Exchange. Major European stock exchanges also traded lower. German DAX index fell 0.3%, while the CAC 40 in France dropped 0.7%. In London, the FTSE 100 was down 0.3%.
Today’s winners in the large-cap index were Hexagon, SBB, and Investor, all up 1.2-1.3%.
On the other hand, the banking sector was down and at the bottom of the index. Major banks Swedbank, SEB, and SHB declined 1.5-2.0%. Nordea showed a bit more resilience but was still down 1.0%.
Outside the OMXS30, retailer Boozt added 6.8% following strong results from Zalando in Germany.
Several smaller companies have also reported in Sweden. Oil company Tethys Oil rose 2.2% despite a decrease in EBITDA and revenue from the same quarter last year.
Freemelt, a 3D printing company, reported below expectations and saw a 4.7% decline. Coinshares, a cryptocurrency company, climbed 2.8% after doubling its revenue in the second quarter.
Lundin Mining’s CEO bought 74,000 shares in the company worth over 7.5 million SEK. The stock was up 0.4%.
DNB Markets upgraded Rusta to a buy but lowered its target price to 88 SEK. Rusta’s stock rose 4.5% to 69.60 SEK.
Jefferies International downgraded Sobi to hold and decreased its target price to 300 SEK.
**Analysis:**
In today’s market, we saw mixed performance across different sectors. While some companies like Hexagon, SBB, and Investor saw gains, others like major banks and Freemelt struggled. Overall, the market seems to be reacting to a variety of factors, including company earnings reports and analyst recommendations. It’s important for investors to stay informed about these developments to make well-informed decisions about their investments.