At 12:25, the OMXS30 surged by 1.6 percent to 2,441, with stocks worth about 4.4 billion SEK traded on the Stockholm Stock Exchange. In Europe, the DAX and French CAC40 also advanced by 1.3 and 1.5 percent, respectively.
In a macroeconomic update, the Swedish National Institute of Economic Research (KI) stated that the economy is expected to start recovering later this year, with a decrease in unemployment rates. GDP is projected to increase by 0.7 percent this year and by 2.2 percent next year.
Within the large-cap index, SBB, Sinch, and Kinnevik led the way with gains ranging from 3.4 to 7.4 percent.
Furthermore, Investor added around 2.5 percent, continuing to recover from the recent downturn in stock prices.
Outside the OMXS30, Clas Ohlson climbed over 8 percent after reporting a 12 percent organic sales growth in July, excluding the acquired Spares group. Analysts had expected an increase of 7.3 percent on average. The Clas Ohlson stock rose by 7.7 percent.
Among the larger companies listed on the Stockholm Stock Exchange, EQT rose by approximately 3 percent. The private equity firm is set to acquire a majority stake in Acronis, a cybersecurity and data protection company for businesses. The transaction is expected to take place in the first half of 2025, with the EQT X fund anticipated to be 40-45 percent invested once completed.
Technology company Sivers Semiconductors has signed a letter of intent to merge its subsidiary Sivers Photonic with Bynordic Acquisition Corporation, a US-listed special purpose acquisition company. Sivers expects the transaction to unlock significant value and create an independent, US-listed entity that will bring Sivers Photonics closer to investors, customers, and partners within the American AI ecosystem. The stock surged by over 25 percent.
Following its financial report, Xspray saw a rise of approximately 7 percent after disclosing an operating loss of 54.1 million SEK for the second quarter, compared to 51.3 million SEK in the same period the previous year.
Analysis:
The Stockholm Stock Exchange experienced a significant boost, with various companies showing positive growth. This presents excellent investment opportunities for individuals looking to capitalize on the current market trends. From cybersecurity to technology, there are diverse sectors showcasing potential for growth and profitability. By staying informed and strategic, investors can make informed decisions to enhance their financial portfolios and achieve long-term success.