Stockholm Stock Exchange OMXS30 index rose by 0.8 percent to 2,494 around 9:40 am, with stocks worth over 1 billion SEK traded. In the leading European markets, Frankfurt’s DAX index was up by 0.4 percent, while London’s FTSE 100 strengthened by 0.5 percent.
On the macroeconomic front, the KPIF (CPI with fixed interest rates) increased by 0.1 percent in July compared to the previous month, according to SCB, and rose by 1.7 percent compared to the same month last year.
Expectations from Infront’s survey were an increase of 0.1 percent compared to the previous month and a rise of 1.6 percent compared to the same month last year.
Furthermore, the KPIF inflation in June was 1.3 percent. The Riksbank’s forecast pointed to a KPIF inflation of 1.8 percent. The outcome is unlikely to change the Riksbank’s decision on interest rate cuts at the next meeting.
At the top of the large-cap index were defense company Saab and real estate company SBB, with increases of over 2 and 1.3 percent, respectively.
Among today’s reporting companies, Raketech plummeted by 15 percent in the second quarter report. The affiliate company reported an adjusted EBITDA result of 4.4 million euros, compared to 5.5 million for the same period the previous year. Raketech lowered its guidance for full-year adjusted EBITDA results.
Africa Energy also declined in its second-quarter report, falling by 2.2 percent. The oil and gas exploration company reported a net loss of $47.8 million. Last year, Africa Energy reported a loss of $1.3 million.
Gaming company Enad Global 7 reported a second quarter where the main figures are in line with the preliminary figures released at the end of July. However, the stock was still down by 3.9 percent.
Nordisk Bergteknik, which operates in rock management and foundation, fell by 6.9 percent after reporting an operating profit of 46.8 million SEK, compared to 67.8 million for the same period the previous year.
Customer acquisition company Catena Media reported adjusted EBITDA results and revenues for the second quarter that were in line with the preliminary figures released in June. The stock remained unchanged around zero.
In terms of analysis, ABG Sundal Collier raised its recommendation for Atlas Copco to buy from hold. The target price is raised to 205 SEK from 195 SEK. Atlas Copco strengthened by 1.4 percent.
Nordea initiated coverage of Fagerhult with a buy recommendation and a target price of 76 SEK. The stock rose by 1.1 percent.
Kepler Cheuvreux lowered its target price for Nibe to 60 SEK from 70 SEK.