When the opening bell rang, the Stockholm Stock Exchange’s large-cap index OMXS30 rose by 0.7 percent to 2,592, with a total trading volume of 1.5 billion Swedish kronor on the exchange.
The standout performer in the OMXS30 was Hexagon, which surged by 6.7 percent after former ABB CEO Björn Rosengren was proposed to be elected as vice chairman at the 2025 annual general meeting, with an eye on the chairman role when Ola Rollén hands over the reins a year later.
Following closely behind Hexagon was the stock of truck manufacturer Volvo, which saw a 2.6 percent increase. Positive numbers came from the North American market’s order intake for heavy trucks (Class 8), a crucial market for Volvo. The preliminary order intake for the overall market, not just Volvo, stood at 37,200 vehicles in November 2024, a 21 percent increase from October 2024, according to ACT Research.
Both Kepler Cheuvreux and Ålandsbanken deemed the ACT data outcome better than expected in their morning comments.
At the bottom of the OMXS30 were a slew of defensive companies, including pharmaceutical company Astra Zeneca, and telecom operators Telia and Tele2, with declines around the percentage mark.
Two interim reports caught attention in the morning: retail chain Clas Ohlson, which delivered slightly weaker figures across the board, and ventilation company Systemair, which managed to exceed analyst consensus.
According to Clas Ohlson’s CEO Kristofer Tonström, the Christmas shopping season started off well, with organic sales rising by 13 percent in November, contributing to a 1 percent increase in the stock in early trading.
“We had a particularly strong end to the month with Black Week and preparations for the first advent, which contributed to good sales of Christmas gifts, decorations, and other items needed for the holiday season,” the CEO wrote in Wednesday’s interim report.
Systemair’s operating profit was 347 million Swedish kronor (322) for the second quarter of the fiscal year 2024/2025, resulting in an operating margin of 11 percent.
Expected, according to Infront’s forecast compilation, was an operating profit of 315 million Swedish kronor and an operating margin of 9.9 percent. Systemair’s stock rose by 9 percent.
In terms of analyst recommendations, industrial company Epiroc received an upgrade from Barclays, moving from underweight to overweight with a target price of 205 Swedish kronor. The stock rose by 2.6 percent to 188.70 kronor. Power and automation company ABB’s Swiss-listed stock saw its target price raised to 42 Swiss francs from 40 Swiss francs. The stock closed at 51.26 Swiss francs in Zurich trading on Tuesday and was up 0.6 percent on the Stockholm Stock Exchange.
The morning news flow was also dominated by reports from South Korea, where the president announced the imposition of a state of emergency and the deactivation of civilian laws in favor of martial law. The dramatic turn of events, with military personnel ordered to halt parliamentary activities, ended when the president rescinded the emergency decree, citing the opposition’s “paralysis of the government” under the influence of North Korean forces.
Most Asian stock markets traded positively after a turbulent opening, with the exception of the Seoul Stock Exchange’s Kospi index, which was down around 1.5 percent.