President Donald Trump announced today that China has already violated the temporary trade agreement in place between the two countries. This statement sent ripples through the global economy, affecting markets around the world, including the OMXS30 index, which closed down 0.56% at 2,496.04. Approximately 49.3 billion kronor worth of stocks were traded on the Stockholm Stock Exchange.
Despite the overall decline, the real estate sector saw the strongest performance with a 1.8% increase, while the energy sector lagged behind with a 1.1% decrease. Among the leading stocks in the OMXS30 index, SBB B saw a 2.4% rise, and Astra Zeneca was up 1.4%. On the other hand, Nibe experienced the worst performance with a 3.5% decline, while Ericsson was down 2.5%.
In the defense sector, Saab saw a 0.9% decrease after announcing its readiness to offer Globaleye to Canada as part of the country’s reconnaissance and command aircraft acquisition program. Meanwhile, technology company Ovzon secured a contract worth approximately 1.04 billion kronor from the Swedish Defense Materiel Administration for its complete SATCOM solution, causing its stock to surge by 46.6%.
Real estate company SBB announced at the end of the trading day that it had sold newly produced housing units worth around 1.2 billion kronor. The proceeds from the sale will be used to reduce the company’s debt through debt repayment. The property value in the transaction is 2% lower than the latest valuation.
Pharmaceutical company Astra Zeneca agreed to pay $50.9 million to settle a class-action lawsuit in a US court. The company was accused of trying to delay a generic version of its schizophrenia drug Seroquel, leading to higher prices for consumers.
Volvo Cars faced a downturn on the stock market with a 4.1% decrease after S&P Global downgraded its outlook from stable to negative and reiterated its credit rating of BB+. The rating agency expects the company to face several challenges in the next two years.
According to Affärsvärlden, the Swedish real estate inspection authority is not ruling out investigating Hemnet following criticism of price increases and reduced transparency on the platform. The company’s stock fell by 1.7%.
Private equity firm EQT reached an agreement with Vista Equity Partners to sell the cloud-based business system company Acumatica. Following the news, EQT’s stock rose by 0.1%.
Real estate investment company Fastator saw a 5.7% decline after releasing its report for the first quarter, showing lower revenue and reduced losses, while the net asset value per share halved.
VEF, an investment company, experienced a 0.1% decrease as its largest portfolio holding, Creditas, increased its lending by 44% in Q1 to 862.9 million Brazilian reals.
In terms of analysis, Nordea lowered its recommendation for Systemair from buy to hold, causing the stock to drop by 5.3%.
The impact of these developments on the Swedish economy and the global financial landscape remains to be seen as tensions between major trading partners continue to escalate.
Nils Lolk
Finwire News Agency