The developments in Stockholm were slightly weaker compared to the leading European stock exchanges. All eyes were on the US inflation data, which had a significant impact on the global markets.
In May, the US Consumer Price Index (CPI) rose by 2.4% year-on-year, meeting expectations. However, the core CPI, which excludes volatile food and energy prices, increased by 2.8% year-on-year, slightly below the consensus of 2.9%.
At the close of trading, the OMXS30 index was down by 0.51% to 2,499.44. Approximately 22.9 billion SEK worth of shares were traded on the Stockholm Stock Exchange.
Among the major industrial sectors on the exchange, healthcare saw the best performance with a slight decline of 0.1%. On the other hand, the real estate sector was at the bottom with a decline of 1.3%.
Within the OMXS30 index, Saab saw a 3.9% increase in its stock price, while Evolution was up by 1.9%. Conversely, H&M experienced the worst performance with a 2.5% decrease, and Alfa Laval was down by 1.7%.
Saab, a defense company, saw a surge in trading volume following a significant drop in its stock price over the past two days. The stock rebounded after setting a new record high of 513 SEK.
Regarding the clothing retailer H&M, its Spanish competitor Inditex reported first-quarter results in line with analysts’ expectations, but early summer sales were lower than anticipated.
In other news, private equity firm CVC Capital sold its entire stake in the optical chain Synsam, resulting in a 12.6% increase in the stock price. Additionally, four major shareholders of the online pharmacy Apotea sold a portion of their shares, causing a 7.9% decrease in the stock price.
Furthermore, real estate companies Cibus and Corem both conducted targeted new share issues. While Cibus raised 1 billion SEK at a discount, Corem raised 939 million SEK at a lower price. The stock prices reacted differently to these offerings.
In the technology sector, investment firm Flat Capital invested 27 million SEK in SpaceX, a private space exploration company founded by Elon Musk in 2002. Despite an initial increase, Flat’s stock closed 13.6% lower.
Tech company Dynavox’s major shareholder Henrik Eskilsson sold shares worth over 22 million SEK, while Danske Bank initiated coverage on the company with a “hold” rating, leading to a slight decrease in the stock price.
Lastly, Pareto upgraded its recommendation for contract manufacturer Note to a “buy,” resulting in a 3.7% increase in the stock price.
Overall, the Stockholm Stock Exchange witnessed a mix of positive and negative developments, reflecting the broader economic trends and investor sentiment in the region.