Stockholm Stock Exchange at annual low
The Stockholm Stock Exchange’s OMXSPI traded down to a new annual low on Tuesday afternoon.
OMXSPI is down just under 1.6 percent to a quote of 725.68 – a new annual low. The previous low from July 1 was 726.38.
The stock market has been in the red all day but passed the previous lowest level immediately after the US stock markets opened lower, with the Nasdaq down 0.9 and the Dow Jones down 1 percent.
Among the Swedish major companies, most are glowing red after today’s Riksbank announcement that the key interest rate will be raised by one percentage point.
The real estate companies are today’s big losers, just as experts have claimed in the higher interest rate situation that prevails. The Riksbank’s increase accelerated the already ongoing fall for several of the major players on Tuesday. NP3 is down 9.2 percent, Corem 11.5 percent, Balder 7.8 percent, Castellum 7.4 percent and SBB 5.9 percent.
that the market also rates other industries with highly indebted companies. The acquisition conglomerate Storskogen is a clear example – the share traded down 11.9 percent in Tuesday’s trading and the price collapse this year is summed up to 83 percent.
On the other side of the spectrum, the banks are up as an effect of the increased policy rate. In addition, all major banks also received increased target rates from DNB on Tuesday morning. SEB rises by 2.4 percent in the afternoon, Handelsbanken is up 3.2 percent, Nordea 2.9 percent and Swedbank 2.9 percent.