The Stockholm Stock Exchange opened on a positive note, with the OMXS index rising by 0.4%. Clas Ohlson's shares soared over 6% following a strong quarterly report. Meanwhile, Novo Nordisk announced significant job cuts, and Klarna is set to debut on the New York Stock Exchange. Global markets are buoyed by hopes of a Federal Reserve rate cut.
Stockholm Stock Exchange Rises as Clas Ohlson Surges
Stockholm Stock Exchange Rises as Clas Ohlson Surges
The Stockholm Stock Exchange opened on a positive note. The OMXS index rose by 0.4% in early trading. Among the winners, the retail chain Clas Ohlson stood out with a share price increase of over 6% following a quarterly report.
Clas Ohlson reported a clear profit increase for the first quarter of its broken fiscal year, ending in July. The stock rose by 6.4% in early trading after the report.
Among the most traded stocks in the OMXS30 index, the industrial group ABB and defense group Saab rose by 1.8% and 0.9%, respectively.
Meanwhile, the Danish pharmaceutical giant Novo Nordisk announced a major restructuring, cutting 9,000 jobs to achieve annual savings of eight billion Danish kroner by the end of next year. The stock rose by just over 1% on the Copenhagen Stock Exchange.
This afternoon, Klarna is set to begin trading on the New York Stock Exchange, with the Swedish payment giant's shares priced at $40, giving the company a market value of over 140 billion kronor.
Increased hopes that the U.S. Federal Reserve will cut interest rates are contributing to a positive mood in global markets.
During overnight trading on leading Asian markets, there was an upward trend, and Wall Street ended Tuesday's trading on a high note.
Globally, technology stocks are driving the development, particularly after the American cloud service giant Oracle presented an unexpectedly positive forecast on Tuesday.
On Tuesday, the OMXS index fell by 0.2%. With Wednesday's rise, the index is up 3.2% since the start of the year.