Stockholm Stock Exchange persistently racing to the bottom


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Monday, 12 September 2011
Stockholm Stock Exchange opened the week's trading with a hefty decline and has now hit the lowest levels that could ever be imagined.

Last week, the market backed off a whole 4.8 percent, after a very deep fall on Friday. And when the Asian stock markets fell sharply overnight on Monday it immediately infected the Stockholm Stock Exchange, which after 50 minutes of trade had fallen throughout to press time’s 2.4 percent (9.35 am Swedish time).

"As usual" is the concern for the development of the Eurozone and a renewed worry about the Greek debt crisis, and the impact of any defaults from Greece could have on the rest of the euro area that has ignited the renewed fears.

Other European markets also opened with declines. Frankfurt DAX fell 3 percent and the Paris CAC 40 fell 4.1 percent.

In Stockholm, leading banks shares came under more pressure and started falling. Swedbank slopes 4 percent, 2.9 percent, Handelsbanken, SEB and Nordea 2.8 percent, 3.6 percent respectively.
Greek Prime Minister Giorgos Papandreou on Sunday approved a new emergency measures to fill a growing budget gap while resistance is growing against providing more assistance to the indebted country, reports Bloomberg News.

The only large company that seem to be holding was Axfood which was up a modest 0.04 percent.

Swedish Trade / STYLE has released data on clothing and shoe sales in stores in August, and that showed a decline of 3.5 percent for the garment trade. For shoes, it a decline of 5.3 percent in August compared with same period last year.

Clothing Company RNB reported in the morning that its one month sales for August fell 5.3 percent in local currency in comparable stores, compared with the corresponding period last year. Shares fell 4.4 percent.

Most actively traded shares were now trading at zero. Turnover stood at about Skr2.56 billion.
By Team

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