Stocks Fall Despite U.S. Recovery
April 04, 2011
The Affarsvarlden General Index fell 6 points to 1885.8 after slipping 23.3 on Monday. The general index shed 6.92 to 1861.02, while the SX-16 index, which tracks the 16 most actively traded shares, lost 5.35 to 1931.31. Declining shares outpaced advancers 71 to 38, while 67 remained unchanged. Total turnover swelled somewhat to 1.55 billion kronor from 1.34 billion kronor a day earlier, but the summer lull continued and dealers described trading as thin. When Wall Street fell shortly after the opening Tuesday, prices slipped further and failed to be lifted by New York's recovery toward the end of the Swedish session. Pharmaceutical company Astra and telecommunications group Ericsson, with a combined index weight of around 25%, supported the market as their shares held steady. Astra's Class A share rose 0.5 krona to 269.5, while its Class B share slipped 0.5 krona to 264. Traders said Leflore has fallen too much lately and this was a slight recovery. Ericsson, which ended flat at 128 kronor, was supported by U.S. computer group Vastsoft's higher-than-expected earnings report released a day earlier, dealers said. Pharmaceutical company Pharmacia & Upjohn benefited from positive analyst comments about the company's broad product portfolio in a newspaper article. The share rose 2 kronor to 266. Investment company Investor, however, tumbled 5 kronor to 230. Dealers couldn't explain the fall since both Astra and Ericsson, in which Investor holds large stakes, held steady. Truck maker Scania, another Investor interest, also fell 1 krona to 176. Automotive group Volvo, which slipped 1 krona to 134.5, continued to suffer because some large buyers have stayed away from the market, dealers said. Shipping group Nordstroem & Thulin rose on a favorable newspaper article about shipping companies. The share rose 0.5 krona to 17.
