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OMX

Nasdaq moves in on OMX

The Stockholm stock exchange could soon be owned by US giant Nasdaq, according to the Financial Times.

Swedish stock exchange operator OMX is in preliminary talks with the American giant, the paper writes.

Neither company would comment on the FT’s reports, although the talks are said to be in the very early stages. OMX has attracted the interest of several potential purchasers, according to reports. Shares in OMX rose sharply on Friday after reports that the London Stock Exchange wanted to buy OMX.

Nasdaq in turn wants to buy the London exchange, and already owns 25 percent of the British market.

STOCKS

Stockholm stock market hits new all-time high

The Stockholm stock exchange closed at a record high on Wednesday, with the OMXS index climbing 1.4 percent to smash the previous record set in 2007.

Stockholm stock market hits new all-time high

The OMXS closed at 430.6, besting by more than three points the previous record of 427.2 set in July 2007.

"Finally, after more than five years, we've come up to the all-time high," Nordea stock strategist Martin Guri told the TT news agency.

The Stockholm stock market's advanced was in line with developments on other exchanges around the world, and can be attributed to a new World Bank forecast indicting advances in global economic growth. Strong retail sales statistics from the United States helped as well.

Guri rejected any notion that the Stockholm exchange's recent rise was any sort of bubble, but is simply a continuation of a strong 2013.

"We had the worst financial and economic crisis since the 1930s. Now we can say that we've left it behind and are moving on to the next chapter," he said.

"The market could rise somewhere between ten and 20 percent this year."

He added that there are many signs of economic improvements, and while economic growth may not be strong, risks have deteriorated, bolstering investor confidence. 

Guri cited central banks in the US, Japan, and the eurozone for stimulating stock market growth.

"They've promised financial markets they plan to keep interest rates low," he said.

Wednesday's OMXS rise was led by heavyweights such as retailer H&M and bank Nordea, which climbed 2.7 percent and three percent, respectively, as the Swedish fashion retailer reported better than expected sales results for December.

Other market winners on Wednesday included pharmaceutical firm AstraZeneca, telecom equipment maker Ericsson, and truck maker Scania, all of which rose by around two percent.

The Swedish krona weakened slightly against the dollar, which can now buy 6.48 kronor. The krona-euro exchange rate remain unchanged, at 8.80 kronor to the euro.

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