[ad_1]
The broad OMXS index closed at more than 2.6 percent, after touching 4 percent earlier in the day. Therefore, the Stockholm Stock Exchange is at the highest level in history, erasing the old all-time high of October 12 this year.
Some of the major European stock exchanges are rising even higher. The Paris Stock Exchange is up more than 7.5 percent.
Vaccination message behind the increase
The announcement by Pfizer and Biontech that they have developed a vaccine that is 90 percent effective in preventing covid-19 is the basis for the increase.
– It is more than you have dared to hope. If we can have such an effective vaccine ready soon, it will be good for both growth and the stock market, says Maria Landeborn, senior strategist at Danske Bank.
Most of the heavyweights rose steeply. The clothing chain H&M finished in first place among large companies with an increase of almost 9.9 percent. SAS’s stake increased 24.4 percent.
– Now it increases the probability that we will have a vaccine in place in the relatively near future and thus be able to return to a more normal life with more normal habits. This is why we saw gains in these extremely pressured stocks like Scandic, Pandox, H&M and SAS.
Optimal electoral result
The outcome of the US presidential election, in which Democrat Joe Biden was elected the new president, but probably without a majority in the Senate, is also considered an optimal situation from a stock market perspective.
– Biden wants to implement great stimuli that in the long term will boost growth. But the part of Biden’s policy the market doesn’t like is the tax increases. If you don’t get a majority in Congress, your chances of implementing tax increases are very small, and the stock market likes that. The increase in corporate taxes had directly affected the profits of American companies, says Maria Landeborn.
The price of oil goes up
On Monday, the price of oil also rose sharply, plus 7 percent, while gold fell as global investors saw bright lights in the crown tunnel and thus adopted a riskier investment strategy with the hope that the economy will recover.
At home, the krona strengthens to the strongest level against the dollar in 28 months and now costs 8:58, writes Reuters.
