Stockholm Market Gains on Ukraine Peace Optimism as Saab Shares Slide
The Stockholm stock market saw a broad rally on April 10, 2026, fueled by emerging signs of a potential diplomatic resolution to the conflict between Ukraine and Russia. While the general index climbed, defense stocks faced downward pressure as investors reacted to reports of peace progress.
By midday on April 10, 2026, the OMXS30 large-cap index rose 1.2% to 3,115, with total market turnover reaching 6 billion SEK. This upward trend was largely attributed to optimism surrounding a potential peace deal, as Ukrainian chief negotiator Kyrylo Budanov noted in an interview with Bloomberg News that progress is being made with the Kremlin and a solution to the war might be achieved relatively quickly.
The prospect of a ceasefire has created a divergent market environment, where defense shares fell amid hopes for peace. Shares of defense contractor Saab declined 2%, bucking the wider market trend. This volatility highlights the sector’s sensitivity to geopolitical shifts, particularly as Saab navigates a challenging period of international procurement.
The company’s recent struggles include losing a multi-billion SEK deal in India—valued at 350 billion SEK—to the French Rafale fighter jet. Efforts to secure sales in Canada appear to have stalled, with indications that the country may instead opt for further U.S. Aircraft and join the Global Combat Air Programme (GCAP) alongside Japan, Italy, and the UK. While there was previous optimism regarding a letter of intent for Ukraine to purchase 100-150 Gripen jets, current market sentiment has shifted.
Outside of the defense sector, the market lifted on reports of peace progress, with Skanska leading the gains with a 2.5% increase. Several industrial firms similarly performed strongly, with SKF, Epiroc, and Sandvik each rising approximately 2%.
Not all stocks participated in the rally. Ericsson shares dipped nearly 1%, and Telia saw a 0.5% decline, falling 0.24 SEK per share as it traded ex-dividend. Meanwhile, Boliden remained relatively flat following an announcement that the company is writing down the value of its disaster-stricken assets at the Garpenberg mine by 700 million SEK. This impairment, combined with interrupted production, is expected to result in a negative impact of 400 million SEK on first-quarter EBITDA.
The positive momentum in Stockholm outperformed several other major European hubs on April 10, 2026. While the Stockholm market saw significant gains, indices in Frankfurt and Paris rose by just under 1%, and the London Stock Exchange climbed by less than 0.5%.
