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Swedish and other European shares extended their earlier gains to reach a fresh one-week high on Friday, on relief that a European Union summit had agreed to take action to bring down the borrowing costs of Spain and Italy. New steps were also taken to shore up banks.
The OXM Stockholm 30 closed up 4.04 percent, marking its biggest daily gain this year. Since the start of the year the index is up 3.16 percent.
Among the biggest winners were cyclical names in the engineering and natural resource sector. Sandvik and SSAB rose more than 7 percent while Atlas Copco and truck maker Volvo were up more than 6 percent.
European Council President Herman Van Rompuy hailed the agreement as a "breakthrough."
"We agreed on something new, which is a breakthrough that the banks can be recapitalized directly in certain circumstances and the biggest of the most important condition is that we have to put in place a single supervisory mechanism," he said.
Last Updated (Friday, 29 June 2012 17:03)