WEEKLY UPDATE – Shares in Stockholm gains as investors turn their eyes from troubled Greece to cheerful US consumption figures.

Stocks in Sweden rose Friday as fear of Greece's capital market troubles eased and investors shifted their view to growing U.S. consumption and signs of a more stable Swedish financial market situation.

In midday trading the OMX Stockholm 30 index was up 0.68 percent. Compared to last week the index added 0.67 percent.

Shares of Sweden’s fourth-largest bank Swedbank rose almost 2 percent in Friday morning trade as the bank said it would leave the state guarantee program immediately. Also SEB, Handelsbanken and Nordea rose, in line with the European financial sector.

Hennes & Mauritz (H&M;), Europe's second largest fashion retailer, gained more than 3 percent Thursday as it said net profit in its first fiscal quarter increased 42 percent to 3.7 billion kronor ($511 million) while its gross margin rose above 60 percent.

"A very good start for H&M;," Søren Løntoft Hansen, analyst at Sydbank, told Reuters. "And looking at the gross margin, it is very, very positive".

Mining companies Boliden and Lundin Mining rallied during the week as the price of copper climbs to a 20-month high on swelling Chinese demand.

Automotive safety device maker Autoliv rose Thursday after UBS raised the rating on the company's shares

Builder Skanska rose Wednesday after it had won two big construction contracts in the US and a contract to extend a shopping centre in Sweden.

Swedish stocks declined Thursday on growing concerns that Greece will not be able to resolve its debt and public deficit problems without outside help. But figures showed US retailers posted surprisingly strong March sales, raising hopes for a revival in consumer spending.

"Stocks managed to overcome early pressure to finish in the green as impressive same-store sales reports overshadowed continuing fears about Greek debt and a larger-than-expected increase in weekly initial jobless claims," Charles Schwab & Co. analysts wrote in a client update.