New survey another failing mark for stock market fortune-tellers.

• Swedes feel cheated by the bank
• Swedish top banker boycotts secret meeting

A majority of prognoses made by analysts covering Sweden’s largest companies, listed on OMX Stockholm 30, fail to predict outcome and earnings, a sum-up by online broker Nordnet showed Monday.

During the last four quarters only every third forecast were in line with the actual result, accepting a 10-percent error margin, according to the survey that was published in business daily Dagens Industri.

This is yet another failing mark for the banking sector. Previously this month another Nordnet survey showed that 70 percent of the population in the Nordic countries believes they have been cheated by their bank, especially when borrowing money or applying for housing loans.

In March Nordnet said that only 39 percent of the companies’ fourth-quarter earnings were in line with analysts' expectations. During the previous quarter merely one in five prognoses were true to the actual outcome.

Peter Malmqvist, head of Swedish Society of Financial Analysts and independent stock market analyst, at the time was furious over Nordnet’s way of “discrediting an entire professional group” based on data from an extremely turbulent period of time.

“Analysts are way better on making forecasts than other groups”, he told The Swedish Wire, adding that the outcome of analysts’ estimates are seen as trustworthy and “very good” in a longer perspective.