WEEKLY UPDATE - Stocks in Stockholm closed in the black Friday after gold and oil reached fresh highs.

Stocks in Stockholm increases Friday as crude prices blew past 75 dollars and gold struck fresh record highs. But new signs of weakening US consumer confidence weighed down on the market in afternoon trading. The OMX Stockholm 30 index closed up 0.35 percent. Compared to last week the index was up 1.40 percent.

"Gold is making a new high and stocks are rallying because the markets think the Fed will print more money before the end of this year just to ensure that the US economy remains on an even keel," analyst Neil MacKinnon at VTB Capital told AFP.

Swedbank said the same day that swelling commodity prices defy fears of a weaker global economy as its Total Commodity Price Index rose for the second consecutive month. “Metal prices increased broadly in August, which shows that global industry is still maintaining a fairly good growth rate”, the report said.

Swedish oil company Lundin Petrolium said Friday it had made 'significant discovery' offshore Norway, sparking its shares to rally on the Stockholm exchange. Shares were up more than 17 percent.

Ericsson fell 2.8 percent Thursday amid a wild rumor that the telecom giant was preparing a profit warning. The company also had its earnings per share cut by Svenska Handelsbanken Capital Markets, that said in a note that industry margin was “likely” to come under renewed pressure.

The same day Scania, Sweden’s second-largest truckmaker, slumped 1.4 after a British watchdog launched a probe into alleged price-fixing by major European truckmakers, including Scania. Also Volvo slipped.

Scandinavian airline SAS announced on Thursday that it appointed Rickard Gustafson, currently CEO of insurance firm Trygg-Hansa, as its new chief executive to succeed Mats Jansson. Stocks rose on the news but closed flat.

Compressor maker Atlas Copco rose 1.1 percent, the highest since July 28, after announcing that it had won a mining-equipment order worth $34 million.

Cheap'n'chic fashion group H&M;, that was ranked as the world’s 21st most valuable brand in Interbrands prestigious ranking, rose to new record level Wednesday. The company’s shares reached 254.70 kronor but closed at 253 kronor.

Since the turn of the year the OMX Stockholm 30 index is up 13.69 percent.