WEEKLY UPDATE - G20 talks overshadowed positive company earnings and economic data in Stockholm.

The OMX Stockholm 30 index traded flat Friday afternoon after gaining 1.60 percent compared to last week. The OMX Nordic 40 were up 1.30 compared to last Friday, with Reykjavik down 2.30 percent and Helsinki up 1.30 percent.

Friday's G20 talks overshadowed positive company earnings and economic data. "There is an eye towards the G20 meeting in South Korea where the market will watch with eager anticipation any resolution to the much published currency wars," Joshua Raymond, an analyst at trading firm City Index told AFP.

Telephone equipment manufacturer Ericsson reported a net profit surge to 3.68 billion kronor (553 million dollars) in the third quarter, and its shares jumped 6 percent in initial trading. The world leader in its field said its performance on a 12-month basis was good, factoring in the costs of recent major structural reorganisation and lower sales during the economic crisis.

Volvo Group, the world number two for heavy goods vehicles, drove back into profit, announcing third-quarter profits of 2.81 billion kronor (422 million dollars) on Friday. The better-than-expected results compared with losses of 2.91 billion kroner over the same period last year, reflecting the improved economic situation, said the group. Still, stocks were down 1 percent.

Shares in engineering company Alfa Laval, which produces equipment for heat transfer, dived Friday after it posted third-quarter order intake below the previous quarter and said demand will remain at current levels for the rest of the year.

Boliden soared 7.6 percent Thursday, the highest level since 2007, after the Swedish copper and zinc miner posted a better-than-expected third-quarter profit.

Swedbank, the country’s fourth biggest bank, rose 5.6 percent Thursday, reaching its highest price since 2008, after reporting its third consecutive quarterly profit that beat analysts’ estimates.

Finnish mobile phone maker Nokia advanced 6.3 percent after the world’s largest maker of mobile phones raised its industry forecasts, beat analysts’ third-quarter estimates and announced 1,800 job cuts.

Svenska Handelsbanken, Sweden's second-biggest bank by market value, reported higher-than-expected net interest income in the third quarter due to higher lending margins and volume increases. Its operating profits were in line with expectations. Still, shares were down 2.1 percent.

Defence and security company Saab tumbled 7 percent Wednesday after its third-quarter result came in below expectations. Sales decreased by 3 percent to 16 billion kronor and the company said it “remains cautious regarding order intake”.

SKF, the world's biggest maker of industrial bearings, saw its share price surge more than 10 percent Tuesday after announcing better-than-expected third quarter results and the purchase of US lubrication systems maker Lincoln Industrial. The following day its shares rose 4.1 percent on raised recommendations from several analysts.

The same day the Swedish media corporation Modern Times Group, MTG, dived 5 percent despite posting a third quarter profit that beat analysts’ expectations. Its net income jumped 42 percent compared to last year to 360 million kronor ($64 million). "Moving forward, we aim to take further audience and market shares and to continue to invest in enhancing our competitive market positions”, Hans-Holger Albrecht, President and Chief Executive Officer said.

The Swedish publisher of free newspapers, Metro International, rose 0.8 percent Monday after saying it had narrowed its losses in the third quarter and voiced optimism that it would be in profit for the full year 2010. The company said the global advertising market, which suffered a severe downturn along with the worldwide economic crisis, had started gradually recovering at the end of 2009 and that the outlook for the ad market in 2010 was positive.

Since the turn of the year the OMX Stockholm 30 index is up 18.75 percent.