WEEKLY UPDATE - Stocks in Stockholm declined during the week in the wake of U.S. economic growth data.

The OMX Stockholm 30 was down 0.30 percent in Friday afternoon trading after data showed that the U.S. economic growth edged up as expected in the third quarter but not enough to chip away at high unemployment. Compared to last week the index was down 2.50 percent. The OMX Nordic 40 index declined 2.80 percent since last Friday, with Helsinki down 2.50 percent and Iceland up 0.35 percent.

Sweden's central bank raised its benchmark interest rate by 0.25 points to 1.0 percent on Tuesday, the third increase since July as the country's economy makes a strong recovery from recession.

"The Swedish economy is growing rapidly," the central bank said, however warning "the strength of the recovery in the United States and Europe remains uncertain."

Sandvik, the world’s biggest maker of metal-cutting tools, posted a smaller-than-expected rise in third-quarter earnings on Friday after the krona’s gains against the euro and dollar hurt earnings.

SEB banking group Thursday posted better-than-expected third-quarter profit on Thursday as the bank clawed back provisions for loan losses in the crisis-hit Baltic region. SEB was the last of the country’s four major banks to post earnings. Also Nordea, Swedbank and Handelsbanken reported better-than-expected profits.

Eniro, the biggest yellow-pages publisher in the Nordic region, said on Thursday it would make a fully underwritten 2.5 billion kronor ($370 million) rights issue and had agreed with its lenders to extend current borrowing. The company made a net loss of 4.67 billion kronor in the third quarter.

Swedish-Swiss engineering giant ABB on Thursday posted a 25 percent drop in third quarter net profit although order books grew strongly, fuelled partly by demand for renewable energy.

Anglo-Swedish drugs giant AstraZeneca on Thursday said third-quarter net profits tumbled on the back of competition from generic drugmakers, restructuring costs and massive legal charges.

Europe's leading paper maker Stora Enso reported an unexpectedly strong switch into profit on Tuesday and revealed that it had taken control of a Chinese packaging company.

Rating agency Moody's said Tuesday it had lowered its outlook on Finnish mobile phone maker Nokia to "negative" from "stable."

Sweden's Electrolux, a global household appliance company, reported a 15-percent drop in quarterly profit on Wednesday saying it had suffered from a sales fall in its main markets, in Europe and mainly the United States.

Swedish truckmaker Scania posted a sharp rise in third-quarter net profit on Monday but sales fell short of expectations because of slow recovery in Europe from 2009, a disastrous year for the industry.

Nordic telecoms giant TeliaSonera said on Monday that sales of smart phones, coupled with growth in eastern Europe and Asia, was boosting profits and the outlook for results this year.

Stock exchange company NASDAQ OMX said Monday it had launched the world's fastest trading system, Genium INET, in its Nordic cash and fixed income derivatives markets.

Since the turn of the year the OMX Stockholm 30 index is up 14.25 percent.