WEEKLY UPDATE – Swedish stocks gained Friday after upbeat economic growth across Europe and ratings agency Fitch called Sweden's finances "resilient".

Stocks in Stockholm gained 0.51 percent Friday. Compared to last week the OMX Stockholm 30 index was down 3.53 percent.

On Friday Germany posted its best quarterly growth since its 1990 reunification. As a respons Europe's main stock markets bounced upwards with recovery also gathering pace in Britain and France despite Greece slipping deeper into recession.

The same day ratings agency Fitch affirmed Sweden's long-term foreign currency debt rating at AAA, calling the Nordic country's public finances "resilient."

"Sweden's public finances have been resilient in the face of a 5.0 percent real contraction of the economy in 2009, and together with the high savings rate, reflected in the large current account surplus, are key strengths underpinning the sovereign ratings," Eral Yilmaz, a director in Fitch's sovereign group, said in a statement.

Eighty percent of Sweden’s biggest companies reported earnings that exceeded analysts’ estimates last quarter, according to a sum-up by Bloomberg Monday. At the same time the country’s economy grew faster than expected. The figures indicate the largest Nordic economy may be headed for the biggest economic rebound in the European Union.

Ericsson rose almost 2 percent Friday after being added to UBS’ “most preferred list”.

The same day defense firm Saab contracted 1.1 percent after newspaper Svenska Dagbladet said the company had lost a 2.4-billion-kronor armoured cross-country vehicle deal to Finland’s Patria.

Shares in Scandinavian airline SAS fell slightly Tuesday after the company’s CEO Mats Jansson announced his decision to step down after four years at the post.

Nordnet, the largest online stockbroker in the Nordic countries, announced Monday it would sell its German unit -- with some 10,000 costumers and savings capital of 220 million dollar -- to OnVista for as much as 10 million euros.

Since the turn of the year the OMX Stockholm 30 index is up 8.90 percent.

This article has been published at The Swedish Wire and Nasdaq OMX Nordic.