WEEKLY UPDATE – Shares in Stockholm rose during the week as companies posted better-than-expected earnings and fears over the eurozone debt crisis ebbed.

• World stocks rally on Greek bailout hopes

Shares on the Stockholm exchange were slightly in the red in Friday morning trading. But compared to last week the OMX Stockholm 30 index was up more than 2 percent as crisis-hit Greece appeared to edge closer to a bailout deal and some of Sweden’s major companies posted better-than-expected first-quarter earnings.

“We have seen one of the best reporting seasons ever”, Esbjörn Lundevall, Head of Equity Research at SEB Private Banking, told business daily Dagens Industri. "The recovery is very powerful".

Sweden’s four major banks -- Nordea, Handelsbanken, SEB and Swedbank -- came in above forecast as they posted first-quarter earnings, mainly on the back of significantly lower provisions for loan losses and recovering macro-economic climate. Swedbank posted its first profit since the end of 2008 as bad-loan provisions dropped.

Swedish Match posted higher profits and forecast a higher margin on its key smokeless tobacco product. Shares rose 5 percent Thursday.

Electrolux, the world's second biggest producer of electrical appliances behind Whirlpool of the US, Tuesday said it swung to a forecast-beating first-quarter net profit with a better-than-expected recovery on the US market. Shares rose 2.4 percent.

The same day Swedish automotive safety equipment manufacturer Autoliv swung to profit. For the full year, sales are expected to improve by close to 30 percent. Still, shares dived more than 5 percent Tuesday.

Hennes & Maurits was the most bought stock share in April, according to a sum-up by online stockbroker Nordnet. Ericsson was the most sold stock.

Global stocks rose during the week as fears over the eurozone debt crisis ebbed.

"Stocks remain nicely higher as talks between EU and IMF officials heat up and optimism is growing that Greece will avoid default," an analysts at Charles Schwab told AFP.

Since the turn of the year the OMX Stockholm 30 index is up 10.84 percent.

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