We’ve concluded 2023 and saw a broad rally in Q4, boosting the yearly overall stock market performance. OMX Stockholm closed the year with a gain of 14%, while OMX Helsinki closed with a decline of 8%, after being down 18% YTD in October. The slowdown in China and geopolitical tensions have weighed extra heavy on export exposed Finnish stocks. Champion of the year in the Nordics is OMX Copenhagen, thanks to an exceptional year including fat profits from Novo Nordisk. Overall, larger stocks outperformed smaller ones, which also is reflected in the First North index being down 9% for the year. The financing needs of several companies have weighed heavily on the index. The two first trading days of the year were weak. However, considering the improved sentiment at the end of last year, we predict quality micro- and small caps to be winners when looking into 2024.
