Nasdaq Nordic Stock Market Today, 4 December 2025: OMXS30 and OMXI15 Lead Broad Nordic Rally as BioArctic, UPM and Framery Grab the Spotlight

The Nasdaq Nordic exchanges closed Thursday, 4 December 2025 (4.12.2025), on a broadly positive note. Sweden and Iceland outperformed, while Denmark and Finland also finished in the green, helped by upbeat global risk sentiment, blockbuster biotech news and a steady flow of corporate actions across the region.

Quick snapshot of today’s Nordic Nasdaq performance

Major Nasdaq Nordic benchmarks moved as follows:

Sweden – OMX Stockholm 30 (OMXS30):
Closed at 2,810.77, up 30.95 points (+1.11%), after a prior close of 2,779.82. The index traded between 2,792.36 and 2,810.77 during the session. ^[1]
Denmark – OMX Copenhagen 25 (OMXC25):
Ended at 1,751.50, up 4.65 points (+0.27%), with a day range of 1,743.56–1,754.54 and previous close at 1,746.85. ^[2]
Finland – OMX Helsinki 25 (OMXH25):
Finished at 5,496.48, gaining 26.00 points (+0.50%) versus Wednesday’s 5,469.37. Intraday, the index traded between 5,466.48 and 5,497.79. ^[3]
Iceland – OMX Iceland 15 (OMXI15):
Closed at 2,680.20, up 32.67 points (+1.23%), after a previous close of 2,647.53, with a range of 2,647.53–2,697.50. ^[4]

The broad advance mirrors a wider European and global risk-on mood: European shares edged higher led by industrials and automakers, while global stocks climbed and the dollar headed for a 10-day losing streak as investors increasingly bet on a U.S. Federal Reserve rate cut next week. ^[5]

Sweden: OMXS30 climbs as BioArctic headlines drive healthcare sentiment

BioArctic’s Leqembi data lights up the biotech space

One of the biggest Nordic stories of the day came from BioArctic AB (Nasdaq Stockholm: BIOA B). The company announced new long‑term data on Alzheimer’s drug Leqembi® (lecanemab), developed with its partner Eisai, presented at the CTAD 2025 conference in San Diego.

The data suggest that continued Leqembi treatment could delay progression from early Alzheimer’s to moderate disease by up to 8.3 years in certain low‑amyloid patients, highlighting the potential for very substantial long‑term benefit. ^[6]

In the wake of the announcement:

BioArctic’s share price in Stockholm traded around SEK 310.8 today, up from 306.4 the previous session, within a daily range of SEK 308.4–321.0 and a 52‑week band of SEK 154.4–342.8. ^[7]
The stock’s move reinforces a theme that has run through 2025: Nordic biotech names with global partners can quickly become index‑relevant drivers when positive R&D news lands.

Given BioArctic’s right to commercialize Leqembi jointly with Eisai across the Nordic region, the CTAD data also feed directly into the long‑term earnings and healthcare‑innovation story for the region. ^[8]

Swedish large caps track Europe’s cyclical rebound

The +1.11% jump in OMXS30 fits neatly into the broader European pattern, where industrials, automakers and tech outperformed as investors rotated back into risk assets. ^[9]

Key macro drivers behind today’s Swedish session include:

Rising expectations of a Fed rate cut in December, which have boosted global equities over the last week. ^[10]
Ongoing enthusiasm for AI‑linked and industrial automation names, themes that Nordic equity strategists have highlighted repeatedly in 2025 as important for regional earnings momentum. ^[11]

While stock‑level performance data for each OMXS30 constituent today aren’t all publicly summarized in one place yet, the combination of stronger global risk sentiment and high‑beta sectors on the index helped Sweden lead the Nordic pack.

Finland: OMXH25 supported by UPM’s graphic paper JV plan and IPO buzz

UPM and Sappi plan €1.42 billion graphic paper joint venture

In Helsinki, UPM-Kymmene Oyj dominated headlines after announcing that it has signed a non‑binding letter of intent with South Africa’s Sappi to form a graphic paper joint venture. ^[12]

Key details:

UPM will contribute its UPM Communication Papers business; Sappi will contribute four European mills (including Kirkniemi in Finland). ^[13]
The combined enterprise value for the assets is estimated at €1.42 billion, with UPM’s business valued at €1.1 billion and Sappi’s at €320 million. ^[14]
UPM would receive €613 million in cash, transfer €406 million of pension liabilities to the JV, and retain a 50% stake in the new company, which is expected to generate around €100 million in annual synergies through asset optimisation and efficiency gains. ^[15]

For investors, the deal is significant because it:

Reduces UPM’s direct exposure to the structurally declining graphic paper market in Europe and North America.
Improves profitability margins and balance sheet metrics for the remaining group, which is more focused on growth areas like renewable materials and advanced packaging. ^[16]

Even though UPM is only one component of OMXH25, a transaction of this size typically influences index‑level sentiment, especially when it is seen as strategic de‑risking.

Framery’s move to Nasdaq Helsinki’s Main Market underlines IPO momentum

Another Finnish highlight is office‑pod maker Framery Group Plc, which continues its transition from recent IPO to fully‑fledged main‑market listing:

The company completed a heavily oversubscribed IPO with an offer price of €8.00 per share for public and institutional investors (€7.20 for employees). ^[17]
Trading began on the Prelist of Nasdaq Helsinki on 2 December 2025, and the shares are set to move to the Official List on 4 December 2025, upgrading Framery into the Main Market’s Mid Cap segment. ^[18]

While Framery is not (yet) part of the OMXH25, today’s step onto the Official List underscores that the IPO window in the Nordics remains open for quality issuers, even after a volatile few years for global equities.

Piippo delisting and small‑cap rationalisation

At the other end of the spectrum, rope and twine manufacturer Piippo Oyj announced that it has applied to delist its shares from Nasdaq Helsinki and aims to end operations by the end of 2025, with no plan to start new activities post‑delisting. ^[19]

Nasdaq Helsinki confirmed that Piippo’s shares will retain observation status under First North Growth Market rules following the delisting application. ^[20]

Taken together, Framery’s promotion and Piippo’s exit highlight a dual trend in Finnish equities:

Healthy demand and funding for scalable growth companies entering the market.
Ongoing rationalisation among smaller, less scalable names that choose—or are forced—to leave the public arena.

Against this micro backdrop, OMXH25’s +0.50% rise looks like a fairly measured response: investors are rewarding corporate actions that improve capital allocation (UPM, Framery) while staying selective about long‑term winners. ^[21]

Denmark: OMXC25 edges higher as macro outlook brightens despite Novo Nordisk pressure

Denmark upgrades 2025–2026 growth forecasts

Macro news out of Copenhagen gave investors something to cheer about:

Denmark raised its GDP growth forecast for 2025 to 2.6% from 1.4%, and nudged its 2026 forecast to 2.2% from 2.1%, putting the country on track to outgrow major European peers. ^[22]
The government explicitly acknowledged that the pharmaceutical sector continues to support growth, even as Novo Nordisk grapples with layoffs and slower earnings momentum. ^[23]

Officials also stressed that Novo’s recent challenges—including 9,000 job cuts and slower GLP‑1 growth amid intensifying competition—are not a systemic risk for the broader economy, given the sector’s limited direct linkage to domestic demand. ^[24]

Novo Nordisk: short‑term pain, long‑term debate

Novo Nordisk A/S Class B (NOVO‑B.CO), the heavyweight of the OMXC25, remains at the centre of market conversation:

Today, the stock closed around DKK 301.90, down from DKK 303.80 the previous session, after trading between DKK 300.70–307.40. ^[25]
Over recent weeks, a series of articles has laid out conflicting narratives:
- On one side, analysts note that Novo has downgraded its outlook multiple times in 2025 and faces lower GLP‑1 pricing in the U.S., which has dragged 2025–2026 EPS estimates lower. ^[26]
- On the other, commentators argue that after a +50% to ‑50% round‑trip in the share price, Novo could be one of 2025’s big comeback stories, supported by an expanding pipeline and strategic acquisitions, with the potential to “soar by 2026.” ^[27]

Despite Novo’s drag, OMXC25 still managed a +0.27% gain today, suggesting that other components—financials, industrials and renewables—absorbed some of the pressure. ^[28]

Fixed income & fund‑side moves

Several technical but important capital‑market events also hit Nasdaq Copenhagen:

Nykredit Realkredit A/S listed three new NOK‑denominated bonds on the Nasdaq Copenhagen bond market today, each with first day of trading 4 December 2025 and maturities in 2030 and 2031, underlining still‑open funding channels for Danish mortgage credit. ^[29]
A merger involving Investeringsforeningen PortfolioManager will take effect on Nasdaq Copenhagen, with the last trading day in a discontinuing UCITS sub‑fund on 4 December 2025, reflecting ongoing consolidation in the Danish fund industry. ^[30]

These moves matter less for intraday index ticks, but they reinforce Denmark’s status as a deep, sophisticated credit and fund market within Nasdaq Nordic.

Iceland: OMXI15 outperforms as Festi launches buyback

The OMXI15 was the best‑performing main Nordic benchmark today, up 1.23%. ^[31]

A notable corporate catalyst:

Retail and services group Festi hf. kicked off a share buyback programme on Nasdaq Iceland effective today, 4 December 2025, authorising purchases of its own shares within predefined limits. ^[32]

In a relatively concentrated market like Iceland’s, targeted buybacks can provide visible support to both individual stocks and the broader index, especially when combined with globally improved risk appetite.

Capital actions across the Nordic exchanges: Sampo, Alligator, Medivir & more

Beyond the headline indices, 4 December 2025 also brought a cluster of capital‑market transactions across Nasdaq Nordic:

Sampo plc (listed in Helsinki and Stockholm) reported further progress in its share repurchase programme, confirming that it bought back additional A‑shares on 3 December, with the release published this morning. ^[33]
Alligator Bioscience finalized terms for a large rights issue on Nasdaq Stockholm. Trading in unit rights and BTUs (paid subscribed units) runs from 4 December 2025, with the subscription period also starting today and continuing until 18 December. ^[34]
Active Biotech is in the market with a fully secured rights issue whose subscription rights stop trading on 4 December 2025, after opening on 25 November. ^[35]
Medivir reported the outcome of its own rights issue, noting that settlement notes will be sent to subscribers around 4 December 2025, with new shares expected to start trading on Nasdaq Stockholm later in December. ^[36]

These deals show that equity‑capital markets in Stockholm remain busy, with life‑science names continuing to lean on shareholders for growth funding while larger financials such as Sampo return capital via buybacks.

Macro & forecast context: what today’s moves may signal for the rest of December

Global drivers: Fed, rates and risk appetite

Globally, today’s Nordic performance slots into a broader narrative:

European equities are grinding higher, led by industrials, automakers and tech, as weaker U.S. data keeps alive the prospect of a Fed rate cut at the upcoming meeting. ^[37]
Analysts note that this looks like a classic year‑end “performance chase”, with investors rotating from defensive sectors (healthcare, staples) into cyclicals and growth names. ^[38]

Nordic strategists, including at SEB and DNB, have spent recent months emphasising:

Elevated valuations in Nordic equities relative to long‑term averages.
A growing dependence on positive earnings revisions, especially from AI‑exposed, industrial and healthcare names, to sustain current index levels into 2026. ^[39]

Nordic‑specific outlook themes

Looking ahead from today’s session, several themes stand out:

Healthcare & biotech as structural growth drivers
- BioArctic’s Leqembi data reinforce the strategic value of Nordic biotech platforms partnered with global pharma, potentially supporting a re‑rating of quality names across the healthcare complex. ^[40]
Re‑shaping of traditional industries
- UPM’s planned JV with Sappi signals an ongoing portfolio rotation away from legacy paper and into higher‑margin, sustainability‑linked materials and solutions—a pattern also seen among other Nordic industrials. ^[41]
IPO and ECM pipeline still open, but selective
- Framery’s successful, oversubscribed IPO and step‑up to the Main Market shows investors still back profitable, niche growth stories, even while smaller names like Piippo exit public markets. ^[42]
Denmark balancing Novo Nordisk risk with broader strength
- Today’s upgraded Danish GDP forecasts and the government’s relaxed stance on Novo’s slowdown suggest that, from a macro angle, Denmark’s growth story is not “just Novo”—shipping, wind power, brewing and other sectors all play a role. ^[43]
Investor debate intensifying into 2026
- For bellwethers like Novo Nordisk, the clash between near‑term earnings downgrades and long‑term GLP‑1 growth potential is driving highly polarised analyst views—from concerns over price cuts to bullish calls that the stock could be a major comeback story by 2026. ^[44]

Takeaways for investors watching Nasdaq Nordic

Today was a broad “risk‑on” day for Nasdaq Nordic: all four main indices closed higher, with Sweden and Iceland leading. Index gains were modest to strong rather than euphoric, which fits the pattern of a cautiously optimistic late‑cycle rally. ^[45]
Stock‑specific news mattered:
- Positive biotech data (BioArctic) and strategic industrial restructuring (UPM) provided fundamental support.
- Corporate actions like buybacks (Sampo, Festi) and rights issues (Alligator, Active Biotech, Medivir) continued to re‑shape the shareholder base of key mid‑cap names. ^[46]
Macro conditions remain crucial: optimism around an imminent Fed rate cut, plus Denmark’s brighter growth outlook, formed the backdrop for today’s trading and will likely continue to drive flows into and out of Nordic risk assets over the rest of December. ^[47]

As always, this overview is for information and news purposes only and is not investment advice. Anyone considering trading Nordic securities should evaluate their own risk tolerance, time horizon and, ideally, consult a qualified financial adviser.