The Stockholm Stock Exchange retreated during a shortened trading session on Maundy Thursday. Declines were also observed across global markets as geopolitical tensions surrounding the war in Iran flared up following fresh threats from U.S. President Donald Trump.

In an address to the American people overnight, Trump claimed the country is on a path toward "total victory" in the conflict. While stating that the end of the war is approaching, he simultaneously threatened an escalation, vowing to continue bombing Iran back to the "stone age."

At the close, the blue-chip OMXS30 index was down 1.35 percent at 2,965.69. Shares worth approximately 13 billion SEK changed hands on the Stockholm bourse.

Energy was the top-performing industrial sector, gaining 3.1 percent. At the other end of the spectrum, technology lagged the market with a 3 percent decline.

Among the OMXS30 constituents, Handelsbanken A rose 0.8 percent while Telia gained 0.6 percent. The worst performers were Lifco B, down 4.0 percent, and Hexagon B, which shed 3.1 percent.

Handelsbanken announced shortly after Wednesday's close that it will recognize a positive one-off item of 1.1 billion SEK in the first quarter of 2025 following a VAT reversal.

Automaker Volvo Cars reported global sales of 153,316 vehicles for the first quarter of 2026, an 11 percent decrease compared to the same period in 2025. The stock edged up 0.1 percent.

Pharmaceutical giant AstraZeneca reported that the combination of Imfinzi and Imjudo, alongside lenvatinib and TACE, improved progression-free survival in the Phase 3 Emerald-3 liver cancer trial. A positive trend in overall survival was also noted. AstraZeneca shares rose 0.5 percent.

Sweden plans to procure air defense and anti-drone systems for 8.7 billion SEK from suppliers including Saab and BAE Systems, according to Defense Minister Pål Jonson. Saab, which traded ex-dividend for 1.20 SEK, fell 3.2 percent.

Investment firm Flat Capital is divesting a significant portion of its passive AI and software-related holdings for 720 million SEK, realizing a gain of 526 million SEK. The sale includes full positions in OpenAI, ElevenLabs, Lovable, Cerebras Systems, and Alpaca, as well as more than half of its stake in Perplexity. Flat shares tumbled 6 percent.

Brent crude reacted to the escalating fears of a wider conflict in Iran, surging approximately 8 percent to 109 dollars per barrel by 1:00 p.m. In the sector, Meren Energy rose 4.6 percent while IPC gained 3.2 percent.

On the analyst front, DNB Carnegie upgraded Assa Abloy to Buy (Hold) with a target price of 375 SEK (400). Assa Abloy rose 0.2 percent.

Pareto Securities upgraded Atlas Copco to Buy (Hold) with a target price of 205 SEK (200). Atlas Copco's A-share fell 1.5 percent.

SEB downgraded BioGaia to Hold (Buy) with a target price of 130 SEK (122). BioGaia shares dropped 4 percent.