SKF Hits Lifetime High

Shares in Sweden’s SKF, the world’s biggest bearing maker, hit a lifetime high on Wednesday after its second-quarter earnings beat consensus and it slightly upgraded its outlook for North American demand.

The group, whose upbeat report also sent other Swedish industrial stocks higher, reported second-quarter pre-tax profits of US$170.5 million.

The company said it had higher sales in all its key markets in the second quarter and saw demand continuing in the third quarter, although the latter would be seasonally weaker.