Swedish engineering group Sandvik rose nearly 3% to SEK 398.5 on Tuesday, closing in on its 52-week high of SEK 413.1, after securing a SEK 275 million contract with Kamoa Copper S.A. for the Kamoa-Kakula copper mine in the Democratic Republic of the Congo.
The order covers a fleet of underground trucks and loaders, including two units equipped with Sandvik’s AutoMine autonomous haulage technology. Deliveries are scheduled to begin before year-end, with the contract booked for the third quarter of 2026.
Morgan Stanley raised its price target on Sandvik to SEK 390 from SEK 368 while maintaining an Equal Weight rating, signaling increased confidence in the stock’s near-term valuation floor. The upgrade follows the contract announcement and comes as global equities broadly advance alongside supportive risk sentiment.
Sweden’s OMXS30 index, which tracks the country’s largest industrials, mirrored the positive market tone. No major central bank announcements or Swedish macroeconomic data releases significantly influenced Tuesday’s session.
