Week Ending: 11 September 2026

Sweden SE Sector

Consumer Defensive

For the week ending 11 September 2026, Consumer Defensive declined 1.68% with 7 advancing, 23 declining, and 1 unchanged constituents. The index is equal weighted and built from country-listed equities.

Current architecture Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

39 technical evidence

Index988.80 1 week-1.68% Breadth23% Members31

Industry

Country 🇸🇪 Sweden · SE

Universe country-listed

Price basis Adjusted weekly close

Trend architecture

Index, activity fan and structural anchors

Rolling 156-week evidence. Trend Signal points mark weeks when price, trend and the activity fan confirmed together.

Index Value Trend Line Fair Value Activity Lines Constructive architecture Transitional architecture Defensive architecture

Current architecture Unresolved 4 completed weeks in this state

Trend acceptance -3.1% Index versus Trend Line

Persistence 75% Negative regime, horizons divided

Participation 23% 7 advancing, 23 declining

Investor positioning lens

Is the evidence ready for capital?

A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.

Current posture Reduce exposure into strength

Counter-trend rallies may occur, but primary structure and persistence do not yet support adding risk.

39 technical evidence
out of 100

Evidence balance

Five-pillar map

Reduce

Trend

Breadth

Persistence

Relative

Risk quality

What supports the view

No major confirming factor has secured control.

What restrains conviction

Index trend architecture has not delivered a durable upward expansion.
Breadth remains too narrow or inconsistent for a high-conviction position.
Constituent persistence remains divided or predominantly negative.
The group is not yet delivering dependable relative outperformance.
Stage 4 declining constituents exceed Stage 2 advancing constituents by 13 percentage points.
Positive contribution is concentrated in a small leadership cohort.

Independent sentiment overlay Sentiment held separate

Qualified news coverage is too thin to alter the technical positioning view.

Evidence that would change the view

A completed weekly reclaim of 1,020.50, the higher of Trend Line and Fair Value, would improve the structural case.
Breadth holding above 55% for several completed weeks would show that repair is spreading.
Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.

This is a weekly research classification, not personal investment advice. Sentiment is reported as an independent confirmation layer and does not alter the technical score.

Trend state and durability

Architecture, persistence and constituent regimes

The index path is tested against the underlying security-level trend evidence.

Index architecture Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

State age4 weeks

Trend gateMixed

Fan width2.50%

Fast versus slow change-1.11 pts

Above 0% Below 100%

Six completed weeks of price acceptance relative to the full Activity Line fan.

Index persistence

Negative regime, horizons divided

75% agreement

The 52-week trend is negative, while shorter horizons remain mixed.

13-week

-6.0%

26-week

1.2%

39-week

-3.9%

52-week

-13.3%

Regime age21 weeks 52-week flips5 52-week boundary1140.37

Constituent trend persistence

Is the index move broadly durable?

100% coverage

42%positive

Coherent positive10%

Coherent negative32%

Average horizon agreement78%

Positive horizon share43%

Weakening positives8

Repairing negatives5

31 constituents measured as of 11 Sep 2026. Median trend age is 24 weeks.

Custom stage map

Where constituents sit in the cycle

100% coverage

42%Stage 4

Stage 1 · Basing19%6 securities

Stage 2 · Advancing29%9 securities

Stage 3 · Distribution10%3 securities

Stage 4 · Declining42%13 securities

Re-acceleration watch2 Transition watch4 Relative strength leaders6% Fair Value repairs5

Measured as of 11 Sep 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.

Architecture breadth

How market energy is distributed

76/100 mean confidence

Upward expansion

19% 6

Rotation up

3% 1

Deceleration

16% 5

Balance

23% 7

Rotation down

6% 2

Downward expansion

32% 10

Unresolved

0% 0

Architecture breadth shows the distribution of expanding, rotating, balancing and contracting securities. It is diagnostic context and is not added as a second vote in the positioning score.

Capital rotation

Performance relative to SE Market Structure

Weakening

Relative index 13-week relative trend Starting level

Rotation dashboard Weakening

A rising relative line means this group is compounding faster than SE Market Structure. A falling line means capital has done better in the parent benchmark.

Relative index120.7

13-week trend122.5

4-week trend change-0.93%

Weekly peer rank7 of 11

1 week

0.1 pts relative

4 weeks

0.3 pts relative

13 weeks

-3.2 pts relative

26 weeks

-0.6 pts relative

52 weeks

-2.8 pts relative

Market internals

Participation, dispersion and path risk

Equal-weight index evidence with constituent-level breadth and dispersion.

Breadth

Participation quality

Narrow

23% advanced

Advancing: 7
Declining: 23
Unchanged: 1

4-week average 40%

13-week average 42%

Risk and persistence

Path quality

52-week lens

Annualised weekly volatility11.4%

Drawdown from 52-week high-11.1%

Positive weeks, last 1331%

Current directional run2 weeks

Turnover versus 13-week norm152%

Breadth impulse-21.0 pts

Cross-section

Return distribution

31 measured

Q1 -3.9% Median -2.2% Q3 -0.3%

Average winner4.7%

Average loser-3.7%

Dispersion4.9 pts

Top-five upside share98%

Top-five capital share91%

Capital data coverage100%

Dispersion describes how far constituent outcomes are spreading apart. Capital concentration is contextual only; the index itself is equal weighted.

Momentum cycle

30-week persistence

Positive readings show expansion. Negative readings show contraction.

Breadth cycle

Net participation

Advancers less decliners as a percentage of measured constituents.

Industry map

Where sector leadership is forming

Performance, breadth and trend acceptance across every qualified industry.

0/4 positive

Above Trend Line1/425% of industries

Constructive breadth0/4At least half advancing

Median industry-1.52%1.19 pts dispersion

#1 Contracting

News and narrative

Does company news confirm the market tape?

Open Sentiment Intelligence

Sentiment evidence is still developing

Qualified company-level news coverage is not yet broad enough to influence the group view.

0 qualified records across 31 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 NICONicoccino Holding AB (publ)

13.67% 2 SINSolution International Nordics AB (publ)

7.02% 3 LCLEANLifeClean International AB (publ)

5.00% 4 NNHNew Nordic Healthbrands AB (publ)

3.82% 5 HIGHCO-BHigh Coast Distillery AB (Publ)

2.86%

Weakest edge

31 UMIDA-BUmida Group AB ser. B

-14.95% 30 XOM-BXoma AB (publ)

-8.83% 29 CLEMClemondo Group AB (publ)

-6.23% 28 SKMOSkåne-möllan AB (publ)

-5.22% 27 CANDLE-BCandles Scandinavia AB (publ)

-4.91%

Constituent ledger

Sector constituents

All 31 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return

1 NICO Nicoccino Holding AB (publ) STO 43.18M 1.58 0.44 pts

13.67%

2 SIN Solution International Nordics AB (publ) STO 115.43M 2.59 0.23 pts

7.02%

3 LCLEAN LifeClean International AB (publ) STO 19.89M 0.0168 0.16 pts

5.00%

4 NNH New Nordic Healthbrands AB (publ) STO 105.94M 17.65 0.12 pts

3.82%

5 HIGHCO-B High Coast Distillery AB (Publ) STO 160.80M 28.80 0.09 pts

2.86%

6 SECARE Swedencare AB (publ) STO 3.57B 22.30 0.01 pts

0.45%

7 SCST Scandi Standard AB (publ) STO 9.96B 149.80 0.01 pts

0.27%

8 MSON-A Midsona AB (publ) STO 2.31B 15.90 0.00 pts

0.00%

9 VIVA Viva Wine Group AB STO 3.43B 38.20 -0.02 pts

-0.52%

10 LYKO-A Lyko Group AB (publ) STO 1.27B 83.00 -0.02 pts

-0.72%

11 CEDER Cedergrenska AB (publ) STO 595.06M 44.80 -0.04 pts

-1.10%

12 ZZ-B Zinzino AB (publ) STO 5.41B 137.10 -0.04 pts

-1.22%

13 ACAD AcadeMedia AB (publ) STO 9.56B 99.10 -0.04 pts

-1.29%

14 CHEF Cheffelo AB (publ) STO 1.50B 114.00 -0.04 pts

-1.38%

15 HUMBLE Humble Group AB (publ) STO 2.47B 5.53 -0.05 pts

-1.43%

16 SNX Premium Snacks Nordic AB (publ) STO 446.13M 32.65 -0.07 pts

-2.25%

17 AXFO Axfood AB (publ) STO 53.13B 236.90 -0.09 pts

-2.67%

18 AGTIRA-B Agtira AB STO 326.43M 2.45 -0.09 pts

-2.78%

19 MSON-B Midsona AB (publ) STO 1.50B 10.30 -0.09 pts

-2.83%

20 TELLUS Tellusgruppen AB (publ) STO 123.28M 6.68 -0.10 pts

-3.19%

21 AAK AAK AB (publ.) STO 52.86B 200.20 -0.11 pts

-3.47%

22 ARCTIC Arctic Blue Beverages AB (publ) STO 11.32M 0.1442 -0.12 pts

-3.61%

23 ESSITY-A Essity AB (publ) STO 180.20B 261.50 -0.12 pts

-3.86%

24 ESSITY-B Essity AB (publ) STO 180.55B 261.30 -0.13 pts

-4.00%

25 HAYPP Haypp Group AB (publ) STO 4.47B 144.60 -0.13 pts

-4.11%

26 CLA-B Cloetta AB (publ) STO 15.45B 53.65 -0.15 pts

-4.71%

27 CANDLE-B Candles Scandinavia AB (publ) STO 322.67M 32.90 -0.16 pts

-4.91%

28 SKMO Skåne-möllan AB (publ) STO 627.00M 54.50 -0.17 pts

-5.22%

29 CLEM Clemondo Group AB (publ) STO 87.23M 6.32 -0.20 pts

-6.23%

30 XOM-B Xoma AB (publ) STO 41.85M 0.4235 -0.28 pts

-8.83%

31 UMIDA-B Umida Group AB ser. B STO 24.20M 0.546 -0.48 pts

-14.95%

The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.