The upward trend on the Stockholm Stock Exchange continued through midday Tuesday. Cyclical stocks remain a primary focus for buyers, while defensive shares are facing headwinds. In corporate news, Securitas updated its financial targets ahead of Tuesday's capital markets day, and Ericsson announced the appointment of a new CEO.

As of 12:42 PM, the OMXS30 index was up 0.65 percent at 3,154.54. Shares worth approximately SEK 11.3bn changed hands on the exchange.

Among the major industrial sectors, engineering showed the strongest performance with a 1 percent gain. At the opposite end of the spectrum, consumer staples lagged the market, falling 1.6 percent.

Leading the gains within the OMXS30 index, ABB and Atlas Copco A both rose 2.6 percent. The weakest performers were Nibe B, down 1.7 percent, and Essity B, which shed 1.1 percent.

The board of telecommunications equipment provider Ericsson has appointed Per Narvinger as President and CEO, succeeding Börje Ekholm, who has decided to step down. Narvinger currently serves as Executive Vice President and Head of Business Area Networks. Ericsson shares declined 0.4 percent.

Security services firm Securitas saw its shares drop 2 percent. The company introduced a new overarching target to achieve annual earnings per share growth of at least 10 percent over a business cycle, excluding items affecting comparability and adjusted for currency fluctuations. In the long term, the company aims for an operating margin exceeding 10 percent. These announcements were made in conjunction with the company's capital markets day.

Atlas Copco rose for the fifth consecutive day, bolstered by the recent surge in interest for cyclical stocks. Bank of America anticipates the engineering giant will beat market expectations in its Q2 report. The firm raised its price target to SEK 240 from SEK 220 and reiterated its buy rating.

Private equity firm EQT has sold its remaining 30.7m B-shares in cooling wholesaler Beijer Ref. The shares were sold at a price of SEK 132 per share, representing a 3.3 percent discount to Monday's closing price. The transaction is valued at SEK 4.1bn. Following the sale, EQT holds no shares in Beijer Ref, having previously sold A-shares to the investment company Melker Schörling. Beijer Ref shares were down 0.2 percent.

Icelandic biotech company Alvotech has finalized the terms for its previously announced new share issue. The subscription price is set at $3.75 per share. The company expects to raise $152m, or $165m if the over-allotment option is fully exercised. The depositary receipts in Stockholm fell 7.3 percent.

Communications app Truecaller has seen a marginal increase in revenue from its largest demand partner over the past few days. This follows a period where Truecaller was negatively impacted by an algorithm change at the partner in August of last year. The stock surged 9.6 percent.

Defense contractor Saab received an order for anti-tank weapons from France: no contract value was disclosed. The stock increased 2.1 percent.

Construction company Peab has been awarded the contract to build the Oceanhamnsbadet in Helsingborg. The contract is worth SEK 825m. The stock remained unchanged.

Installation firm Bravida secured an order in Växjö worth SEK 135m. The stock slipped 0.8 percent.

In analyst news, RBC initiated coverage on Assa Abloy with an outperform rating and a price target of SEK 400. The stock rose 1.1 percent.

Arctic initiated coverage on Boliden with a buy rating and a price target of SEK 660. The stock increased 1.2 percent.