Oslo Stock Exchange opened up 1.8 percent on Friday morning in the wake of the frenetic oil rally last night, where WTI oil excelled with an increase of over 10 percent, as well as solid upturn in Asia bourses, but recovery has dwindled into during the day.
The main index now stands at 591.02, up 0.8 percent. Those who hit the bottom in the market during the Monday, when the index was as low as around 540, you can enjoy a return of 9.2 percent.
The turnover has reached 1.7 billion .
The main index has fallen 5.7 percent over the past month, but increased 2.6 percent so far this year.
Crude
Crude draws down by the explosive development last night, but it is still significantly higher than when the Oslo Stock Exchange closed throughout Thursday.
Brent oil falling 0.1 percent to $ 47.54 a barrel, which is around 2.5 dollar higher than yesterday afternoon.
The US WTI oil put on 0.1 percent $ 42.60 a barrel.
– A short-coverage rally, led by crude oil, lifted commodities across the board. Better GDP than expected figures in the US were the main sparkle, even if force majeure on Shell’s exports from Nigeria enhanced recovery, writes ANZ Reuters in a note Friday.
Opptur in oil and oil
> Oil service stocks have made it miserable the past year, but Friday is definitely a bright spot.
Seadrill shows the way with an increase of 6.8 percent to 59.30 kroner after rising sharply in New York yesterday. Fred. Olsen Energy are plus 11.1 percent to 40.20 million.
Statoil rising 2.4 percent to 125 kroner, while DNO continues up 5.8 percent to 9.07 million after yesterday’s rally.
DNO rose by 13 percent Thursday on reports that the Kurdish authorities should have verified that a first round of payments to oil exporters will be undertaken during the first half of September.
According to DNB Markets implicates the current valuation of the market that DNO receives about 20 percent of the amounts they under the agreement are entitled to.
“We assume that the ongoing obligations are honored and has a buy recommendation with a price target of 20 million per share, “writes brokerage in today’s morning report.
Aker Solutions
Aker Solutions are up 6.1 percent to 33.13 million.
UBS, according to TDN Finans upgraded Aker Solutions shares from sell to neutral.
Oil Service Analyst Haakon Amundsen in ABG Sundal Collier said earlier this week that Aker Solutions is the most obvious acquisition candidate within Norwegian oil service sector, but also Subsea 7 may be a hot candidate.
It is Schlumberger’s acquisition of competitor Cameron International, which has opened the door for speculation about the Norwegian oil industry.
Strong from BW LPG
BW LPG springing up 3.7 percent to 58.50 kroner after strong quarterly and a surprisingly high yield for the 1st half.
Golden Ocean on up
Golden Ocean’s CEO Herman Billung said after yesterday’s quarterly report – very affected by the turbulence in China – that he sees little downside in asset values and believes it’s time to buy.
The share rises new 4, 7 percent to 24.40 kroner Friday morning.
Clarkson Platou Securities upgrade Golden Ocean shares from neutral to buy in the wake of the presentation Thursday, reports TDN Finans.
According to analyst Frode Mørkedal in Clarkson Platou Securities asset values now bottomed out.
Strong Hugo
Oslo Axess-listed Hugo Games rises 10.3 percent to 8 million by today’s quarterly and notification of share purchase from both chairman and chief executive.
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