Oslo Stock Exchange opened as expected right down Wednesday. After 32 minutes of trading was the main index down 3.7 percent to 523.50, and since then the decline has only increased.
In the end the main index down 4.71 percent to 518 05. At worst, the index has been down to 517.96.
Thus, the stock exchange down 15.11 percent so far this year and 20.18 percent over the past six months.
– There is oil prices and China driving the market down. Whilst it was a very strong rise yesterday, and we get a setback today, says manager Leif Eriksrød Alfred Berg to TDN Finans.
Also internationally falls ugly Wednesday afternoon.
FTSE 100 in London falls 3.16 percent, the DAX in Frankfurt was down 2.77 percent, while the CAC 40 in Paris falling 3.54 percent.
In the United States falls Dow Jones by 2.36 percent, S & amp; P 500 is down 2.57 percent and Nasdaq peels away 2.71 percent.
Lowest oil for years
price of US light crude was under $ 28 barrel in Asia at night, the lowest price in over 12 years.
The fall comes after the International Energy Agency (IEA) warned that there will be an excess of oil on the market at least until the end of the year, in a new report Tuesday.
Read also: Tankmagnat predicts oil price of $ 19
Now handles light crude for 28.60 barrel, down 3.28 percent, while Brent oil are $ 28.01, down 2.61 percent.
When the Oslo Stock Exchange closed Tuesday costed light crude $ 29.99 and Brent oil 29, $ 13.
Statoil
Statoil eventually fell by 7.20 percent to 97.90 kroner.
We have to go back to 5 . December 2008 to find the last the last time the stock was below 100 million.
Over the past year, the drop in per cent, while the share has fallen percent so far in 2016.
On decreasing 97.90 million, Statoil has a value of 312 billion and the State of Petroleum and Energy and the National Insurance Fund, together own 70.23 percent of the oil company.
The parastatal oil group imposes pay freeze for managers and professionals outside the agreements. The reason is oil bang, writes DN.
It is stated according to the newspaper by an internal memo that was sent out Wednesday morning.
In the note writes Statoil that “wage freeze is a measure company can use controlling parts of the cost base for next year. It is therefore decided to freeze salaries in 2016 for managers, executives and senior professionals in Statoil ASA. “
– This is a decision the group management has taken. Probably will lead set a good example in a difficult period. Should also believe that there is signal what management wants to result in the upcoming wage settlement for employees in the spring, says steward Bjorn Asle Teige union YS Statoil to DN.
Stool for Seadrill
Bank of America Merrill Lynch, according to Bloomberg downgraded seadrill and Subsea 7 shares to underperform, according to TDN Finans. Seadrill was significantly lower in the US than in Norway yesterday.
Jan Petter Sissener and his managers have a longer period have been negative for the oil service sector. DN Wednesday says Sissener that Seadrill soon have fallen 90 percent since the went short
The Trustee believes Seadrill still has some way to go before the bottom is reached, the newspaper said.
John Fredriksen company fell today with brutal 29.08 percent to just 14.44 million, while Subsea 7 fell 6.41 percent to 44.35 kroner.
Only since the new year has plummeted Seadrill 53 percent, while the return last year of minus 82 percent.
The stock fell 64 percent in 2015, equivalent to over 25 billion in market capitalization. From the top of the 289.4 million in September 2013 has the stock fell 95 percent and 136 billion in market capitalization.
With 22.94 percent is John Fredriksen’s Hemen Holding’s largest shareholder in Seadrill. Today is the stake worth barely 1.6 billion. On top was the worth barely 33 billion.
We note that otherwise Fredriksen companies Archer and Golden Ocean fell hard, respectively. 13.75 percent to 3.89 million and 10.29 percent to 6.10.
Archer has been totally dropped to 3.88 million today, marking a new all-time low. From the top at 410 million in 2011, the share has thus fallen by over 99 percent.
Front Line fell 8.93 percent to 17.44 kroner.
PGS takes billion writedowns
Petroleum Geo-Services ASA (PGS) expects to report an EBITDA of about 485 million US dollars for the whole year 2015.
In the fourth quarter EBITDA of close to $ 120 million, while revenues was around $ 230 million.
According to Reuters consensus for EBITDA in the fourth quarter remained at 102 million US dollars.
PGS take writedowns on $ 105 million in connection with the multi-client library and $ 170 million in connection with goodwill and intangible assets.
PGS fell Wednesday with 7.81 percent to 23.13 kroner.
torpedoed Telenor
Pareto Securities cuts price target on Telenor shares from 178 million to 138 million. According to TDN Finans maintained Hold recommendation.
The stock fell today 2.39 percent to 134.50 kroner.
Possible tax bang
Norwegian Energy Company ASA comes with an update concerning a Danish tax case, which was referred to in the report for Q1.
The latest ruling means that the Danish authorities require that it be paid $ 5.7 million in taxes plus interest in connection with the sale of South Arne field.
Noreco still ended up 5.91 percent to 53.75 kroner.
Q-Free-contract in the US
Q-Free report a toll contract in the US 45 million.
The stock was currently one of very few in the plus of 1.73 percent to 8.83 kroner.
EMGS out of North Energy
Electromagnetic Geoservices ASA (EMGS) sold Tuesday all of its 11,851,463 shares in North Energy for 1.02 kroner per share. It revolves around a record 9.96 percent.
More North insiders have secured most of the record. Chairman Anders Onarheim buy 5.5 million shares.
North Energy ended up 5 percent to 1.05 million, and vard ermed also one of the few bright spots.
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