Publicly Comment
Rising oil prices and a positive development on the US markets did not help our domestic stock market Monday.
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Oslo Børs pulled down very low turnover Monday.
Focus in the market was partly Greece where it will be held elections on 25 January.
Nordea Markets believe the uncertainty surrounding the political situation in Greece will continue until the new election, and this is expected lead to a weaker euro and lower interest rates on German government bonds in the future.
Nordea Markets considers a victory for the reform-critical party Syriza as far from certain, and believe they need a coalition partner. Handling room for Syriza will be limited, and the Nordea economists think they kept being forced to enter into a new reform program with creditors.
Financial Times points out that polls at the weekend gave Syriza a lead of 3-4 percentage points above party of Prime Minister Antonis Samaras. It is unclear whether the gap is enough to secure a majority.
Oil stocks fell
Several oil related stocks pulled down Monday while oil prices were up large parts of the day. At closing on the Oslo Stock Exchange was burned 1st position up 0.53 percent to $ 59.84.
The upturn Monday partly related with speculation that an increasingly sharp conflict in Libya will curb supply surplus in the global oil market, writes Bloomberg News.
Storage tanks at the main Libyan oil port, Es Pages, has been in danger of catching fire due to strong winds. The warehouse has a capacity equivalent to four times Libya’s daily production of oil.
The fire at Es Pages began on December 25, after guard forces at the terminal gave Islamist militia an ultimatum before it was inserted airstrikes and rebels fought back with rockets.
Statoil ended down 0.6 percent to 133.10 kroner, and were most traded on the Oslo Stock Exchange Monday for 387 million.
The main index on the Oslo Stock Exchange stopped down 0.36 percent to 580.70 points, traded 1.955 billion.
Read also: The main stock exchange news Monday
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