Oslo Stock Exchange rose gently for the first hour Tuesday, but have during the day been a bit wobbly. The benchmark index however ended 0.84 percent to 650.58.
So far this year the exchange has thus risen 12.94 percent. Week return is minus 0.28 percent.
The turnover ended the day at 4.06 billion.
Pending “super Friday”
Investors breathe a sigh of relief after the results season and look forward to “super-Friday”, where it will be OPEC meeting and coming US labor market figures. Greece must also pay a new installment of the debt then.
Die Zeit writes Tuesday that Greece’s creditors are planning to give the country and Prime Minister Alexis Tsipras a “very last offer” based on the existing action program which expires at end of June, according to TDN Finans.
Oil price rises again
price of Brent oil rises 0.11 percent to $ 64.95 per barrel at the close of trading, while the price was $ 65.17 a barrel when the Oslo Stock Exchange closed Monday.
Statoil rose today 2.64 percent to 147.90 kroner, and was an important contributor to stock recovery.
We note that otherwise Seadrill rose 0.93 percent to 97.30 dollars today, while Subsea 7 ended up 2.63 percent to 84 million.
Of other heavyweights comparison, the English today rose 2.88 percent to 311.20 kroner.
Recommended Hydro
Fondsfinans according to TDN Finans resumed coverage of Norwegian Hydro buy recommendation and price target to $ 45.
Hydro rose today 2.51 percent to 37.57 dollars in heavy trading.
– A large part of the management for the downstream segments presented businesses and gave mainly positive signals about the rate of expansion in the automotive industry and the overall demand in the European markets, writes analyst Eivind Sars Veddeng in a recent comment from DNB Markets.
The analyst jacking the estimated EBITDA for 2016-2017 by one percent, due to higher margins and a generally more positive European demand.
DNB retains buy recommendation and target price keeps unchanged at 42 kroner per share.
Fresh PGS agreement
PGS has entered into a so-called sale-and leaseback agreement for PGS Apollo with proceeds of approximately $ 80 million before transaction costs.
The agreement, concluded between PGS and Offshore Merchant Partners, includes an option for an extension of five years at a reduced rate.
PGS has an option to buy the boat by the end of year five and eight.
According to a stock exchange announcement will PGS will post a loss from the deal at $ 57 million in Q2.
On the Oslo Stock Exchange rose 3.23 percent to PGS 50.15 dollars today.
We note also that TGS-Nopec gained 2.71 percent to 200.90 kroner.
Spectrum acquisition and -emisjon
Spectrum ASA announced Monday night on the acquisition of Fugro’s multi-client library for $ 115 million. This corresponds to 914 million.
The acquisition is financed by bank loans and a guaranteed issue.
The seismic company Spectrum announces that the private placement of the company was significantly oversubscribed. The subscription price was 32 dollars. It will be issued 10 million new shares, giving gross proceeds of NOK 320 million.
Spectrum shares fell today 4.71 percent to 34.40 dollars.
Issue in NEL
Øystein Stray Spetalen-dominated NEL has completed a private placement of 51.3 million new shares at a price of 1.35 kroner.
The issue was significantly oversubscribed, Stating the Tuesday morning.
Monday’s closing price was 1.90 million, after an adventurous increase of 39.71 percent.
Sun reported NEL they buy Danish H2 Logic 300 million .
NEL shares ended today flat at 1.90 million.
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