The main index on the Oslo Stock Exchange ended at 592.16 Friday, after a decline of 3.07 percent.
Shares and equity certificates traded 5.453 million.
Exchange rebounded thus good from the worst levels after today Brexit shock.
in the hectic opening minutes was the main index dropped to 573.35, down over six percent from yesterday’s closing.
Wall Street has opened sharply, but the main reason is probably different from the disappointing orders numbers and consumer confidence in the United States.
Shock waves after Brexit
the results for Brexit referendum showed that Britain would pull out of the EU. British polls, most of which pointed to “Remain” -seier recent days – was thus ridiculed again – as in the election last year.
The statement came from the BBC around the clock 05.40 Norwegian time Friday morning, and shortly after at 07:00, the result was official: 52 per cent of Brits have been to take the country out of the EU. BBC was not slow to use the characteristics of a political earthquake, and the news has created shock waves in both the UK and the EU.
– La June 23 go down in history as Independence Day spring, says out-General Nigel Farage and hope the EU as “failed project” is now forced to its knees.
Britain’s decision triggered børsras in Asia and Europe, and the pound plunged to their lowest levels in 30 years. The Norwegian krone has weakened considerably. In contrast, so-called “safe havens” such as gold, soared.
British FTSE 100 fell 2.8 percent, while the German DAX and French CAC 40 ended down respectively. 6.8 and 8.0 percent. Milan Stock Exchange drew down 12.5 per cent.
European central banks was quick assurances additional liquidity if needed, and the Federal Reserve have hung on.
Bank of England stands ready with 250 billion pounds to ensure that financial markets work, and according to Governor Mark Carney, the bank is well prepared for a Brexit.
the European central bank (ECB) considers it to mean that the banking system in the eurozone is resistant fit of capital and liquidity.
Read also: Brexit-shock: Share Tips to fund saver, investor and trader
Oil prices sharply
Brent August oil is Friday afternoon down 4.3 percent to $ 48.70 a barrel, which admittedly is up from today’s lowest at $ 47.54.
WTI oil falling 4.2 percent to 48, $ 02 a barrel.
When the polling stations in the UK closed Thursday night (11 p.m. Norwegian time) lay Brent oil at around $ 51.18, supported by the expectation that the country would remain in the EU.
– the global uncertainty referendum likely to trigger, will potentially have a negative effect on GDP growth, not only in Britain but also Europe. We know obviously not now, but compared to where we were 24 hours ago, is the impulse response of selling on reality, says principal analyst Michael Hewson of CMC Markets said.
Some analysts believe oil prices may be exposed further pressure on the downside.
– Our view is that we have not seen oil prices at their lowest today and Brent will probably be traded down to $ 45 or lower until we have seen the worst, writes chief analyst Bjarne Schieldrop of SEB told Reuters in a note to its clients.
Bunker Broker Stephan Pettersen at Norwegian oil Trading fear of oil prices in the short term, and predicts according to TDN Finans Brent front contract in $ 46, maybe less.
Juicy Norwegian-bang
On the Oslo stock Exchange reacted Statoil to fall 1.8 percent to 138.60 kroner. DNO ended down 5.4 percent to 8.95 million, while The Norwegian pulled down 1.7 percent to 95.10 crowns.
Few escaped the red Friday.
Among OBX shares (the exchange’s 25 most traded shares) marked the Norwegian most negative, with a fall of 9.1 percent to 312 million.
the volume of today’s fourth tallest 361 million.
Arctic analyst Magnus Berg points out several concerns after Brexit referendum, both British growth and not least currency effects.
– Norwegian has much costs in euros and dollars, and now weakens against those currencies. Corrects not crown again, EPS estimates (EPS = earnings per share) for the 2016 and 2017 fall by 10.5 million on the basis of this, he says to TDN Finans.
Large HSBC is also concerned for Norwegian, and has today downgraded the stock from hold to sell, and cut price target from 310 to 150 million.
REC lift heavy financial
financial stocks got a beating in Europe, but DNB fared far better here at home, and just fell 5.9 percent to 100.50 kroner. Worse went there with Storebrand, which fell 8.1 percent to 31.78 crowns.
Oil service struggled. Subsea 7 fell 4.3 percent to 78.50 crowns, Seadrill 4.9 percent to 27.20 million, while PGS went back 4.2 percent to 21.12 crowns.
Brexit however, will not be so negative for the salmon market, claims analysts opposite IntraFish according to TDN Finans, showing among other things to a weaker Norwegian krone.
Marine Harvest fell for example, only 1.5 percent to 141 kroner, Salmar 2.5 percent to 243.30 million, while Bakkafrost actually rose 0.7 percent to 321 million.
REC Silicon also showed strength, and gained 1.7 percent to 1.53 million.
Among other heavyweights fell Telenor 3.9 percent to 127.80 kroner, Hydro 3.2 percent to 30.79 kroner and Yara 4.1 percent to 266.70 kroner.
Gold Stock to the top
in the top of the list of losers fell one share double digits.
Akastor ended very top after a decline of 11.5 percent to 7.70 million, ahead of Norwegian.
Almost followed BW Offshore, Siem Offshore, Reach Subsea and said Storebrand – down 8.9 percent.
Speaking of the flight to gold, topped winners by Avocet Mining, which rose 16.7 percent to 10.05 crowns.
another mining stock, Oslo Axess-listed Nordic mining gained 3.9 percent to 53 cents.
Oslo Axess duo PCI Biotech and Hugo Games climbed respectively. 7.2 percent to 5.20 million and 8.5 percent to 2.43 million.
Kongsberg Gruppen and Europris ended up respectively. 3.4 percent to 122 kroner and 0.9 percent to 35.30 crowns.
We also take with Seabird Exploration, who was himself a boost of 2.0 percent to 10.45 after notification of summer .
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