Oslo Stock Exchange was expecting something down Tuesday in the wake of new price bottoms on oil. The answer in the morning showed a nervous development, where it fluctuated between plus and minus.
Since then, the stock exchange mostly gone one way – straight up.
The main index rose to finish with 1.58 percent to 582.70 and has thus risen 1.16 percent so far this year.
Looking oil 30s
Analysts at Goldman Sachs says that the bottom of the oil market has not been reached.
The US light crude is at lunchtimes down 1.73 percent to $ 44.89 a barrel. In the morning fell WTI oil to the lowest oil prices since spring 2009, but the fall in prices have since eased somewhat.
Brent oil traded at close of trading for $ 47.28 a barrel, down 2.9 percent in the current trade. At the stock exchange opening price was $ 46.78, down 3.9 percent.
Analysts at Goldman Sachs believe the price of US light crude may fall down to $ 39 a barrel within a half years. Also North Sea oil will continue to fall in value because of a saturated market, according to analysts.
Predicts many doubling NSG
Bjørn Inge Pettersen Aksjeanalyser.com today gone out with a new purchase recommendation on Norwegian Forest.
He was also out with a purchase recommendation on the stock on November 15, and can look back on a price increase of around 40 percent.
– We reiterate our buy recommendation on Norwegian Forest today and we have short-term (4-8 weeks) target price for the stock at 6.35 million, and in the long term (2-3 years) we have price target at 18-20, writes Pettersen in a mail to Hegnar.no
Tuesday rose Norwegian Forest most of all, with a rocket rally at 24.26 percent to 5.89 million.
– Short Statoil
On the New York Stock Exchange explodes short interest Statoil shares.
– I understand well, said John Olaisen in ABG Sundal Collier Finansavisen Tuesday.
– Historical Statoil been priced at between 8 and 12 times the estimated twelve month earnings. If one is kind and says that it should be priced 12-time opportunity, so the company must earn 10 kroner. share. But if Statoil will manage it must be oil prices around $ 85 per. barrel. This screams out a short, says the analyst said.
Statoil ended up 2.62 percent to 129.10 dollars.
At current oil prices mean analysts DNB Markets valuation of Statoil sees challenging out.
“Course level, however, reflect expectations of future oil prices and forward curve implies that markets expect the price to back up to over $ 70 per barrel. Expected dividend yield is 5.7 per cent while and will eventually creep over 7 per cent if the price falls to 100 per share, “writes brokerage in an update.
Capital of TGS TGS-NOPEC
reports that quarter revenues in the fourth quarter was a record high. They are according to the company waited in at around $ 298 million, up 10 percent from the year before.
Analysts had expected revenue of $ 251 million, according to TDN Finans.
The expected revenue around $ 915 million throughout 2014, up four percent from 2013. Previously guiding was 870-950 million dollars.
TGS expects revenues of approximately $ 750 million in 2015 and an operating profit of about 260 milllion dollars.
It is proposed that a dividend of NOK 8.50 per share.
TGS rose Tuesday 4.47 percent to 163.50 dollars.
Yara
The US Department of Agriculture USDA estimates according TDN Finans that US 2014/2015 production of maize, which is the main cereal crop nitrogen demand, will be at 14.216 million bushels, up from 14,407 in the previous report.
Fondsfinans points out that it means less planting and thus less demand for nitrogen fertilizers in corn market.
On the basis of this downgrade Fondsfinans Yara from purchase to neutral, while the price target is pulled up from 360 to 385 million.
The brokerage also writes that they believe Yara heading technically has topped out.
Yara rose to end 0.71 percent to 397.60 dollars.
Hydro
After the stock market Monday let Alcoa forward slightly better results than expected Q4 and held simultaneously growth prospects for the global aluminum market at 7 percent in 2015. The stock reacted initially with an increase of just over 1 percent.
The report from Alcoa gives DNB Markets’ view no basis for changes in the purchase recommendation on Norwegian Hydro and price target of 51 per share.
” To the extent we receive a response in Hydro share at the opening, we expect that this will be muted positive relative to the market in general, “the report in today’s morning.
Hydro ended up 1.52 percent to 41.97 million
DOF Subsea contracts
DOF Subsea, a subsidiary of DOF ASA, has been awarded several new contracts
and been extended existing contracts from key customers in the Asia region.
DOF rose 0.71 percent to 14.10 dollars.
Bakkafrost a jewel
In its annual report for 2014, the trustees of Delphi Funds taken a closer look at three shares that recur in several portfolios.
One of these is Bakkafrost, which according to Norway-manager Håkon Hovengen Saetre is nothing less than “a breeding jewel.”
– A dedicated management, fully integrated production and near perfect climatic conditions for salmon farming, has formed the basis for the company is now the world’s most profitable salmon farmer.
The share rose today 2.11 percent to 169 million.
Tank Lines straight up
Tank shipowners Frontline Thoughts and Investments was at lunchtime on 16, 16 and 6.52 percent. Since then, however Frontline slowed sharply, and shares rose 1.22 percent to end at 33.20 dollars.
Tanks Investments ended up 8.70 percent to 100 million.
Read also: Giant Jump in Capesize rates
Another Fredriksen share, Golden Ocean, rose 16.86 percent to 6.55 million.
Jinhui Shipping ended the day up 18.68 percent to 16.20 million.
Read also: Hermanrud & amp; Co. predicts price rise
New Board of Noreco
John Kaare Aune and Ariane Foisy’s new directors in Norwegian Energy Company (Noreco) .
Silje Augustson is elected new chairman.
After today AGM consists Noreco board of Silje Augustson, John Kaare Aune, Ariane Foisy, Andreas Greve Isdahl Bård Arve Lærum (employee representative) and Lotte Kiørboestyret (employee representative).
The stock fell today 9.92 percent to 1.18 million.
SAS continues recovery
SAS continues recovery from yesterday, when shares rose on strong passenger numbers.
The share ended the day up 12.88 percent to 18.40 million.
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