Oslo Stock Exchange opened as expected sharply from the start Friday. And recovery intensified during the day. The main index ended up 4.14 percent to the entire 552.62. We have to go back to November 2011 to find an equally large increase in one day.
week return was at plus 3.2 percent.
Revenue totaled 4.8 billion.
– It was obvious that the exchange going up
Portfolio Manager Truls Evensen Fondsfinans Asset Management says to TDN Finans that there has rarely been so evident that the Oslo Stock Exchange was going up from the opening was the case Friday.
He refers to the stock market upswing in the US Thursday upturn in Asia bourses Friday while oil prices were up six percent from the level when the Oslo Stock Exchange closed Thursday.
– In addition gave both the ECB and Japan’s central bank clearly stated that they will continue to stimulate financial markets. Part of plus figures yesterday and tonight reflect coverage of short positions, but it’s also those who have contributed to pushing the global markets so sharply since the beginning, says Evensen TDN Finans.
Hefty oil price rally
The main trigger behind the rise in oil prices was that torsdgens rally in financial markets have given pessimistic investors reason to secure gains on record short positions.
– Fundamentals are still weak, and the ruler is still concern for economic growth and its impact on gasoline demand, so this is probably more a sign that things have been exaggerated than anything else, said analyst Gene McGillian at Tradition Energy in Connecticut told Reuters.
Cold weather in Europe and the United States also provides support to oil prices, which continues rally Friday. In the US, reported heavy snow storm on the East Coast at the weekend.
Brent March oil rises Friday afternoon 8.0 per cent ($ 2.35) to $ 31.60 a barrel, after standing in about 28 , USD 30 per barrel at closing in Oslo on Thursday.
The US WTI oil was up 7.3 percent to $ 31.66 a barrel.
Revenge for oil and offshore shares
index Heavy Statoil led the way, with an increase of as much 8.4 percent to 109.90 kroner, although Moody’s considers downgrade of debt.
Analysts TDN Finans has talked with expects Statoil’s credit rating will be downgraded along with several other major oil companies ahead. This is factored into the credit market, and the impact will be limited, they believe.
DNO
DNO la 6.1 percent to 4.76 million, after having been up over 10 percent earlier in the day.
Carnegie downgrade DNO share from buy to hold, according to TDN Finans. Brokerage downward revision price target from 15 to 4 million.
Snap in oil
Seadrill climbed 8.6 percent to 18.25 kroner. Analysts warned that the company faces a major restructuring, but Seadrill CEO Per Wullf insists dog facing DN that he eyes some doomsday.
Thursday the stock rose 16 percent, after plunging 29 percent on Wednesday.
Fred. Olsen Energy was the top stock with plus the 21.0 percent. Archer and PGS rose over 10 percent, while Subsea 7 contented himself with a rise of 5.9 percent.
Polarcus rally
Polarcus shares ended up 11, 9 percent to 1.50 million. The reason was that the restructuring plan for Polarcus was approved with a sufficient majority on Friday bondholders meeting.
DNB
UBS downgraded its price target on DNB to from 125 to 114 million. Buy recommendation is maintained, according to TDN Finans.
The stock rose 6.1 percent to 100.90 kroner. The stock finished second in sales section, behind Statoil, with NOK 561 million.
Biotech-stock up on news
Oslo Axess-listed PCI Biotech popping up 8, 0 percent to 4.75 million at the happy message about cancer study.
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