Heavy stocks fall despite contracts – OBI Online

Oslo Stock Exchange falls broadly on Tuesday as a result of lower oil prices. None of the 10 most traded securities rise in value.

The time 24:20 is the main index down 1.8 percent to 575.63.

The turnover was 1.7 billion.

Crude

Brent oil falls Tuesday 2.0 percent to $ 40.04 a barrel, while the US WTI oil is down 0.99 percent to $ 39.00 a barrel.

in comparison, a barrel of North Sea oil traded at $ 41.63 a barrel when the exchange closed before Easter.

Wednesday afternoon last week showed stock figures from the US government according to TDN Finans that crude inventories rose 9.4 million barrels in the week leading up to March 18. By comparison, according to Bloomberg News expected a rise of 2.5 million barrels.

Tomorrow announced stock figures for the week leading up to 25 March, and, according to Bloomberg estimates projected crude oil stocks to have risen another three million barrels , which in this case will be the seventh week in a row with inventory building.

– the size of oil stocks, in combination with that we have seen significant rally in oil prices, will limit further price increases, says chief analyst at CMC Markets, Ric Spooner, to Bloomberg News, according to news agency.

Statoil fall 2.7 percent to 129 million.

Aker Solutions down despite contract

Aker Solutions follow the market down. This happens despite the fact that it has won a global frame agreement with BP for engineering and project management at the oil company’s subsea fields.

The stock is down 5.2 percent to 24.90 crowns.

Canaccord Genuity downward revision according to TDN Finans price target on Aker Solutions from 33 to 32 million, but reiterates a buy recommendation.

Downturn for Fredriksen shares

John Fredriksen’s tanker company Frontline falling 6.2 percent to 65.15 crowns.

last week downgraded DNB Markets Frontline shares from “buy” to “hold”, and cut while the price target to from 114 to 80 million.

Also Fredriksens rig company Seadrill fall and is now down 7.6 percent to 26.25 crowns.

the company announced last Wednesday that they extend a contract with Petrobras for rig West Tellus.

the contract extended by 18 months and gives the company a net increase in backlog of 32 million dollars. However, it was reported that Seadrill have to go down on a reduced day rate.

Some bright spots

Some farmed stocks doing well. Salmar leads the way with plus 1.2 percent. Schibsted climbs 1.9 percent.

Funcom is best with plus 16.9 percent.