Oslo Stock Exchange opens down Monday morning.
After only 25 minutes trade is the main index of 587.23, down 0.52 percent, and it is so far sold shares for NOK 222 million.
Oil prices
Brent oil falls Monday 1.50 percent to $ 40.58 a barrel, while WTI oil is down 1.68 percent to $ 40.45 a barrel.
in comparison, a barrel of North Sea oil traded at $ 42.30 a barrel at the close of trading Friday.
Oil prices have thus fallen significantly over the weekend. According to Bloomberg News and TDN Finans pulled down prices of the weekly count of active drilling rigs in the United States, which for the first time in three months showed an increase.
American oil companies had, according to Baker Hughes 387 rigs working, which which is one rig more than a week earlier, when the number reached its lowest level since December 2009.
Ecuador’s President Rafael Correa said Friday that his country at a meeting of countries within and outside Opec next month, propose a cut in oil production.
– There is a certain correction after WTI exceeded $ 40 per barrel, because the market is still oversupplied and demand weak, even though the conditions are better than they were, say market strategist at IG in Melbourne, Evan Lucas, to the news agency.
He believes that an average price of around 35 dollars per barrel (in WTI) is likely in the second quarter.
– There are signs that the supply side knows the pressures and have been forced to react, says Lucas.
Statoil falls back 1.70 percent to 133.20 kroner.
Change plans
Crisis Affected Norwegian Forest climber Monday morning the entire 16.47 percent to 1.98 million. The company reported after the close of trading on Friday that they are now changing their rescue plan.
According to the notification drop the drop the attempt to get with the bondholders in a loan that matures in June. Instead change a corresponding exchange offer to the holders of a loan that matures with two billion in 2017. Almost 70 percent of the owners in this loan supports the proposal.
The company also reported that that the major bondholders Blackstone and Cyrus Capital will give the company a facility of 95 million euros, and that the Norwegian Forest moreover should have initiated the sale of some businesses that are not core business.
Monday writes DN that Kapital edition number 19 for 2015 was fateful for partner and then Norwegian Forest auditor Find Kinserdal Ernst & amp; Young. The newspaper writes that the magazine, which was published in early November, had Kinserdal a guest commentary titled “Valuation when bankruptcy threatens,” where he at the end of the article highlights the company he is auditing; namely Norwegian Forest.
The management of Norwegian Forest reacted hard on Kinserdal commentary in capital and demanded that he finished auditor assignment.
Requires half a billion
Songa Offshore filed a counterclaim to DSME for delays of two Cat D rigs. The news sends shares up 2.94 percent to 0.35 million.
The requirement of Songa is at $ 65.8 million, equivalent to just over 550 million.
It comes after DSME has demanded compensation for cost overruns and additional work in the construction of rigs because of what they believe was inherent defects in the design documents.
Tung keepers
Among the most traded shares on the Oslo stock Exchange is the much red Monday morning.
REC is down 88 percent, Norwegian Hydro falling 0.80 percent and Norwegian are down 1.12 percent. Subsea 7 falling entire 4.68 percent.
Frontline, DNO and Yara is down respectively 1.85, 1.30 and 0.45 percent, while Seadrill fall back 4.04 percent.
the exceptions are DNB with a rise of 0.10 percent, and Marine Harvest rising 0.08 percent.
Please note that Periscopus by Trygve OBI owns four million shares, equivalent owns 0.9 percent of Marine Harvest.
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