Oslo Stock Exchange started down just over a percent Monday, but climbed steadily upward from the start. The main index ended up 0.13 percent intraday to 585.46 points. Sales of securities was 3.5 billion.
Brent oil was down 2.4 percent intraday to $ 42.07 a barrel, when the Oslo Stock Exchange closed. At the same time cost the US light crude $ 40.58 a barrel and was down 2.7 percent.
The fall in oil prices came after several oil producing countries failed to reach any agreement on production freeze during Sunday’s meeting in Doha, Qatar . The talks collapsed according to the Wall Street Journal after Saudi Arabia surprised the group to re-assert a claim that Iran also must freeze their production, according to TDN Finans.
Neither SEB’s head of commodity analysis, Bjarne Schieldrop, or oil analyst Torbjorn Kjus of DNB Markets do not think we’re done with the fall in prices.
It is still surprisingly small drop, I do not think we are completely finished with the fall yet. Strikes in Kuwait help enough to keep price slightly up, said Chief of commodity analysis Bjarne Schieldrop SEB to TDN Finans Monday.
Schieldrop do not want to speculate on how much oil prices could fall in the coming days.
It would be strange if we did not get below 40 dollars per barrel, he says, and excludes simultaneously no larger case with reference to large speculative positions that had built up in the market before the meeting.
DNB markets slices according to news agency that they do not do anything with their oil price estimates for the outcome of the meeting and pointed out that the market balance has been tightened markedly in the last two weeks.
“in our supply-demand analysis, we have already included an increase in production from Iran and Libya, and that the rest of OPEC kept unchanged at last known levels, so a freeze agreement would not have meant something in our model. An agreement would only have given psychological support to the market, “writes Kjus.
Statoil fell 1.15 percent to 129.20 kroner.
Solid quarter
Marine Harvest has updated the market with key figures for Q1 show that the company had an operational EBIT of around 110 million euros, up from 95 million euros the same period last year.
the total harvest volume in the period ended at 97,000 tons, up from previous guidance 93,000 tonnes.
Please note that Periscopus by Trygve OBI owns four million shares, representing a stake of 0.9 percent in Marine Harvest.
the share ended up D percent to D respectively.
Other seafood stocks were mixed. Oslo Seafood Index ended up 0.67 percent, led by Marine Harvest.
Norwegian got the green light in the US
At the weekend it was announced that Norwegian’s Irish subsidiary has received a preliminary approval from the US Department of transportation to operate air traffic to the United States.
the company Norwegian Air International has waited two years to get this approval.
TDN Finans reports that Pareto Securities raised our price target on Norwegian from 450 to 550 million on the message. Brokerage who believe that a permanent license will come in a few weeks, do not change the estimates for the period 2016-18, but raises the price target because the permit removes any risk.
The share climbed 2.47 percent to 365.20 kroner.
new hydrogen station
Monday launches Nel-daughter H2 Logic H2Station CAR-200.
– the new H2Station CAR-200 is the result of more than three years of continuous development of new and patented technologies. The new filling station has three times the capacity of previous generation products and are considerably smaller with only a third of the footprint, soer H2 Logic CEO Jacob Krogsgaard, in a comment.
The share ended up 3.10 percent to 3 , to 33 million.
Ensures funding
Intex Resources informs that the company has received a convertible loan of EUR 2 million, which will be sufficient funding for the next twelve months. Shares rose 10.87 percent to 0.57 million.
Promising study
Nordic Nano Vector has published new results from an ongoing and promising phase 1/2 study. Results are based on a patient group that is significantly widened significantly from earlier, says the company in an email to Hegnar.nho.
– Again, these results confirm Betalutins strong potential in patients with recurrent leukemia central Follicular lymphoma, informs company spokesperson in the mail.
The updated results will be presented at the medical conference organized by the American Association of Cancer Research in the morning on April 19.
The results of treatment favorable efficacy and safety profile. The study also shows that the duration of response was also promising, and there was an increased response time compared to the previous measurement.
Nordic Nano Vector states that it will continue its efforts to explore the potential of higher doses in line with previously announced plans.
The share climbed first on the news, but on Monday morning, Nordic Nano Vector still fell back 1.59 percent to 24.70 crowns.
Rally without news
Archer stuck up 23.14 percent to 7.13 million without it being released a single news. The increase came on solid volume. Also last week, it was milling in Archer-heading: In one week, the stock is up forty percent.
– The company is so indebted that 20 percent increase is relatively small in relation to enterprise value, said equity strategist Kristian Tunaal to Hegnar.no who also pointed out that if you think oil prices will up, so will the offshore companies will be those first back.
– Within onshore business has only one company to choose on the Oslo stock Exchange, and it is Archer he said.
the energy sector in general were mixed.
Analysis Manager Frederik Lunde Carnegie is optimistic about the development of oil and oil service stocks ahead, despite the outcome of the Doha meeting.
-It is important is that market forces work – investment is choked, the production is declining, and during the second half of 2016, the oil market balance. A price increase of a political production cuts in Doha would have been weak foundations and the risk on the downside would have been great. We’ll just take your time and have to wait for a fall in production, he said to TDN Finans and added:
-Riggtellingen in the US are down 80 percent from the peak, and the effect on production has begun to enroll.
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