Oslo Stock Exchange opened as expected up Tuesday but quickly turned down. Despite rising oil prices, with quotations over $ 50, ended the main index down 0.9 percent to 617.31.
This means that the index rose 1.8 percent in May.
so far this year the return of 1.2 percent.
Crude turns up
on Tuesday afternoon traded Brent oil for $ 50.47 a barrel, up 0.2 percent, while the US WTI oil rising 0.4 percent to $ 49.81 a barrel.
In comparison, a barrel of North Sea oil traded at $ 49.87 at the close of trading Monday.
Statoil fell 1.8 percent to 133.40 kroner.
A small profit rush
It was the last day of May and thus last day of earnings season. True to tradition, was it part John Fredriksen shares dropped figures in the run. Each result matters can be found here
Frontline better than expected
John Fredriksen’s tanker company Frontline earned $ 79 million in Q1 2016 , the expected $ 58 million.
The company will provide a dividend of 40 cents per share.
– The figures were mighty good, better than we and others had expected. Frontline delivered significantly better rates than what other tanker companies have achieved in the same quarter, says analyst Jonathan Staubo in Fearnley Securities TDN Finans.
The most positive is the funding that is in place for new buildings, he says .
– this eliminates Frontline financing risks, as we see it, says Staubo.
the stock ended up 6.7 percent to 71.25 crowns.
loss of Deep Sea Supply
another Fredriksen company, Deep Sea Supply, went on a loss of $ 25 million in Q1 2016, compared with a positive result in four million US dollars at the same crossroads last year.
the stock fell 7.00 percent to 93 cents.
the deficit increases
Reach Subsea report a profit after tax of minus 14,660,000 million in Q1 2016 against a loss of 9.21 million kroner in the same period last year.
the share opened sharply down, but turned up. The closing price sounds of 1.80 million, up 5.9 percent.
Minus for Jinhui
Jinhui Shipping reports a profit after tax of minus 18, $ 48 million in Q1 2016, compared with plus $ 4.69 million in the same period last year.
the share was sent down 6.5 percent to 5.65 million.
Next-lift of “milestone”
Next Biometrics launches its new generation of cost-effective and robust sensors, the company said in a stock exchange release on Tuesday.
– After 12 months of development, we are very happy to announce that we have succeeded in creating a completely new core sensor design that consumes less power, says Next-chief Tore Etholm-Idsøe comments.
– This is an important milestone in our strategic roadmap, continuing Etholm-Idsøe.
The stock climbed 2.5 percent to 143.50 kroner in relatively heavy trading; NOK 52 million.
KOA contract
Kongsberg Automotive announced Tuesday a contract for “shift-by-wire” -girsystem.
the contract is worth 65 million euros over seven years, starting in the second half of 2018 and peak volume in 2022.
the stock rose 1.0 percent to 6.21 million.
waiting for less money than expected
Bionor Pharma’s board has decided that the company’s long-term funding initially will be covered through an equity issue, according to a recent stock exchange announcement on Tuesday.
the company states that this will cover the company’s financing needs in 6-12 months.
Details of the size of the private placement, structure and timing will be announced later, according to a statement from the company on Tuesday.
the stock tumbled 5.9 percent to 64 cents.
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