Oslo Stock Exchange opened as expected up Tuesday, but since it became worse. The time 24:22 is the main index down 1.4 percent to 592.75. The reason for the downturn is falling European stock exchanges, as well as red trend for oil prices.
Crude
Tuesday traded Brent oil for $ 45.69 a barrel, down 0.3 percent, while price was $ 46.25 a barrel by opening hours.
The American WTI oil falling 0.7 percent to $ 44.46 a barrel.
index Heavy Statoil falls 1.8 percent to 137.30 kroner.
The company has, according to a stock exchange announcement on Tuesday signed an agreement with Lundin Petroleum AB (Lundin Petroleum) to sell its entire 15 percent stake in the Edvard Grieg field against an increased shareholding in Lundin Petroleum.
Read also: Sounding the alarm about Statoil helicopter agreements
DNO tumbles
Goldman Sachs has taken up coverage of DNO with sell recommendation and target price 5.58 million, it goes according to TDN Finans forward of an update.
the brokerage believes the market underestimates the risk of continued production decline on Tawke field, and that the reserves can be further jacked down.
DNB Markets have, however, a purchase recommendation with price target 14 million.
DNO fall 8.1 percent to 8.08 million in Tuesday’s trading on the Oslo stock Exchange.
Prosafe
Prosafe announces fleet utilization of 37 percent in Q1. Meanwhile notified it that three vessels being scrapped.
Prosafe plunging 10.3 percent to 4 million.
We also notice that another rig company, Seadrill, is down 8.7 percent to 33.70 crowns.
Avocet rally
Avocet Mining tops list of winners for the fourth day in a row and is now up 10.3 per cent to 1, 18 kroner. Recovery has come after a production update last week. In one week the stock is up the whole 141 percent while the upturn since the new year is 281 percent.
Profit Rush
On Tuesday morning came the quarterly reports of major corporations . Each performance issues can be found here
Results Smell REC
REC Silicon reported a profit after tax from continuing operations of minus $ 64.4 million in 1. quarter 2016, compared with plus $ 46.7 million in the same period last year. Beforehand waited analysts a loss of $ 36 million, according to TDN Finans.
The share fall 0.3 percent to 1.75 million.
Orkla convinces
Orkla ASA announced a net profit of 1.116 million in Q1 2016, compared with NOK 640 million in the same period last year. According to TDN Finans was expecting a profit of 774 million.
The share fall 0.4 percent to 70.80 crowns.
Kvaerner weakened top line
Kvaerner announced a profit after tax of NOK 217 million in Q1 2016, against 137 million in the same period last year.
Kvaerner fall 3.9 percent to 7.69 respectively.
PGS lost more than expected
Petroleum Geo-Services (PGS) reported a profit after tax of minus $ 57.1 million in 1 . quarter 2016, compared with minus $ 22.5 million in the same period last year. According to TDN Finans was expecting a loss of NOK 38 million US dollars.
PGS is down 7.1 percent to 26.22 crowns.
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