The main index on the Oslo Stock Exchange ended at 621.80 Tuesday, after an increase of 1.09 percent.
Shares and equity certificates traded 3.925 million.
Wall Street has opened nervously after today’s only macro figures showed declining productivity outside agriculture sector.
Leading European exchanges rise.
British FTSE 100 is up 0.1 percent, the German DAX 1.6 percent, while French CAC 40 put on 1.2 percent.
Analyst Simen Mortensen DNB Markets today’s guest in Economy News. See broadcast in recording here.
Interest Relief in the US
The market is relieved after Federal Reserve chief Janet Yellen led a cautious tone in yesterday’s speech.
– A June uplift now appears to be excluded, but an uplift in July is still possible, wrote DNB Markets Tuesday.
Yellen characterized Friday’s labor market report as worrisome, but cautioned against placing too much emphasis on a single report.
The Governor expressed that interest rates should rise further, but would not give any signals when.
– Her message is the United States making steady progress towards full employment, inflation should pick up, and that the positives far outweigh the negatives. This should give them hope for a July raising a modicum of comfort, says Luke Bartholomew in Aberdeen Asset Management said.
Steady oil prices
Oil prices are according to news agency supported by a weaker dollar and declining production in Nigeria after a series of attacks on the infrastructure there.
Brent August-oil traded for $ 51.13 a barrel, up 1.2 percent in today’s trading and up from just over $ 50.70 at closing in Oslo on Monday.
WTI oil rising 0.9 percent to $ 50.13 a barrel.
– Brent remains above $ 50, and the oil is on the upward momentum Programmes strike-hit French refineries and attacks on pipelines in Nigeria, says Kaname Gokon at the Tokyo-based brokerage OKATO Shoji in Tokyo told Reuters.
on Monday preparations made for the reopening of three of Total’s French refineries.
the Norwegian handing out
On the Oslo stock Exchange rose Statoil 1.7 percent to 137.70 kroner, while DNO continued recovery after yesterday’s upgrade with new 2.3 percent to 9.47 million.
the Norwegian Capital Markets held Tuesday, like other companies in the Aker system, and the stock ended up 0.9 percent to 85.50 crowns.
the company told about a substantial dividend capacity for 2020 from cash flow generated when Johan Sverdrup comes in time and have the same time identified the potential to increase its oil and gas production to over 180,000 barrels of oil equivalent per day by 2020.
the Norwegian also stated that company will allocate one billion contracts to Aker Solutions (Christmas trees) and Subsea 7 (SURF – subsea structures, umbilicals, risers, flowlines) adjacent to the Alvheim field.
sprightly in oil, fish dropped
Aker Solutions marked very positively, and rose 9.3 percent to 31.90 crowns.
the company has otherwise extended by three years with Total in the UK North Sea, and also reports good progress in to cut costs by at least 30 percent in order to improve competitiveness.
Subsea 7 climbed 4.7 percent to 78 million, while seismic duo PGS and TGS ended up respectively. 6.3 percent to 24.99 kroner and 4.5 percent to 129.80 kroner.
We also take with Seadrill for plus 4.7 percent to 29 million.
The most of the most traded fell in today’s trading is finding the fish sector.
Bakkafrost went back one percent to 322.90 crowns on its Capital, Salmar 1.2 percent to 254 kroner, while Grieg Seafood and Norway Royal Salmon also saw red.
Røkke to Sunnmøre?
Solstad Offshore topped long list of winners, but ended up relatively modest 4.0 percent to 13 million.
the company has teamed up with Aker, with indicative support from their bankers and bondholders, developed a plan to strengthen the balance sheet.
Aker is through a private placement of 250 million a substantial shareholder in the company, and will contribute as much in the form of a subordinated convertible loan that can be converted into new shares in the company.
Aker rose in turn 1.6 percent to 190 million.
credit Analyst Thomas Faeh Carnegie believes Kjell Inge Rokke’s accession to Solstad Offshore is positive for bondholders and the company, and speculate about Havila could become a takeover candidate for Solstad.
– They have been very good and got into Aker and it is exciting that they’re talking about consolidation, he says to TDN Finans.
Generally characterized oil and oil service winners, and among them we have not mentioned is Deep Sea Supply at plus 9.6 percent to 1.49 million.
Another company in John Fredriksen -sfæren, Archer, gained 5.0 percent to 6.71 million.
plunged 60 percent
at the other end plunged DOF 59.7 percent to 1.72 million after it reported a billion issue of dumping price one penny.
the overall refinancing plan also includes the conversion of all outstanding DOF ASA-bonds in the three bonds DOF09, DOF10 and DOF11 (with total outstanding nominal amount 2 065 000 000 ) to a responsible (subordinated) convertible bond price 50 percent of face value.
the company has in recent months been in dialogue with their banks, large bondholders and major shareholders and potential new equity investors.
Almost DOF on the list of losers we find – according to Carnegie – Solstad Offshore’s possible takeover candidate Havila Shipping at minus 17.5 percent to 2.35 million.
we also take with Songa Offshore, which withdrew with 7.4 percent to 25 cents.
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