Oslo Stock Exchange remains deep in negative terrain Friday but has rebounded from the worst levels after Brexit-shock.
The main index is writing in 585.85, down 4.10 per cent .
Shares and equity certificates are hitherto traded 3.172 million.
Shock waves after Brexit
the results after the referendum showed earlier today that Britain wants to withdraw of the EU. British polls, most of which pointed to “Remain” -seier recent days – was thus ridiculed again – as in the election last year.
The statement came from the BBC around the clock 05.40 Norwegian time Friday morning, and shortly after at 07:00, the result was official: 52 per cent of Brits have been to take the country out of the EU. BBC calls it a political earthquake, and the news creates shock waves both in the UK and the EU.
– La June 23 go down in history as Independence Day spring, says out-General Nigel Farage and hope the EU as “failed project “now forced to its knees.
Britain’s decision has triggered børsras in Asia and Europe, and the pound plunged to their lowest levels in 30 years. The Norwegian krone has weakened considerably. However rises so-called “safe havens” such as gold.
British FTSE 100 falls now 4.8 percent, German DAX 7.2 percent, French CAC 40 was 8.6 per cent, while Milan Stock Exchange is down throughout 10.4 percent.
European central banks have been quick assurances additional liquidity if necessary.
Bank of England stands ready with 250 billion pounds to ensure that financial markets work, and according to Governor Mark Carney, the bank is well prepared for a Brexit.
the European central bank (ECB) considers it to mean that the banking system in the eurozone is resistant in terms of capital and liquidity.
Read also: Brexit-shock: Share Tips to fund saver, investor and trader
oil prices sharply
A risk appetite in sharp decline is also reflected in the oil market.
Brent August oil is down as much as 5.2 percent to $ 48.25 a barrel, down from around $ 50.60 when the stock exchange closed on Thursday.
WTI oil falling 5.0 percent to $ 47.60 a barrel.
When the polling stations in the UK closed Thursday night (11 p.m. Norwegian time) lay Brent oil at $ 51.18, supported by the expectation that the country would remain EU member .
– the global uncertainty referendum likely to trigger, will potentially have a negative effect on GDP growth, not only in Britain but also Europe. We know obviously not now, but compared to where we were 24 hours ago, is the impulse response of selling on reality, says principal analyst Michael Hewson of CMC Markets said.
Some analysts believe oil prices may be exposed further pressure on the downside.
– Our view is that we have not seen oil prices at their lowest today and Brent will probably be traded down to $ 45 or lower until we have seen the worst, writes chief analyst Bjarne Schieldrop of SEB told Reuters in a note to its clients.
Norwegian being punished
On the Oslo stock Exchange reacts Statoil to fall 4.2 percent to 135.20 kroner. DNO is down 4.9 percent to 9.00 million, while the Norwegian pulls down 2.6 percent to 94.15 crowns.
The very few escape the red Friday.
among OBX shares (the exchange’s 25 most traded shares) marks BW LPG the most negative, with a drop of 10.4 percent to 28.23 crowns.
We note also Norwegian, slimming 8, 4 percent to 314.50 kroner at today’s fourth-highest volume so far: 243 million.
Arctic analyst Magnus Berg points out several concerns after Brexit referendum, both British growth and not least currency effects.
– Norwegian has much costs in euros and dollars, and now weakens against those currencies. Corrects not crown again, EPS estimates (EPS = earnings per share) for the 2016 and 2017 fall by 10.5 million on the basis of this, he says to TDN Finans.
Finance and oil struggling
Financial stocks plummeting in Europe, and DNB is doing the same at home. The two drops respectively. 7.3 percent to 99.05 kroner and 7.2 percent to 32.10 crowns.
Oil Service struggling. Subsea 7 falling 6.0 percent to 77.10 crowns, Seadrill 6.6 percent to 26.71 million, while PGS goes back 5.8 percent to 20.78 crowns.
Brexit however, will not be so negative for the salmon market, claims analysts opposite IntraFish according to TDN Finans, showing among other things to a weaker Norwegian krone.
Marine Harvest falls for example, only 2.0 percent to 140.30 kroner, Salmar 3.3 percent to 241.30 million and Bakkafrost 2.9 percent to 309.20 kroner.
REC Silicon is doing relatively well and falling just 0.9 percent to 1.48 million.
Among other heavyweights fall Telenor 4.9 percent to 126.05 kroner, Hydro 4.1 percent to 30.50 kroner and Yara 5.9 percent to 261.50 kroner.
Gold Stock to the top
in the top of the list of losers fall four shares double digits.
Wilson is very top after a decline of 24.7 percent to 6.51 million. But the volume is thin, only two trades.
Virtually follows Havila Shipping at minus 12.8 percent to 1.90 million and Fred. Olsen Energy of minus 10.5 percent to 25.70 crowns.
In addition to the already mentioned DNB and Storebrand, falls Navamedic`s, Panoro Energy, Aurora LPG, Sevan Drilling and DOF 7.8 percent.
Speaking of the flight to gold, topped the relatively very short list of winners of Avocet Mining, rising 26.6 percent to 10.90 crowns.
Oslo Axess-listed PCI Biotech also rising double digit, it ie 13.2 percent to 5.49 million.
Kongsberg Group and Opera Software goes against the grain with upturns respectively. 3.8 percent to 122.50 kroner and 0.8 percent to 66 million.
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