Soon after Monday’s trading began on the Oslo Stock Exchange Benchmark Index stood at 587.70 points, down 0.75 percent.
Since that time it has mostly gone down, and the main index fell finally 3.23 percent to 573.01.
Exchange followed thus by the major markets abroad.
in London the FTSE 100 down 2.09 percent at 16.15 times, while the DAX in Frankfurt fell 2.41 percent. CAC 40 in Paris fell 1.86 percent.
Major companies such as DNB, Hydro and Yara ended down respectively 3.83 percent, 5.16 percent and 3.60 percent.
Statoil / Oil
A barrel of oil was at market close traded at $ 48.08, down 1.96 percent. WTI oil fell while 1.95 percent to $ 46.71 a barrel.
Statoil ended the day with minus 2.31 percent to 135.40 kroner.
Increased uncertainty
There is no doubt that Brexit-shock of last week will contribute to political uncertainty in both the UK and the EU in the coming months.
– Increased uncertainty in a otherwise jittery world is anyway not good. The political uncertainty comes on top of fears including slowdown in China and slowing productivity growth globally. Probably, many investors continue to flee to safe havens. Gold and US government securities will probably be popular going forward, writes chief economist Kari Due-Andresen in Monday’s report from Handelsbanken.
BW Offshore
The Board of BW Offshore has decided to conduct a fully underwritten rights emission of 100 million dollars.
the company will issue approximately 8.6 billion (corr 10:40) new shares priced at 0.1 penny per share. The closing price Friday was 0.68 million.
The subscription period for the warrants will begin at the stock exchange starting on 1 July and last until the end of trading on July 15.
The warrants will be listed on the Oslo Stock Exchange from 1. July to 13 July.
Shareholders at the end of June 28th are guaranteed transferable warrants. Each share 12.48664 warrants. The number is rounded up to the nearest whole number.
The stock fell Monday 6.82 percent to 62 cents.
Norwegian
Friday plunged Norwegian 9.1 percent. Monday plunged the stock further 13.78 percent to 269 kroner. It sends the NAS to the top of the list of losers.
Arctic analyst Magnus Berg points out several concerns after Brexit referendum, both British growth and not least currency effects.
– Norwegian has much costs euro and the dollar, 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 this basis, Berg said in an interview with TDN Finans before the weekend.
– It affects Norwegian negatively, as the company has more expenses than revenue in the two currencies, said Hans Erik Jacobsen in Swedbank Finansavisen Saturday.
Dn.no reports according to TDN Finans today that Citi in an update cuts price target on Norwegian from 375 to 325 million. Before the weekend recommended HSBC sale with a price target of 150 million.
Citi eyes higher risk in the company’s expansion in the United Kingdom, referring to the weaker pound and expected increased regulatory complexity at a Brexit.
– despite the fact that it is difficult to estimate the effect of currency fluctuation Brexit, the immediate dollarstyrkelsen definitely negative for Norwegian, writes Swedbank analyst Jacobsen according TDN Monday.
Bank Norwegian plunging too
Bank Norwegian (Norwegian Finance Holding) also continued down Monday and since the peak of 90 million for exactly a month ago, on 27 May, the stock has now fallen 22.5 percent , to 69.75 crowns.
the fall in consumer bank started however already before Brexit and the two trading days after the referendum, the share has only dropped 8.2 percent.
the 27 . May the stock market value of consumer bank 16.2 billion kroner. After today’s fall has 3.65 billion of the value of the company disappeared and thus the market value had fallen to 12.55 billion.
The airline Norwegian owns 20 percent of consumer bank and bank drop has thus helped to push down the exchange rate on flyaksjen similar 20.4 kroner. share.
Suspended rig
Fred. Olsen Energy subsidiary Dolphin Drilling AS has received notification from Statoil for suspension of rig Bideford Dolphin.
The rig suspended when the work on the current well is completed, the company said in a stock exchange release.
It is expected that work ends at the end of June and that it will resume at the start of October 2016.
the rig runs thus a suspension rate equivalent to 80 percent of the operating rate.
The stock fell 7.27 percent to 25.50 crowns.
Golden Ocean R
In the latest weekly report from Dovre Management we read that investment Director Stig Myrseth throws out Protector Forsikring favor of Golden Ocean R.
In September, R-class converted into ordinary Golden Ocean shares. If Golden Ocean exchange rate remains stable meanwhile, believes Myrseth one can then sell its 17 percent gain.
The share rose today 2.83 percent to 5.09 million.
11 in all-time low
A number companies were all-time low Monday.
Songa Offshore, Prosafe, Panoro Energy, Avance Gas, Sparebanken Sør, BW LPG Tanker Investments, RenoNorden, Kid and B2 Holding found himself all the little joyful list.
Prosafe was among stocks that excelled most negative today, with a fall of 12.50 per cent to 91 cents.
No comments:
Post a Comment