The main index on the Oslo Stock Exchange ended at 624.58 Wednesday, after a decline of 0.05 percent.
The closing price was thus not the year’s highest, but after rising earlier today sounds new season best intraday at 627, 29.
Shares and equity certificates traded 2.860 million.
Leading European exchanges rise.
German DAX leading the way with 1.3 percent, while French CAC 40 and the British FTSE 100 is up respectively. 0.1 and 0.8 percent.
On Wall Street the party continues after strong figures from Morgan Stanley and Halliburton.
Oil prices fall before numbers
Oil prices developer negatively in Wednesday’s trading.
Brent September oil is down one percent to $ 46.20 a barrel, and is then around 60 cents below the levels at closing in Oslo on Tuesday.
WTI oil falling 1.5 percent to $ 43.97 a barrel.
Today’s “happening” is oil inventory figures from the US energy Agency, which released now at 16:30.
Analysts asked by Wall Street Journal awaiting according to MarketWatch that crude oil inventories fell 1.7 million barrels last week.
Consensus for gasoline inventories are falling 0.1 million barrels, while distillate stocks are expected to rise 700,000 barrels.
Commerzbank writes according to TDN Finans that developments in petrol and distillate stocks are the most important in the report.
– Any further rise in gasoline inventories in the driving season in the summer will be a negative signal and will therefore weigh on oil prices, the bank wrote.
Data from the American Petroleum Institute (API) showed last night Norwegian time a stock drop of 2.3 million barrels of crude oil last week.
Gasoline rose 800,000 barrels, while distillate inventories rose 500,000 barrels.
On the Oslo stock Exchange fell Statoil 0.3 percent to 147 crowns, DNO 5.1 percent to 8.58 million, while the Norwegian went back 2.8 percent to 105 million.
A lot of red in oil
the impact was relatively modest among the most traded shares – both ways.
on the positive side, we note Storebrand at plus 3.4 percent to 32.58 million, while Marine Harvest climbed 1.3 percent to 145.70 kroner.
Opera Software rose 3.9 percent to 54 million, and thus continues to correct after a decline in the wake of Monday’s fall cleared sales.
On the negative side struggled several oil service stocks.
TDN Finans reviewing a report showing that Goldman Sachs has become less negative to the European oil sector. The brokerage still stand negatively to most companies on the Oslo Stock Exchange.
For example, Aker Solutions subject to a sell recommendation and a price target of 23.20 million, and the stock fell 3.2 percent to 36.64 kroner .
TGS pulled down 2.1 percent to 139.70 kroner, although Goldman Sachs maintains its neutral recommendation and raises the price target from from 129.80 to 148.40 kroner.
PGS downgrade from buy to neutral, but actually shares rose marginally before the company submits figures tomorrow.
The brokerage also reiterate sales recommendations on Seadrill and Subsea 7, but cut the price target on the former powerful – from 26.40 to 10.10.
The two stocks fell, respectively. 1.6 percent to 26.42 kroner and 0.7 percent to 88.05 crowns.
Telenor continued the strong price increases after yesterday’s quarterly report to fall 0.1 percent to 147.60 kroner at today highest volume. Carnegie upgrade according to TDN Finans share of sales to hold.
We also take the REC Silicon pulled down 2.9 percent to 1.58 million in advance of tomorrow’s quarterly figures.
Consolidation in supply?
winners topped by Kitron, who jumped up 10.0 percent to 5.75 million in German deal.
Almost followed a trio of Sunnmøre. Oslo Axess-listed Hofseth Biocare rose 9.0 percent to 1.57 million, while Havyard and Farstad Shipping ended up respectively. 7.9 percent to 8.10 million and 7.6 percent to 9.50 million.
The latter rises possibly on activities elsewhere in the wounded supply sector, which Aker has initiated a merger of Solstad Offshore and Rem Offshore.
– It is associated with emotions when the values of a family-controlled company in reality is lost. We believe the lost can be recovered over time for creditors if one does something with the root causes of the problems. It requires a consolidation of the supply sector, says Aker President and CEO Øyvind Eriksen Finansavisen.
– A merger would laid the foundation for a sustainable solution with cost, more efficient fleet utilization and better interaction with customers, he adds.
Solstad Offshore rose incidentally 2.1 percent to 14.55 million, while Rem Offshore fell 4.3 percent to 9.00 million.
On the list of winners, we also find Oslo Axess-listed Pareto Bank, which gained 5.4 percent to 31 million after its 2Q results.
Norwegian Forest rose 3.2 percent to 3.19 million after its interim report, which the company announced write-downs on 1.4 billion.
Oil Mosquitoes continued down
Lose the list is topped by BW Offshore with a decline of 26.5 percent to 25 cents.
Almost followed Oceanteam and Oslo Axess-listed Atlantic Petroleum, which fell respectively. 14.3 percent to 3.30 million and 16.0 percent to 10 million.
Panoro Energy continued to decline in the wake of yesterday’s operation update. Today’s decline was 4.5 percent to 3.81 million.
Another of today resultatfremleggere, Fred. Olsen company Bonheur, figured also on the list of losers.
The stock fell 1.7 percent to 45.70 kroner. The company went on a milliardtap in Q2, due to write-downs of 2.2 billion.
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