The main index on the Oslo Stock Exchange ended at 625.25 Friday, representing a decrease of 1.03 percent.
Shares and equity certificates traded 2.833 million.
Wall Street has opened nervously in the wake of yesterday’s downturn.
– We always like to say that the market needs to digest the rally and it was ripe for a small correction now. I think the market is awaiting to see what the Fed is going to say, said market strategist Quincy Krosby at Prudential Financial to CNBC.
Federal Reserve comes with new interest rate decision next week, and CME Group FedWatch analysis shows according to the website that investors’ expectations of future interest rate increases have risen somewhat.
– Duracell rabbit dies
Leading European exchanges are developing mixed.
British FTSE 100 rising 0.15 percent, while the German DAX and French CAC 40 are respectively. Up and down 0.1 percent.
The exchanges rebounded slightly after encouraging PMI figures from Germany and France.
The numbers help Reuters to reduce some of the uncertainty caused by Brexit although the decline in the UK was dramatic.
– “Duracell bunny” -momentumet market has faded this week, and European and UK exchanges have lost pace, despite new records in the US, says senior analyst Chris Beauchamp in IG news agency.
– With today’s congested calendar, we can see a little further downside for stocks, he continues, referring to this weekend’s meeting of G20 countries’ finance ministers and central bankers in Chinese Chengdu.
Although Brexit expected to slow world economic growth, US Treasury Secretary Jack Lew said on previously stated that he sees little need for the same kind of massive, coordinated stimulus which during the recession that occurred in 2008-2009, in the wake of the financial crisis.
Illusion in oil?
Crude was long up but has turned down during the afternoon.
Brent September oil are $ 45.45 a barrel, down 1.6 percent in today’s trading and down from around $ 47.10 at closing in Oslo yesterday.
WTI oil falling 1.6 percent to $ 44.03 a barrel.
Investors Reuters about to reconsider this week’s inventory data from the US and offer overall situation in both Europe and Asia.
While many expect the global over supply will decline in the near term, remains stored large quantities of crude oil in tankers at sea and tanks on land. Rebalancing seems to take longer than some had anticipated.
– The story of a balanced oil market (in the 2nd half of 2016) has so far been an illusion, sees oil analyst Giovanni Staunovo in UBS.
– Offer may actually increase in the short term, because previously interrupted production comes back and that production is rising in the Middle East – while demand growth seems to be declining Asia’s emerging markets, he added.
Oslo stock Exchange fell Statoil 2.9 percent to 144.90 crowns, DNO 4.0 percent to 8.61 million, while the Norwegian pulled down 3.4 percent to 106.30 kroner.
REC revenge
the impact among the most traded stocks were mostly modest.
the foremost exception was REC Silicon, as revenge from the fall in the wake of yesterday’s financial report and rose 3.9 percent to 1 , 57 million.
the figures were very red, but CEO Tore Torvund see light in the tunnel and think trade war in China soon dissolves. Torvund backed up his view of buying shares in the company yesterday. Commenting on Hegnar.no yesterday gave investment economist Tom Hauglund in Nordnet expressed that it looks somewhat better for REC Silicon ahead.
Telenor rose 1.2 percent to 149.80 kroner, while Norwegian, Orkla and Bakkafrost also ended in positive territory. The latter has performed tests on Hvannsund facility which refutes allegations of a virus outbreak there.
On the negative side marked PGS with a fall of 4.0 percent to 19.75 million and corrected thus slightly down after yesterday’s fresh upturn, triggered by quarterly and short squeeze.
Yara and Hydro fell respectively. 3.1 percent to 280 kroner and 1.4 percent to 34.91 kroner after yesterday’s quarterly figures.
Handelsbanken Capital Markets and Pareto Securities have both downgraded Hydro, Bloomberg reports according to TDN Finans.
The former has reduce the sonar recommendation and price target 37 million, while Pareto hold the same target price.
Sunset
In the top of the list of losers we find two of today tallfremleggere .
Polarcus was punished with a decline of 8.6 percent to 64 cents, while scatec solar went back 5.8 percent to 35.60 kroner after its report where guidance was cut.
– Course reaction represents yet another disappointment that Scatec not yet been given particular momentum on major projects, and pushing them a bit further ahead. But this is beyond its control. They do what they can, and betting on several horses, but it’s hard to say exactly when they’re going to target, said Swedbank analyst Andreas Bertheussen TDN Finans.
He notes that Scatec still is a company which is extremely well positioned for growth coming in solar in emerging markets.
A third figure presents, XXL, fell 2.9 percent to 100.50 kroner. DNB Markets according to news agency downgraded the stock from buy to hold with price target 103 million.
The wounded supply shipowner DOF pulled way down 4.5 percent to 1.05 million.
Supply in tet
Supply is also found in other end, where Deep Sea Supply rose 8.0 percent to 1.35 million.
the company with John Fredriksen shareholders have signed an agreement for changes loan facilities.
in addition, a contract with DPC Serviços de Óleo e Gas (DPC) in conjunction with a resolution process of DPC 50 percent stake in the joint venture Furthermore BTG.
Four stocks rose more.
Mercury Market-listed Induct ended up 14.3 percent to 24 million, Oslo Axess-listed Aegae 12.8 percent to 3.45 million, while BW Offshore climbed 9.1 percent to 24 ear.
most of all rose another Oslo Axess stock, Badger Explorer, which advanced 14.8 percent to 2.48 million.
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