The main index on the Oslo Stock Exchange ended down 0.35 percent to 619.06 points Monday. Revenues approximated 2.8 billion.
Shortly before the closing was burned oil prices up 1.4 percent intraday to $ 47.63. Meanwhile, cost the US light crude $ 45.10, and was up 1.35 percent.
In comparison, a barrel of North Sea oil traded at $ 46.25 a barrel at the close of trading in Oslo on Friday.
Bloomberg News writes according to TDN Finans that Russia’s Energy Minister Alexander Novak should have stated that he is open to discussing a production freeze with Opec countries white is required. The statements came in an interview with the Saudi newspaper al-Asharg Awat.
– The oil is now close to an equilibrium price, and unless we see further development, I expect it will be traded for around 44-45 dollars rest of the week, says chief strategist at CMC Markets in Sydney, Michael McCarthy, to Bloomberg News.
Statoil rose 0.30 percent to 134 kroner.
Salmon burdened exchange
One of the leading seafood analysts, Allison Giskeødegård in Nordea Markets, downgraded the entire seafood sector in an analysis titled “A perfect storm is brewing.”
– After another quarter of significant deficit offers from Norway, we stand on the threshold of the biggest sequential volume reconstruction since 2011. This reconstruction will target markets with declining demand and a weaker absorption, he writes.
Salmon shares got a beating. Seafood index on the Oslo Stock Exchange, OSLSFX, ended down 5.4 percent.
Marine Harvest as today’s most actively traded shares on the Oslo Stock Exchange fell 3.4 percent to 133.70 kroner. Bakkafrost was down 4.2 percent, while Lerøy Austevoll and Grieg Seafood fell between five and six percent.
Scottish Salmon Co. fell 6.5 percent and NRS ended 8.2 percent below the previous closing price.
Worst of it went for Salmar which plunged 10.4 percent to 227 kroner.
Sparebank 1 Markets analyst Tore Tønseth is according to TDN Finans still positive for the sector, and believe the market has overreacted.
– There is much focus on the fear that there will be more salmon into the market than before. It is also what lies behind Nordea’s analysis. It is true that there is an increase in the coming months, but at the same time this should be relatively familiar, he said.
Tønseth is only partially agree with Giskeødegård in that market may struggle to absorb the growth in volume.
– This spring has been a disaster for salmon processing industry, and I do not think the price of salmon will far down before trigger new segments to buy, he said.
Please note that Periscopus by Trygve OBI owns four million shares, representing a stake of 0.9 percent in Marine Harvest.
Seadrill recommendation cut
DNB Markets think John Fredriksen -the company Seadrill is ready for a stock plunge. In an updated analysis Monday got Fredriksen share price target of 10 million, 58 percent below Friday’s closing price.
The stock fell 2.57 percent Monday to 23.14 crowns.
Dropped bid
Palfinger Marine GmbH has decided not to complete the planned acquisition of TTS Group . That sent the stock down entire 27.51 percent to 3.90 million.
One of the conditions for implementation was that Palfinger Marine GmbH would gain acceptance from at least 90 percent of the TTS shareholders on a fully diluted basis. At the end of the acceptance period, this condition is not met.
– We are surprised that the transaction will not be completed, says the TTS chief Toril Eidesvik, in a comment.
Supports refinancing
Prosafe which rose 21.98 percent Friday continued upturn new 9.91 per cent to 1.22 million Monday.
According to TDN Finans bondholders in Prosafe established to support the refinancing of the company. The proposal which was submitted shall have received the support of a qualified majority vote of the owners of all four bond loans to the company.
New JV
Hexagon-daughter Hexagon Lincoln has entered into a joint venture agreements with Allegheny Creative Energy solutions (ACES) and Resonance Mode.
the new company will develop and produce fuels such as natural gas for the rail industry.
The Hexagon share climbed 0.40 percent to 25.40 crowns.
Multiple contracts
Farstad Shipping announced several charter contracts Monday, but the commercial terms in agreements are kept confidential.
– The contracts show that our PSV 08 series is attractive both in exploration and oil production in different geographical areas, and we greatly appreciate the trust our customers show Farstad Shipping in the current challenging market conditions, said CEO Karl-Johan Bakken in Farstad Shipping ASA.
shares rose 1.34 percent to 68.15 kroner.
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