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On Thursday, the main index on the Oslo Stock Exchange opened 0.4 percent higher, but accelerated further. As of 12 noon, the main index is up about 0.7 percent.
It comes after what has been a lot of lead last week in October. On Wednesday, the trading day ended with a sharp drop of more than three percent, and before the stock market opened on Thursday, the leading index is down nearly seven percent so far this week.
The market turbulence has also been evident in the rest of the world. Several of Europe’s stock exchanges fell sharply on Wednesday, and were followed by a stock market crash on Wall Street.
The result of Wednesday night Norwegian time was a drop of more than three percent for the three key indices on the New York Stock Exchange. On Thursday morning the Asian stock markets will also fall.
Concerns about rising infection rates, more countries reintroducing restrictions and uncertainty surrounding the US presidential election have been cited as reasons for the widespread unrest this week.
Uncertainty has clearly increased and the outlook for weaker demand also affects the price of oil, which in turn is trading below $ 40 a barrel, writes senior economist Marius Gonsholt Hov at Handelsbanken Capital Markets in a morning report. .
Quick result and new list
Before the opening of the stock market, several companies presented their third quarter results.
- Equinor opened unchanged after a sharp drop in earnings and large write-offs in the third quarter. Within hours of trading, the stock is down about 1.1 percent. So far, Equinor is the most traded stock on the exchange.
- Kahoot fell dramatically from the start, but is up about half a percent within hours of going public. The quiz platform company announced another quarter of formidable growth.
- Seismic company TGS falls about 1.4 percent, after its third quarter was weaker than expected.
- Oil company Aker BP, dominated by Kjell Inge Røkke, is up 3.7 percent after a third quarter that was significantly better than the previous two.
- Silicon producer Rec Silicon, of which Kjell Inge Røkke is one of the main owners, is falling around half a percent after reporting a profit of NOK 76 million in the third quarter.
- Orkla is up almost five percent after increasing its profit before taxes by 33.7 percent in the third quarter, compared to the same period last year. The result ended at 1.7 billion crowns.
- The Everfuel hydrogen company also has its first day as a listed company on the Merkur market. The stock is trading at around NOK 18. The subscription price on the pre-listing share issue was NOK 22, which earned the company a price of NOK 1.3 billion before the capital raising. At the start of operations on Thursday morning, the company is priced at NOK 1.2 billion. One of the so-called fundamental investors was Saga Tankers, where investor Øystein Stray Spetalen controls 65 percent of the shares.
Worst week since June on Wall Street
When Wall Street closed Wednesday night, the industry-heavy Dow Jones had to post the worst trading day since June. At the same time, the broad S&P 500 is heading for the worst week since April.
At the same time, the Vix index rose to just over 40 points, reaching its highest level since mid-June. The index is often referred to as the “fear index” and it says something about expectations of market volatility.
On Thursday morning, futures indices pegged to major Wall Street indices are cautiously heading higher, which may indicate a rally when US trade opens in the afternoon. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases via a link, which leads directly to our pages. Copying or other use of all or part of the content may only be done with written permission or as permitted by law. For more terms, see here.
