Oslo Børs closed in red

The case is being updated

Oslo Børs followed the Asian and US stock markets lower from the start on Thursday morning. At the end of the trading day, the leading index was down 1.01 percent.

The arrows pointed down for the price of oil in early trading, but at the close of trading, the price of oil has seen a slight increase. At 4:30 p.m., a barrel of North Sea oil was trading at $ 44.16, an increase of 0.09 percent on the day.

On Wednesday afternoon, a Norwegian stock market breakout was introduced pending an announcement from the company. Only after the end of the trading day did the company announce that it was seeking bankruptcy protection for two of its subsidiaries under Irish law. Before the opening of the stock market on Thursday, the stock market break was canceled.

There have been volatile trading in stocks on Thursday, but stocks have been in the red all day. At the close of trading, the stock was down 15.7 percent.

The Norwegian stock fell below 40 øre for the first time during early trading, and also closed at a price of 40 øre.

– We have made the decision to apply for protection to reorganize under Irish law to secure Norwegian’s future, in a way that benefits our employees, customers and investors, Norwegian CEO Jacob Schram said in a press release Wednesday.

– Our goal is to find solutions in collaboration with our stakeholders that allow us to overcome this as a financially stronger and stronger airline, continues the CEO of Norwegian.

It may take five months

Norwegian’s bankruptcy protection means that the company will be protected against filing for bankruptcy for up to 150 days or five months.

The goal of the process is to ensure that the company’s debt is drastically reduced and refinanced. It will probably also consist of the sale of several aircraft and a possible downsizing.

So far, the company has only received so-called temporary protection, which means that an Irish judge has ruled that the two Irish subsidiaries have no money to pay current bills. Creditors of the two companies now have the opportunity to notify that they do not agree with the decision until December 7, before the judge makes a final decision on whether the company will receive definitive protection.

In the process, Norwegian will continue to use the scheduled route program and the Norwegian Reward loyalty program will function as normal. The stock will also continue to trade on the stock market.

Nel rose by appointment

Among other interesting companies we find the hydrogen company Nel. On Wednesday afternoon, the company announced that it had signed a letter of intent with Iberdrola, the largest electricity company in Spain. Together, the plan is for them to develop green hydrogen production with a capacity of more than 200 megawatts by 2023.

Nel ended up with a 6.93 percent increase for the day Børsen traded the most.

Equinor followed with a drop of 1.90 percent, while Mowi was down 4.16 percent and DNB was down 1.78 percent.

Among others that made their mark on Thursday is Scana, which fell 23.13 percent after Stavanger-based investment firm Camar dumped shares in the company.

On the other side of the scale, we find Havyard up 33.68 percent and Aker Offshore Wind up 19.44 percent.

Several companies have presented quarterly results during the morning. Among them are Golden Ocean (1.28% more), Salmon Evolution (2.39% less), BW Offshore (5.67% less) and Höegh LNG (1.80% less).