The Oslo Stock Exchange is clearly on the rise – E24

The stock market is recovering part of yesterday’s decline, with the main index rising 0.9 percent to 757.91 points.

The rebound is mainly due to oil. Equinor was up 3.14 percent and Aker BP was up 4.19 percent. A barrel of North Sea oil costs $ 29.00 after increasing 3.61 percent during the day. The price has risen around two dollars since the Oslo Stock Exchange closed on Monday.

“The recovery comes in light of the fact that several US oil shale producers have announced that they will reduce oil production,” Nordea Markets writes about the evolution of oil prices in a morning report.

Fuel demand will also increase as more countries ease crown constraints, which may also explain the rise in oil prices.

Orkla falls

Bank DNB shares are up 1.43 percent, Tomra’s mortgage stocks are up 3.06 percent after the quarterly report, Yara’s fertilizer stocks are up 1.57 percent and aluminum giant Hydro is up 0.69 percent.

Orkla’s stock price fell 4.66 percent after the group’s quarterly report from brands showed weaker earnings growth than analysts had expected.

Land breeder Atlantic Sapphire rises 6.25 percent to NOK 119 on the first day of listing on the Oslo Stock Exchange. The stock has been traded on the Merkur Marketplace since spring 2018.

Bergenbio is down 13.77 percent and is among the most heavily traded shares in relation to the Bergen-based biotech company that raises NOK 500 million.

Gradual reopening

Wall Street was weighed down by mounting unrest between the United States and China, ahead of optimistic statements that a gradual reopening of California and New York improved mood on Monday as all three major indices ended up rising.

Nordea Markets notes sentiment was improving in light of new infections in the United States that fell to 2 percent, the lowest since March.

– Also, restrictions in California, the state with the largest economy, which accounts for about 15 percent of US GDP. They will be released gradually starting on Friday. Nordea Markets writes that the market interprets these traits positively, and US futures are on the rise this morning.

There are positive signs from Asia, but markets are closed in Japan, China, and South Korea as a result of the holidays, so trade is moderate.

The main index closed 3.08 percent on Monday. So far this year, the decline was 19.34 percent before the opening of the stock exchange today, according to Infront figures.