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Norwegian was up more than 70 percent on Thursday, but the wind turned for the company on Friday. The stock is falling and is trading for more than the next eight most traded stocks on the Oslo Stock Exchange.
TURBULENT: Norwegian also packs a punch on Friday, but in the opposite direction from yesterday’s trading party.
Håkon Mosvold Larsen
The Oslo Stock Exchange opened 0.15 percent lower and the slide intensified during the morning. At 9.50, the leading index is down 0.70 percent.
Norwegian is trading higher on Friday morning and started with an increase of about 8 percent. Then the value of the stock rose to a crown in no time.
A few minutes after the open, the stock fell again and was down around 20 percent, but the decline has slowed a bit after just under an hour of trading to around 14 percent.
On Thursday, the airline was up 71.37 percent to 94 øre.
– Benefit coverage
At 10 o’clock, the Norwegian share has traded for NOK 465 million. This is the same sum as for the next eight companies on Børsen’s most traded list on Friday morning. In comparison, Equinor, the largest company on the Oslo Stock Exchange, has a turnover of NOK 89 million.
– It is typical that there is coverage of benefits and many will go out. Most people are happy with the increase this week, says investment economist Mads Johannesen at Nordnet.
He also believes that it is typical to turn a profit on a Friday before the Stock Market takes a break this weekend.
Johannes believes that many people trade Norwegian stocks on a day-to-day basis.
– And many people get upset when they see that the stock is oscillating, says the economist.
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Plastics company among the winners
Aker Solutions is up 43.6 percent and is also a widely traded stock at the open of the stock market. On Friday morning, it was announced that the company signed a letter of intent with Equinor worth around NOK 1 billion.
Recycling company Agilyx is today’s winner with a 22 percent increase on Friday morning. The company has entered into a joint venture with oil giant ExxonMobil for the recycling of plastics.
Otherwise, Equinor is down 1.53 percent, Rec Silicon is up 4.9 percent and Nel is up 0.75 percent.
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Oil prices still high
On Thursday afternoon, the price of oil surpassed $ 50 a barrel for the first time since March. North Sea oil rose in the morning but is down 9.50 minus 0.4 percent at $ 50.21 a barrel.
On Wall Street, there was a mixed picture Thursday, with the Dow Jones and the S&P 500 slightly in the red, while the Nasdaq closed higher. Asian equity markets are also pointing in different directions on Friday morning.
Read the full morning report here
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