Norwegian stocks fell about ten percent – E24

The case is being updated.

The stock market recovered part of yesterday’s decline, with the main index rising 0.87 percent to 757.81 points.

The recovery was mainly due to oil. Equinor finished 5.2 percent and Aker BP rose 6.7 percent.

“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.

Norwegian fell heavily

Norwegian shares fell 9.77 percent on a positive stock exchange on Tuesday.

On Monday, shareholders overwhelmingly voted for the Norwegian administration’s rescue package. Therefore, everything now suggests that the company is saved from bankruptcy and that it can access the state crisis package.

The rescue package is complex and consists of several parts. The goal of this is for Norwegian to strengthen its balance sheet by reducing debt and raising fresh money in a matter of rights.

Orkla falls

DNB’s bank stake was up 0.08 percent, Tomra’s mortgage stocks were up 3.8 percent after the quarterly report, Yara’s fertilizer stocks were up 1.31 percent, and aluminum giant Hydro was up. 0.29 percent.

Orkla’s stock price finished 6.09 percent after the brand’s group quarterly report showed weaker earnings growth than analysts had expected.

Land breeder Atlantic Sapphire rose 2.68 percent to NOK 115 on the first day of listing on the Oslo Stock Exchange. The stock has been traded on the Merkur Marketplace since spring 2018.

Bergenbio fell 15.81 percent and is among the most heavily traded shares in relation to the Bergen-based biotech company that reaches 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.