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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 11 o’clock, the leading index is down 0.65 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 opening, the stock began to decline, and three hours after the stock market opened, the stock fell about 17 percent to 76 øre per share.
On Thursday, the airline was up 71.37 percent to 94 øre.
– Benefit coverage
At 10 o’clock, the Norwegian share was trading for NOK 595 million. This is more than the next six stocks on the list of the most traded stocks on the Exchange that have been traded in total. In comparison, Equinor, the largest company on the Oslo Stock Exchange, has a turnover of NOK 111 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 3.67 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.
Havila Shipping falls 6 percent on Friday, after rising above 12 percent on Thursday. Ahead of the stock market opening on Friday, news came that Havila will terminate his contract with Deep Ocean and demand money from the company.
Otherwise, Kahoot was up 0.15 percent, Equinor was down 1.07 percent and Rec Silicon was up 3.43 percent as the most traded after Norwegian.
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Fall in oil prices
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 at 11 o’clock it is down 0.65 percent from last night to $ 50 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.
Correction: An earlier version of the article indicated that Aker Solutions was increasing 43.6 percent, but the increase was 4.36 percent. The error was corrected at 11 o’clock.
Read the full morning report here
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