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The salmon fight reported poor results and was punished on the stock exchange. The main index fell significantly, in what was also a very weak day for oil prices.
The main index on the Oslo Stock Exchange has fallen by more than 20 percent since the beginning of the year.
Kjetil Malkenes Hovland, E24
published:,
The main index of the Oslo Stock Exchange rose cautiously immediately after opening on Monday morning, but quickly turned negative.
At the end of the trading day, the Principal Index ended with a drop of 1.01 percent.
Here, Mowi’s stake fell 6.66 percent, which was the most heavily traded on the Stock Exchange. The breeder reported the results of the first quarter before opening hours, where the operating profit was lower than expected by the market.
At the same time, Mowi stated that they had decided to postpone the dividend for the first quarter to the second quarter.
The giant’s development helped the other salmon farmers in the stock market also drop on Monday. The seafood index ended with a decrease of 4.66 percent.
Of the individual companies, Bakkafrost fell 4.96 percent, Grieg Seafood 5.66 percent, and Norway Royal Salmon 6.80 percent.
At the peak of sales we also find Equinor, which went against the current and rose 0.77 percent despite a sharp drop in oil prices. It is worth mentioning that Aker BP also increased 0.94 percent. Otherwise, the DNB fell 2.08 percent and Telenor fell 1.18 percent.
Asian stock exchanges turned
The impact on the Oslo Stock Exchange comes after a mixed development in Asia in the morning, with several exchanges looking towards the end of the day. In European stock markets it is almost flat.
– Investors in Asia rested on Monday. The Covid-19 numbers have been developing in a positive direction lately, in both Europe and the United States, which has contributed to more optimism on the world’s stock exchanges, Nordnet stock expert Roger Berntsen wrote in a comment.
The trend also comes after a sharp spike on Wall Street ahead of the weekend, where the top three indexes rose 2.4 percent on average.
– Investors in the United States were more concerned with how the Covid-19 virus works, but also with the financial effects this has now on companies that are releasing their figures for the first quarter, Berntsen says.
– That said, the companies’ future prospects (guide) will be the most guiding principle for stock exchanges going forward, we believe, adds Berntsen.
oil fall
The price of oil clearly fell on Monday afternoon. Just before 4:30 p.m., a barrel of North Sea oil was trading at $ 26.54 on the spot market, 6.29 percent per day.
At the same time, the spot price for US light oil dropped dramatically, to 39.81 percent to $ 11.09 per barrel. The price of the May contract reached its lowest level since the morning of 1999, according to the Reuters news agency.
CMC Markets chief strategist Michael McCarthy believes that today’s drop in prices reflects a large amount of oil in US stocks, combined with a large drop in demand.
“It has not yet reached its capacity, but the fear is that it will happen,” he told Reuters.
The price trend goes far beyond oil-related stocks at the opening of Wall Street. Oil company Occidental Petroleum and oil services company Halliburton are among the S&P 500’s biggest losers. Both shares fell about 11 percent in early operations.
