The stock exchange locomotive Equinor led the way when the Oslo Stock Exchange ended solid in plus on Wednesday. The Easter week’s winning campaign got a bang on the last day of the week.
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Just after 1 pm on Wednesday, investors on the Oslo Stock Exchange could take an Easter holiday with a clear conscience. After a somewhat sluggish start, the Main Index steadily climbed through the short trading day.
At the end of the trading day, the Main Index was up 1.43 per cent to 1,283.13 points.
Thus, Børsen brings Easter to a new record.
Again, it was a change in the oil price that contributed to Børsen being able to set a new record. At the time of writing, a barrel of North Sea oil costs around 106 dollars, which is almost two dollars higher than when Børsen opened.
Oil giant Equinor did not surprisingly benefit from the rise in prices. By the end of the trading day, the share had risen 3.17 percent.
The price increase means that Equinor is now valued at NOK 1,117 billion. Never before has the company had a higher value.
Brokerage house Kepler Cheuvreux wrote in an analysis that Equinor is among the stocks in the European oil sector that have performed best so far this year with an increase of 40 percent.
“This is due to the company’s insignificant exposure to Russia and high exposure to European natural gas prices. When the price of natural gas rises by 10 dollars per million cubic feet, the cash flow to Equinor increases by 5.3 billion dollars per year “, the brokerage writes, according to Infront TDN Direkt.
The oil companies Aker BP (+ 3.38 per cent), Vår Energi (+ 4.88 per cent) and DNO (+ 5.78 per cent) had a strong day on the Stock Exchange.
Easter winner fell heavily
So far this week, the plastic recycling company Pryme has been the big winner after a positive analysis from Nordea Markets at the beginning of the week. But on Wednesday there was an abrupt stop on the Stock Exchange.
On Wednesday, the Pryme share fell 9.28 percent to a price of NOK 21.50.
Even with the heavy decline, Pryme is one of the definitive winners in the short Easter week. Since closing on Friday afternoon, the share has risen by around 60.45 percent.
The shipping company Havila Kystruten came into focus on Wednesday after the ship “Havila Capella” was docked on Tuesday night. The ship is stuck in Bergen due to uncertainty related to the insurance coverage after sanctions against the Russian-owned leasing company GTLK have affected Havila Kystruten’s financing of the fleet.
During the trading day, there were large movements, but little turnover in the stock, which eventually ended the day up 1.74 percent.
Decline in Europe
Across Europe, the mood has soured in the last hour. On the Frankfurt Stock Exchange, the Dax index is down 0.85 percent at the time of writing.
In London, the stock market is largely unchanged after inflation in the country rose seven percent annually in March, the highest in 30 years, according to CNBC.
On the Asian stock markets, there has been an increase in the morning hours, with the Nikkei index in Tokyo up 1.93 percent. The rise on the Japanese stock market comes at a time when the Japanese currency yen has weakened to its lowest level in 20 years against the dollar in the morning.
The night before, it was mostly about inflation figures in the United States. The leading indices ended the day with a slight decline after the consumer price index in the country came in at an annual 8.5 per cent in March.
Correction: E24 first wrote incorrectly that the Main Index ended at 1,238.13 points on Wednesday. The correct is 1,283.13 points. The case was changed on Wednesday 13 April 2022 at 13.40.
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