The main index closed the Christmas holidays with a small jump of 0.9% during the first hour after market open, but then fell steadily.
When the stock closes at 4.25pm, the result is a 0.02% increase.
In parallel, oil prices increased by more than 3.5 percent, reaching a price of more than $85.4 a barrel of crude oil. The increase comes on the heels of reports that China is opening up further, where the rollout of the zero infection policy is taking it a step further.
Another factor driving up oil prices is the closure of oil refineries in the United States due to the winter storm that has ravaged the last few days, writes TDN Direkt.
Despite rising oil prices, all three of Oslo Børs’ largest oil and energy companies – Equinor, Aker BP and Vår Energi – have small price changes.
Among the stocks that stood out on Tuesday was Solstad Offshore, which rose a further 9.4%. The shipping company’s share has increased by more than 25% in a week, 50% in a month and 593% in a year, and is among the shares that have risen the most on the Oslo Stock Exchange this year.
During the night and morning hours, the main Asian stock exchanges were instead marked by a weak rise. Japan’s Nikkei index rose 0.2%, while the broader Topix index rose 0.4%.
End of the year
A total of three trading days of 2022 remain after the stock market close on Tuesday and the main Oslo Børs index is forecast for a 0.12% drop for the full year.
Behind the flat development, which is by the way far better than in a number of other stock markets, the main index was at most close to seven percent when it hit an “all-time high” on May 31, and down just under ten percent at bottom on Sept. 29 .
In the scant three months since then, the main index has risen by just over 11 percent. The result for December is a drop of 1.7 percent.
The relatively strong development on the Oslo Stock Exchange comes after a sharp rally in oil and energy shares, driven by the high oil and especially gas prices that characterized 2022.
Equinor, Børsen’s by far largest company with a market value of NOK 1.16 trillion, for example, is up 61% since the new year.
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