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On the first day of the third quarter, the main index on the Oslo Stock Exchange rose around 0.8 per cent. At the same time, oil prices are rising by around 0.4 per cent. North Sea oil is trading at $75.4 a barrel, up slightly since before the weekend.
At the same time that a new quarter has begun, the companies and the market are preparing to present key figures from the second quarter. In other words: The results season is immediately underway.
As early as Monday morning, Selvaag Bolig came out with results for the second quarter. The figures showed that the property company sold 99 homes for NOK 564 million in the second quarter. So far in 2023, 251 homes have been sold for close to NOK 1.44 billion. The share rises 0.7 percent.
On Thursday, shipping company Stolt-Nielsen will present figures for the second quarter, followed by brokerage ABG Sundal on Friday morning.
Drone companies fall sharply
On Monday morning, the drone company Nordic Unmanned announced that it does not expect to meet the turnover target of 30 million euros. At the end of the second quarter, the company had a liquidity of 600,000 euros. The share falls a strong 12 percent from the start.
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At the same time, the shipping company Stolt-Nielsen fell by six percent after it Monday morning announced that it will take a $155 million loss provision in the second quarter.
In comparison, the Desert Control share rises by 60 per cent. The rise comes after a report that the company has entered into a strategic agreement with Holistic Earth Advanced Regeneration Technologies (HEART).
Since the end of April, Desert Control has had a strategic review of the company’s business model in the Middle East. The agreement with HEART means that the company becomes a licensed operator for the production, sale, distribution and implementation of LNC in Saudi Arabia.
Labert on the Stock Exchange
In the last ten years, the third quarter has produced mixed developments.
The best third quarter in the last ten years came in 2017, when the main index on the Oslo Stock Exchange rose 12 per cent, while the weakest third quarter in the same period produced a negative return of 7.5 per cent in 2015. It should be mentioned that the third quarter contains a summer period where the trading volume is traditionally lower than at other times of the year.
2023 has so far been a mixed year on the Oslo Stock Exchange, where the main index finally ended the first half with an increase of 2.1 per cent. However, it has been very up and down, with the bottom point coming at the end of March when the main index had fallen almost four per cent for the year.
The second quarter ended with an increase of 1.7 per cent. Excluding 2022, when Russia’s invasion of Ukraine jolted global financial markets, the second quarter of 2023 was the weakest since 2019.
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Best first half of the year since the 80s
Last week ended with an increase for most stock exchanges, with Oslo Børs’ main index ending the first half of the year with an increase of just over two percent.
The big winner, however, was Wall Street’s tech-heavy Nasdaq. The index had its best first half of the year since 1983, with a combined increase of over 31.7 per cent.
The strong rise reflects investors’ continued confidence in the technology sector’s long-term growth potential, writes analyst Roger Berntsen in his morning report on Monday.
Despite strong results, investment director Leif-Rune Rein at Nordea Liv stated in an interview with DN on Sunday that the chance of a sharp economic downturn increases as long as interest rates remain high.
– Higher interest rates work, but the effect has proven to take longer in this cycle. It has not only to do with the fact that unemployment has remained low, but in many countries an expansionary monetary policy has been pursued at the same time that the central banks have tightened, said Rein.
Key figures
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In addition to the fact that the results season is now underway, a number of exciting key figures are expected this week.
On Monday afternoon, the industrial figures in the US will be released. In advance, a slight increase is expected. Norwegian housing prices for June will be released on Wednesday, as well as the minutes from the Fed’s interest rate meeting in June. Figures for the US service sector will be released on Thursday. On Friday, the stage is set for GDP figures from both the Norwegian and Swedish economies, before the USA’s non-farm payrolls, also known as the most important figure of the month, are presented at 2.30 pm.
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2023-07-03 07:03:03
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