DNO Up Over 4% on News of Kurdistan Oil Exports Resuming

The oil company DNO is up more than 4 percent on Friday morning.

The case is updated throughout the trading day…

Shortly after opening, Oslo Børs rose. However, it quickly turned around, and just before 10 o’clock the Main Index is down a marginal 0.05 per cent.

The oil price weakened yesterday afternoon, and remains at approximately the same level as when the Stock Exchange closed yesterday. A barrel of North Sea oil (burnt spot) is now traded for 74.5 dollars.

This is how it looks for the most traded shares on Oslo Børs:

• Equinor rises 0.24 percent
• Norwegian falls 3.79 percent
• Norsk Hydro is up 0.68 percent
• Aker BP is up 0.17 percent
• Salmar falls 3.6 percent.

On Thursday, Børsen ended down 0.21 percent. Salmon giant Salmar rose more than 6 percent after delivering strong quarterly figures.

The DNO share straight up

Oil company DNO rose eight percent on Oslo Børs shortly after opening on Friday. Just before 10 o’clock the rise is moderated to 4.62 per cent.

The results came after Iraq’s oil minister has determined that oil exports from the Kurdistan region will resume tomorrow, oil analyst Tom Erik Kristiansen at Pareto Securities points out in a note.

– We expect that confirmations of oil flow and press releases from companies will be positive triggers immediately, he writes about the shares of the actors in Kurdistan.

Norwegian lost 992 million

The airline Norwegian has on Friday morning presented the report for the first quarter of the year.

The company lost NOK 992 million in the first quarter, but analysts had expected an even bigger loss in the seasonally weak quarter.

Norwegian has hired more people ahead of the summer season and is phasing in 11 new planes. The fleet thus consists of 81 aircraft heading into the summer. CEO Geir Karlsen says that they emphasize adjusting in relation to seasonal fluctuations.

Bookings for the summer (June-August) are still below 2019 levels, but average ticket prices are over 25 percent higher on an annual basis, broker ABG Sundal Collier points out.

“Overall, a solid report with a supportive outlook”, writes the brokerage house, which also points out that “The next traffic report is likely to be super strong in our view”.

DNB Markets believes Norwegian has presented a weakly positive quarterly report and believes a correspondingly positive share price reaction is justified.

The share falls 3.79 per cent at 10am.

Better than expected from Grieg Seafood

Seafood company Grieg Seafood’s operating profit fell to NOK 385 million in the first quarter of the year, according to recent figures.

The outcome is somewhat better than expected. The company is reducing its harvest target for 2023 by 2,000 tonnes, and now expects to harvest 80,000 tonnes due to biological problems in Finnmark.

Ahead of today’s figures, all 11 brokerage houses in a Bloomberg overview recommended buying the share.

The share is down 2.06 percent.

Several other companies have also come up with news before the stock market opening:

• The offshore wind supplier Edda Wind had a profit before tax of minus 0.4 million euros in the first quarter, down from plus 0.8 million euros in the corresponding period last year, according to the quarterly report. The share is down 1.82 percent.
• The profit before tax for the construction company AF Gruppen fell to 13 million in the first quarter, down from 209 million in the same period last year. The share falls 0.4 percent.
• The oil service company Odfjell Technology reports increased revenues in all business areas in the first quarter, driven by new contracts and higher activity. Profit before tax rose to NOK 52.6 million in the quarter from NOK 49.7 million in the corresponding period last year. The share is up 0.91 percent.
• Renewable energy company Magnora is selling its stake in Evolar, a Swedish solar technology company, according to a stock exchange announcement. The company will initially receive NOK 300 million. The buyer is the American solar energy company First Solar. The share is up 9.8 percent.
• The oil service company Subsea 7 announced on Friday morning a “large” contract for underwater development in two phases. Subsea 7 does not write who the contract is awarded by, but the company defines a “large” contract as one where the company’s share of the revenue is over 750 million dollars. The share is up 1.83 percent.
• Seismic company Seabird Exploration increased pre-tax profit to $6.9 million in the first quarter from minus $1.9 million in the first quarter last year. Operating profit for the period increased to $2.8 million, up from minus $1.4 million in the first quarter of 2022. The share falls 0.26 percent.

More results can be found in Stock life.

Mixed mood in world markets

Stock markets in the Asia-Pacific region were mostly down on Friday morning. The exception is the Nikkei index in Tokyo, which rose close to 1 percent.

Two of the companies of industrial giant Gutam Adani are dropped from several of MSCI’s (Morgan Stanley Capital International) indices, including their Indian benchmark index.

On Wall Street, the picture was mixed on Thursday. Regional bank PacWest fell heavily following reports that the bank’s deposits were down by 9.5 per cent last week.