Market Update: Oslo Børs Surges After Strong Quarterly Results

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After a heavy day on Monday, the main index at Oslo Børs rose sharply on Tuesday – at the close of the exchange, the result was an increase of 1.3 per cent.

For the market participants who trade at Oslo Børs, there were a number of quarterly figures to digest, several of which exceeded expectations:

Media group Schibsted came up with a quarterly result that beat the analysts’ estimates, and the A share rose by more than six percent. The Norwegian hydrogen company Nel also beat expectations, with turnover rising from NOK 185 million last year to NOK 475 million in the second quarter of the year. The share made a jump of 10.9 percent. Kjell Inge Røkkes Aker also provided quarterly figures: the company’s value-adjusted equity fell from 66.9 billion at the end of 2022 to 59.7 billion at the end of the second quarter. The investors sent the stock up three percent.

Wide rise

On Monday, several companies fell heavily, and contributed to pulling the entire main index down. Among these were Scatec, Tomra, Salmar and Nordic Semiconductor, and these have in common that the shares recovered part of what was lost on Tuesday.

Scatec rose 4.1 per cent, Tomra just under four per cent, Salmar 1.3 per cent and Nordic Semiconductor 1.7 per cent.

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Yara, which publishes its quarterly results on Wednesday, rose 3.7 percent ahead of this.

The oil price affected by China’s GDP

The oil price has risen by around one per cent throughout the day, after falling markedly on Monday. The decline on Monday was due to disappointing GDP figures from China, where the quarterly increase was lower than expected, according to Trading Economics. This is reported by TDN Direkt.

– Weaker than expected macro figures from China and the reaction from the oil market show that the main concern for the market is still demand, says Warren Patterson, who is head of commodity strategy at ING Groep NV in Singapore to Bloomberg News.

– Nevertheless, we are still positive about the market, as the oil balance is expected to tighten significantly during the second half of the year, he adds. (Terms) Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links, which lead directly to our pages. Copying or other forms of use of all or part of the content may only take place with written permission or as permitted by law. For further terms see here.

2023-07-18 14:26:15
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