Mining company heavily down after delay

The main index on the Oslo Stock Exchange ended up 0.78 per cent to 1,306.38.

The oil price

Brent oil stood when the exchange closed up 1.7 percent to 81.99 dollars a barrel, while WTI oil rose 2 percent to 77.39 dollars a barrel. In comparison, a barrel of North Sea oil traded for 79.51 dollars a barrel at the end of the stock exchange in Oslo on Friday.

On Sunday, the ministers from OPEC+ will meet, where they will review the global oil market and decide priorities for the coming year, writes Bloomberg.

So far this year, the oil price has fallen 4.2 percent, and there is speculation that the alliance will plan even more production cuts to speed up the oil price again. According to Reuters, there are several anonymous sources in the oil cartel who confirm further cuts.

Equinor rose 1.5 percent while Aker BP climbed 2.2 percent.

In red

On Tuesday, the verdict in the lawsuit about Førdefjorden was to be presented. Now the decision is postponed until January, and Nordic Mining– the share fell 7.5 percent on Monday.

Mining competitor Rana Gruber ended down 5.1 percent. Last week, the company presented record-breaking quarterly figures, and in the course of eleven quarters has now collected a billion kroner in dividends.

Children announced on Monday morning that they will spend NOK 2.4 billion on carbon capture and storage. Investors didn’t like that, sending the share down 0.7 percent.

BW Energy fell 1.2 percent. The company shocked the market last week with huge cuts in guidance, and analysts are now speculating about “share murder”.

– They pull the plug and cut all expectations once and for all, says oil analyst Teodor Sveen-Nilsen in SpareBank 1 Markets.

Upturn

AutoStore rose 3.7 per cent after a board member bought shares for NOK 3.3 million. The share has done poorly on the stock exchange and has halved since the listing in October 2021. Since August, the decline has been over 30 per cent, while November has been a small renaissance for the share. During the period, it has risen 45 per cent.

Akastor rose 7.1 percent. At the weekend it became known that Erling Braut Haaland has secured shares in the company for NOK 1.3 million.

Subsea 7 is one of the heavyweights that rose the most on Monday. The share ended up 3.4 percent. The company has been awarded a “sizeable” contract from Shell for the dismantling of underwater infrastructure. In the past, the oil service company has used the term for contracts with a value between 50 and 150 million dollars.

DNB Markets announced on Monday that they have raised their price target on the share to NOK 200, and repeat purchases. Last week, the oil service company delivered third-quarter figures roughly as expected, and the analysts told Finansavisen after the report that they believe there is a lot in place for the share to climb further.

Also Hafnia climbed after several brokers jacked up price targets, and the share ended up 1.6 per cent.

The shipping company topped expectations in the third quarter on Friday, and raised the dividend to a record level. Both ABG, Arctic, DNB Markets and Pareto now see greater upside for the share.