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On Friday morning, a barrel of North Sea oil traded for just over 83 dollars. And even though the price fluctuations did not, relatively speaking, produce very large percentage results, the reference price moved sharply in the afternoon.
From 15:00, the oil price fell by almost one dollar within half an hour. Then it swung up from $82.9 to $83.9 in the next half hour.
Equinor’s share price closely mirrored the oil price:
And when Equinor ended with a price drop of 0.8 per cent, there was also a drop of 0.4 per cent for the main index. The four largest shares on Oslo Børs, which after Equinor include DNB Aker BP and Telenor, all suffered a price drop on Friday.
A flood of new shares
The new shares in Havila Kystruten were listed on Friday, and finally the price also fell towards the issue price of one krone. As recently as Thursday, the shipping company’s shares were still trading at over two kroner. So far this year, the rate has fallen by more than 90 percent.
When the company had to raise new equity, the dilution effect was brutal for the old shareholders. They are left with just under ten percent of the refinanced company.
The stock market fall continues for Bergenbio as well, after the share price fell 16.8 per cent during Thursday following a new sell recommendation from DNB Markets. By 3 p.m., the share had also fallen 4.4 percent on Friday.
Over the past 24 hours, the Norwegian krone has weakened against the dollar. On Thursday, the dollar cost just under NOK 10, while on Friday afternoon it costs NOK 10.15. The krone, on the other hand, has strengthened against the Swedish krone and is roughly unchanged against the euro.
A barrel of North Sea oil is traded on Friday for 83.8 dollars per barrel.
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Shopping figures before the weekend
Before the stock market opened on Friday, Statistics Norway released fresh figures from the retail trade for June, which showed a slight increase. The turnover volume increased by 0.3 per cent from May to June, according to seasonally adjusted figures.
Chief economist Kjersti Haugland says today’s figures are surprising as she expected a slight decline after the rise in May.
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The previous report showed that Norwegians bought more goods from April to May, which resulted in a price increase of 1.2 per cent, while Statistics Norway revised up the figures from the previous months. The increase in May comes in a period where the trend in retail trade has been downward since the end of the corona pandemic.
Later on Friday morning, Nav also came out with unemployment figures for July which showed that unemployment has increased. At the same time, unemployment, which is now 1.8 per cent, is still very low.
These figures will probably not have any impact on Norges Bank’s next interest rate plan, says senior economist at Handelsbanken Capital Markets, Sara Midtgaard.
The figures for May last month showed that unemployment in Norway had fallen slightly. At the end of May, unemployment was 1.7 per cent, down from 1.8 per cent in April and March.
Fresh figures from Nav: Unemployment in Norway remained unchanged in June
Dramatic interest rate meeting in Japan
The Japanese central bank has an interest rate meeting on Friday. The country is experiencing the highest level of inflation in 40 years and an unstable stock market. In light of this, the Japanese central bank is therefore considering making changes to monetary policy.
Interest rate fears shake the world’s third largest economy: – It could be very serious
Earlier in the week, there were interest rate decisions from the American central bank (Fed) and the European central bank (ECB). The decisions offered no surprises, and both central banks raised the key interest rate by 0.25 percentage points as expected.
For the Fed, this means that the interest rate level is now in the range of 5.25–5.5 per cent, which is the highest in over 20 years. Many believe, however, that this is the last round of rate hikes from the Fed. The European deposit rate is now 3.75 per cent, which is the highest it has been since 2001. (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.
2023-07-28 14:37:30
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