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The main index on the Oslo Stock Exchange closed up 1.13 percent on Monday. One of today’s most traded shares is the aluminum producer Norsk Hydro, which is rising 3.38 percent.
Earlier on Monday, the share was up more than four percent, was traded for around NOK 65.1, the highest level since the autumn of 2017. So far this year, Hydro has risen over 60 percent on the Oslo Stock Exchange.
According to Bloomberg, the price rally can be linked to the price jump for aluminum. The light metal has risen sharply in price after the riots in Guinea in West Africa.
Commodity prices to heaven
Guinea is a key supplier of bauxite, which is used to make aluminum. After the unrest in Guinea’s capital Conakry began to spread since last week, the price of aluminum has skyrocketed, and according to Bloomberg is at its highest level in ten years.
The price increase comes because there are concerns related to the supply of raw materials, and whether the unrest in Guinea can lead to problems on the supplier side, Bloomberg writes.
Hilde Merete Aasheim, CEO of Hydro. (Photo: Petter Berntsen)
According to Hydro’s own website, the Norwegian company has interests in two bauxite mines in Brazil.
The latest development in the West African country is that the military forces claim they have seized control of the country, and imposed a curfew indefinitely. According to the English newspaper The Guardian the unrest can be traced back to last year, when Alpha Condé won a third presidential term. Among other things, this led to protests in the streets.
Kahoot lift
At the top of the list of today’s most traded shares are Equinor, Yara and Kahoot.
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The e-learning company Kahoot is up 4.65 percent. This spring, Kahoot was severely punished for the billion-dollar transaction with American Clever. Now makes the market believe in Eilert Hanoa’s plans for growth.
In the future, we will do a better job on the commercial sides of our growth and development, Hanoa said in a recent interview with DN.
Norwegian, on the other hand, rose by more than three percent after presenting uplifting traffic figures for August, before the stock exchange opens on Monday. Over the day, however, the stock fell and ended up 0.14 percent.
The fish farming company Atlantic Sapphire is up 2.67 percent. On Monday night, the company announced that it has secured further oxygen deliveries, that the company can now increase feeding to normal levels, and that production is expected to be normal. As is well known, the share was beaten a week and a half ago, after the company presented half-year figures. (Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We want you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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