Salmon Giant Salmar Reports Stronger Than Expected Operating Result and Rises 8.1% on Oslo Stock Exchange

The salmon giant shoots up after reporting a stronger than expected operating result.

The article is updated throughout the trading day…

At 9.45 the main index is up 0.7 per cent.

The oil price has strengthened by around half a dollar since the stock exchange closed yesterday, and a barrel of North Sea oil (burnt spot) is traded for 76.9 dollars.

On Monday, there was a slight rise on the Oslo Stock Exchange. The IT company Link Mobility Group shot up more than 19 percent after presenting strong quarterly figures.

This is how it looks for the most traded shares at 9.45 a.m.:

• Equinor falls 2.66 percent
• Salmar rises 8.1 percent
• Norsk Hydro falls 7.67 percent
• Mowi rises 2.9 percent
• Yara is up 0.62 percent

Increased operating profit to DKK 1.88 billion.

Before the stock market opening, Norway’s second largest salmon farmer Salmar presented strong results and maintained its harvest target for the year.

The operational profit increased to NOK 1.88 billion. In advance, an increase to 1.68 billion was expected, according to Infront TDN Direkt.

– Limited supply growth drove the price of Atlantic salmon to record highs in the first quarter of 2023 and resulted in solid profits for Salmar, the company writes in the stock exchange announcement.

Also for the coming year, Salmar expects a limited increase in global production.

The share is up 8.1 percent.

Weakened result for Rec Silicon

It is still earnings season at Oslo Børs, and several companies have released news and figures before the stock exchange opened on Thursday:

• Results weakened for Rec Silicon, which suffered a loss of $34 million in the first quarter. Rec Silicon CEO Kurt Levens says that the market for data chips (semiconductors) is still struggling with high inventories, which dampens demand for the company’s silage gas. The share is up 3.33 percent.
• The seismic company TGS had a profit before tax of minus 12.9 million dollars (approx. 135.5 million Norwegian kroner) in the first quarter of 2023, down from 28.3 million dollars in the same quarter last year. The share falls 1.13 per cent at 9.45am.
• The oil company DNO had a profit before tax of 158 million dollars in the first quarter, down from 207 million dollars in the first quarter last year, the quarterly report shows on Thursday. In the same period, turnover fell to 269 from 339 million dollars. The share is down 1.53 percent.
• Hexagon Composites increased its turnover for the quarter to NOK 1.3 billion, up from NOK 1 billion in the same period last year. At the same time, the result before tax fell to minus 176.7 million. The share is down 4.15 percent.
• The Øystein Stray Spetalen-dominated investment company SD Standard ETC had a lower operating result in the first quarter of 2023 compared to the same period last year. It landed at $1.3 million, down from $8.2 million. The share falls 0.11 percent.

More quarterly results can be found in Stock life.

Late on Wednesday evening, it was reported that Prosafe has carried out a private placement of 2.72 million shares at a price of NOK 117. The housing rig company has thus collected NOK 318 million. The share is up 8.21 percent.

Jacks up the use of oil money

At 8 o’clock came the key figures for the revised national budget, which will be presented at 10.45 today.

The government jacks up the use of oil money to NOK 373 billion, and therefore adheres exactly to the so-called rule of action. That is almost 56 billion more than what was expected in October.

Growth in the economy is expected at the same time. Støre’s crew jacks up the growth estimate from the latest forecast, and now imagines that the mainland economy will grow by 1.0 per cent in 2023.

The government also states that it is postponing the implementation of the controversial ground rent tax for onshore wind power.

Mixed in the world

On the Asian stock exchanges, there was a mixed mood in the morning hours. China’s price growth in April was the lowest since 2021. Senior economist believes inflation may enter negative territory in the coming months.

The US stock markets fluctuated yesterday after fresh inflation figures showed that price growth in the US moderated a bit. The trading day ended mixed for the three leading indices on Wall Street.