Nordnet writes that June was a hectic month with interest rate meetings, high inflation figures and other disappointing macroeconomic news.
Despite an uncertain financial situation, shares worth NOK 27 billion were traded in June on the Nordnet stock trading platform. Vår Energi topped the shopping list with a net purchase of NOK 175 million. At the opposite end of the scale, Telenor topped the sales list, with net sales of NOK 89 million.
Of the five most traded shares, four were oil shares. The price of oil has skyrocketed after the war in Ukraine broke out, and Nordnet writes that transaction history on the platform indicates that there is still a willingness to invest in oil companies.
James Hosie, an analyst at Barclays, has taken up coverage of Kjell Inge Røkke’s Aker BP and set the price target at NOK 510.
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Interest rate hikes
June has been characterized by interest rate rises and high inflation figures. The market has reacted negatively to this, and the US key indices as well as European indices are likely to end the month with a sharp decline.
– If we get a recession in the world, this will probably affect the market sharply. At the same time, I think we will get even more signals when the largest companies come up with figures during the month of July. Then we get first-hand knowledge of how companies cope with inflation, commodity prices, transport and logistics challenges as well as pressure on wage growth, says Mads Johannesen, investment economist at Nordnet.
This is what Nordnet customers buy and sell
During the month of June, oil and oil service shares have been the favorites among Nordnet’s customers, the report states. The most bought and best-selling shares can be seen in the overview below.
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