Harmonychain and Link Mobility stood out among today’s winners on the Oslo Stock Exchange, while the main index stumbled around the zero line.
There were slight impacts on the main index on the Oslo Stock Exchange on Tuesday. By closing the bourse, the bourse ended with a slight gain of 0.16 percent, to reach 1151 points.
At the same time, shares in Harmonychain nearly doubled, ending with an overall increase of 80 percent.
The surge came after Harmonychain announced Monday night that subsidiary Lokotech had made its own computer chip More energy efficient. The chip is used to mine cryptocurrency, and the company now considers this to be competitive.
Earlier this summer, the company had to report a significant increase in costs as well as weaker-than-expected performance.
Harmonychain went public in May and concluded its first trading day at NOK 1.84 – 61.4 percent below today’s price. Today’s closing price was about half that again.
Strong rise in navigation link
IT company Link Mobility also rose sharply that afternoon, after it provided new numbers for the morning twig.
The stock ended the trading day up 15.4 percent to 37.0 kroner and was among the most heavily traded on the stock exchange.
– There was Corona Awakening, where society is returning to normal. We are seeing that clients who have been hibernating for the past 18 months or have low trading volumes are now returning. This applies to tourism like flights and hotels, but also entertainment and other activities, says CEO and store owner Jens Rogseth at Link Mobility to E24.
Link Mobility posted an adjusted operating profit (ebitda) of NOK 119 million in the second quarter of 2021, compared to NOK 98 million in the same period last year, according to the company’s quarterly report on Tuesday.
Message volume increased 37 percent in the second quarter, compared to the same period last year. Of this, 28 percent was organic growth.
Everyone who has a mobile phone in Norway will receive a monthly letter from Link Mobility, through, for example, a vaccination notice, that a tax return has arrived or if you have purchased a plane or concert ticket. The company also sends such messages internationally. Link earns money for every message that comes out of customers, plus more advanced products come on top of that.
– How much of the vaccine messages have been considered in terms of increased volume?
– It’s not the big size. We’re sending billions of messages, and those about coronary vaccines aren’t ten million of them at once, Rogseth says.
On the other hand, Rogseth says, the advantage for them has been that municipalities have learned how to communicate with residents.
Regarding the stock rally today, Rogseth says, “The stock market is always right.”
– But our prices are very low, compared to our two biggest competitors, the Swedish Cinch and the American Twilio.
Rugseth is among Link’s largest owners, through Karbon Invest, which he co-owns with other investors.
Link Mobility went public last fall, before the list price was about NOK 10 billion. Today, the company is priced at 10.6 billion after the price increase.
Other companies that have provided numbers are:
- Huddly, which produces cameras for use in video conferencing. The company’s second-quarter accounts show lower revenue and results. The stock rose half a percent after it started the trading day with a big drop of 15 percent.
- Insr Insurance Group reported a pre-tax profit of NOK 0.5 million in the second quarter of 2021, compared to NOK 221 million in the same period last year, according to TDN. The stock ended the day up 3.6 percent.
- John Frederiksen-dominated debt collector Axactor rose 6.5 percent after providing accounts that showed green numbers. Revenue rose 130 percent to 65.9 million euros in the second quarter of the year compared to the same period last year. Operating profit (EPDA) was €22.2 million for the quarter, an improvement from minus €30 million at the same time last year. Net profit fell to 4.4 million euros in the second quarter from minus 44.4 million.
- Jinhui Dry Shipping Co. fell 4.8 percent after a big drop earlier in the trading day. Operating profit was $86 million in the second quarter of 2021, compared to operating profit of $-4 million in the same period last year, according to the company’s latest quarterly report. The net result was $86 million, down from $5 million. The result includes a reversal of the loss provisions of $65.5 million for the quarter. The company earlier announced a positive net profit of about $90 million in the first half of 2021, TDN writes.
Chinese Internet giants fear new measures by the authorities
Chinese Internet Giants Under Pressure
Asian stock markets fell in the morning, especially Chinese tech giants, including Tencent and Alibaba. China on Monday released a document outlining the rules prohibiting unfair competition in the Internet sector, according to CNBC.
On Monday, Wall Street surged to unprecedented heights, with gains for two of the three major stock indexes. Both the Dow Jones Industrial Average and the broad S&P 500 started the day lower before turning to a positive end Monday night. Monday night gave a new record value to both.
Tesla shares fell 4.3 percent after news that US authorities are opening an investigation into the company’s autopilot.
Last week, it was close to among the all-time highs on global stock exchanges, and the S&P 500 and Dow Jones both hit new highs ahead of the weekend. The Oslo Stock Exchange did the same, before the main index fell 0.78 percent on Monday.
On Tuesday afternoon, the US released the shopping numbers, that is, the retail numbers for July, which fell more than expected.
Otherwise, the price of oil without significant changes. One barrel of oil is trading at $69.7, up 0.3 percent since midnight.
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