December 3, 2021

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Autostore increased its market capitalization by 23 billion NOK in a strong week for the Oslo Stock Exchange - E24

Autostore increased its market capitalization by 23 billion NOK in a strong week for the Oslo Stock Exchange – E24

The stock market ends the week at another new record high.

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The main index on the Oslo Stock Exchange opened in negative terrain, but recovered on the day and finished 0.31 percent higher on Friday. For the entire week, the increase was 1.7 percent.

The results season has begun, and on Friday Tomra and Norsky Skoog were among those who submitted the numbers.

The price of oil continued to rise throughout the day, and at the time of closing rose 0.32 percent to $85.02 a barrel.

Autostore is the seventh largest market in the stock exchange

Equinor was the most heavily traded issue, down 1.28 percent, while Nordic Semiconductor followed, up 7.4 percent. The latter fell more than 12 percent after the results were presented on Thursday.

Robot storage company Autostore, which became the second largest on the stock exchange earlier this week, continued its rally on Friday. The price rose by 5.9 percent as the fourth most traded stock. The company’s market capitalization is now 126.1 billion NOK.

The value of the company from Nedre Vats in Rogaland has risen by NOK 23 billion since the listing on Wednesday. This makes Autostore Børsen’s seventh largest, led by giant salmon Mowi and above oil company Aker BP dominated by Kjell Inge Røkke.

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Over the slightly longer term, the value growth is more impressive. In April, when it bought Japan’s Softbank, the valuation was NOK 65 billion.

There are still high bets against Neil

Shares of Hydrogen Neil fell 6.7 percent after rising as much as 21.3 percent after the previous day’s quarterly report. In May, the stock had the highest bet against it with short selling, and bets were piled ahead of the report.

A recent overview from Finanstilsynet’s short track record shows that those betting on the stock largely had ice in their stomachs during Thursday’s rally. 9.27 percent of the stock is now short sold, compared to 9.34 percent before the report. Short sellers earn money when the stock goes down, and vice versa when it goes up.

Total paper losses after the volatility of the past few days are now 54.9 million NOK, according to Short Nordic analysis service.

Norske Skog expects costs to increase

Industrial company Norske Skog reported increased losses in the third quarter, with profit after tax minus 602 million NOK. In the same period last year, the deficit amounted to 89 million.

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Norske Skog describes the state of energy and raw materials in Europe as “exceptional,” and warns in the report that operating costs will increase throughout the year and into 2022.

Norske Skog stock fell from the start, but turned negative after a brief rally. The stock was last trading down 2.6 percent.

Tomra also provided the mortgage system with revenue of NOK 2.9 billion and profit before tax of NOK 466 million – above the consensus estimate from Infront.

Tomra’s stock remained positive all day and rose 5.88 percent.

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