September 26, 2021

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Oslo Stock Exchange Stabilizes While Pexip Drops After CEO's Surprising Departure - E24

Oslo Stock Exchange Stabilizes While Pexip Drops After CEO’s Surprising Departure – E24

Bakkafrost rises and Dof rises, while Elopak falls after new quarterly numbers.

Several quarterly numbers came out ahead of stock exchange hours on Tuesday.

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Somewhat after the opening hours on Tuesday, the Oslo Stock Exchange with the main index settled at 1,148 points.

In advance, analysts had expected an increase of 0.3 to 0.7 percent.

After dropping 2.24 percent last week, Borsen made a mini comeback on Monday. The main index closed yesterday, up 1.4 percent to 1149 points.

Elopak is waiting for margin pressure

Before the opening of the stock exchange, the board of directors company recorded a decrease in sales and profits somewhat in the second quarter of this year, compared to the same period last year. In addition, the company wrote in the quarterly report that it expects margin pressures in the second half of 2021, due to higher cost of raw materials.

At the time of opening, Elopak’s stock was down 3.30 percent.

Since Elopak went public in June, the price has fallen and then gone up, but overall the past two months have seen the stock increase slightly. In its quarterly report, the company now wrote that the listing boosted the company’s financial position by raising just over half a billion kronor.

Pexip head goes a day

On Monday night, it was announced that Pexip President Odd Sverre Østlie would resign immediately. Disagreement over the way forward for the company between the board of directors and Østlie must have been the reason for the separation of the two teams.

With the exchange open, Pexip stock fell 7.75 percent.

Neither Ostley nor Chairman Michael Sagen will explain what lies behind the row, but says it was a “common result”.

Bakkafrost doubled the result of the run

Backafrost Salmon in the Faroe Islands also announced new quarterly numbers early Tuesday. Here it appears that the company doubled its operating profit to 408 million DKK. However, it is somewhat lower than what analysts had anticipated in advance.

Bacafrost shares rose 1.59 percent in the opening hours of the stock exchange.

Overall, we are satisfied with the results for this quarter. Despite the fact that the salmon market is still hampered somewhat by the Corona pandemic, the market was very strong this quarter. Going forward, the outlook for the salmon market looks bleak for the rest of 2021, as well as for the first half of 2022, says Regen Jacobsen, CEO of Bacafrost. In the stock market announcement.

Dof rises sharply

Crisis-hit shipping company Dof also released a quarterly report on Tuesday morning. There they write that they continue to write down the values ​​of their fleet. In total, the company generated values ​​of NOK 366 million in the second quarter of the year, down from NOK 799 million in the same period last year.

When the stock market opens, Dof’s share is up 18 percent.

Operating profit ended at NOK 97 million in the second quarter of 2021, up from minus NOK 424 million in the second quarter of last year.

up up up

Since the stock market yesterday, the stock markets in the US and Asia have been in good shape, and oil prices are also on the rise.

The heavy Nasdaq rose as much as 1.6 percent and ended the day with a new record, while the Dow and S&P 500 rose yesterday as well.

In Asia, the broad rally in the stock market continues from yesterday. Tech giants Tencent and Alibaba are almost alone in pulling Hong Kong’s Hang Seng Index higher, while Yamaha outperforms with a sharp drop in the Tokyo Stock Exchange after selling the company’s private shares.

The price of oil has improved this week so far, moving from $66.5 yesterday to $69.25 per barrel of North Sea oil. During stock exchange hours, the price of oil rose 0.84 percent on the day.

Read on E24 +

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