November 27, 2022

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Oslo Bors is still in the red

7 out of the 10 most traded stocks are down

According to TDN Direkt, Arctic Securities writes that the positive stock price reaction is justified, and the brokerage firm expects a significant re-pricing of the stock as a result of the announcement. Arctic estimates that the company is trading at a 10 percent discount to vessel values, and believes that adjusted for updated ordering reserves, the fair value is in the region of NOK 14 per titled share.

Airlines Norse Atlantic They announced Thursday afternoon that they would raise NOK 300 million, and the issuance was completed last night. The issue price is NOK 2.50, while Norse shares, by comparison, closed at NOK 4.15 on Thursday. On Friday, the stock fell 32.6 percent to NOK 2.80, a new all-time low.

In Økonominyheten on 22 September, Norse’s CEO, Bjørn Tore Larsen, stated that even if they grounded all planes, they had enough cash to get through the winter.

Desert control It posted EBITDA of NOK 21.6 million in the third quarter, down from -7.8 in the year-earlier period. The stock fell by 9.44 percent to 17.84 Norwegian crowns.

Golden ocean It decreased by 3.9 percent to NOK 86.50. The stock is listed on Friday, for example. A dividend of $0.35, which is equivalent to 3.46 crowns.

Nordic Nanofactor It fell 13.7 percent to NOK 0.97 and a new all-time low, in the wake of a merger proposal with APIM Therapeutics and a webcast on Thursday.

High oil prices

Brent oil rose 1.6 percent to $86.65 a barrel, while West Texas Intermediate crude rose 2.0 percent to $79.63 a barrel.

In contrast, a barrel of North Sea oil was trading at $84.66 a barrel at the close of the Oslo Stock Exchange on Thursday.

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Oil prices are being supported, among others, by dollar weakness in recent days, while signals of lower oil price ceilings from G7 countries and concerns about Chinese oil demand overshadowed oil prices earlier in the week, according to TDN. . .

Commerzbank predicts that oil prices will recover over the next week. The bank notes that the start of the European Union’s oil embargo on oil from December 5 is approaching, and Commerzbank believes that the survey-based estimates of OPEC + production in November will show a significant decline, which will be supportive of oil prices.

Roger Berntsen noted in his morning report that US oil inventories rose more than expected last week, while gasoline stocks fell, according to the latest figures from the Energy Information Administration.

“The dollar, which is at least as important as the oil price for the global economy, has recently fallen amid expectations of an approaching peak in interest rates in the United States. The US dollar now costs less than ten NOK,” the analyst writes.

Otherwise, the EU has not yet reached an agreement on a price cap for Russian seaborne oil, which will come into effect along with the oil embargo on December 5. The G7 proposal is a price ceiling of $65-70 per barrel, which Poland and the Baltic states consider too high. They would prefer to see a ceiling close to the $30 per barrel production cost. However, the G7 proposal is too low for Greece, Cyprus and Malta, as oil shipping plays an important role there. Negotiations could resume on Friday, but they could also skip, TDN writes and points to Bloomberg.

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