The Oslo Stock Exchange closed down 0.08 percent on Wednesday. On Thursday, the main index opened down 0.2 percent. Two hours into the trading day, Borsen is up 0.2 percent.
Then the main index was affected, among other things, by the drop in oil prices this week. The main index finally ended down 0.5 percent on Thursday. Since Friday, the price of a barrel of North Sea oil has fallen by $12 and is now trading at just over $95.
Alexander Miller, chief investment officer at Odin Forvaltning, says general uncertainty is characterizing the stock market right now.
2022 was a miserable year in the stock market for most people, and the worst year in a long time. Miller says investors factored in a lot of bad news, and there was a lot of bad news.
Now you have it in the back of your mind that there is a slight possibility that everything will go well, he adds.
Alexander Miller, chief investment officer at Odin Forvaltning, says general uncertainty is characterizing the stock market right now. (Photo: Per Ståle Bugjerde)
The Oslo Bors stands out as the only one that wasn’t in the red this year. At the end of July, Borsen is up 7.1 percent so far for the year.
Rising interest rates, recession and geopolitical tensions are affecting the markets, but the stock market here at home is on the rise. He adds that Oslo Borz is very special.
The price of oil is falling
Oil prices fell to their lowest level in several months after the OPEC meeting on Wednesday. There, the oil cartel agreed to increase the production quota by 100,000 barrels per day from September. The price of oil rose as soon as this news came out, and North Sea Brent oil, the reference price for oil trading worldwide, was trading at $101.68 per barrel.
The price hike was quickly reversed and the price fell to $96 a barrel.
- oil giants Equinor And the Aker BP Both fell about 2 percent Thursday morning, and although they rose somewhat in the middle of the day, they ended up with prices down 2.9 and 4.3 percent, respectively.
- Wednesday was a difficult day for the oil company Norikoor the Norwegian Energy Company, which Fell in the Oslo Stock Exchange After the notification of the delay in the Danish gas project. Norico shares closed down 20.6 percent. The decline continued on Thursday, and the stock fell 8.7 percent.
- Airlines Norwegian It is part of the upward trend among investors in Oslo Poor’s. Before the exchange opened, the company provided traffic numbers for July — the month the airline carried just over 2.2 million passengers. The numbers come from Norway after Widerøe announced on Wednesday that it had done so Received up to NOK 20 million from SAS strike. Norwegian stocks rose more than 2 percent Thursday morning, but ended with a marginal increase of 0.05 percent.
- Lomi groupShares of Sonans Holdings Inc previously plunged 30 percent when the stock market opened on Thursday. This happens after the company announced in a stock market announcement a 30 percent drop in sales revenue this year, compared to last year. Over the course of the day, the stock completely collapsed and ended up plummeting nearly 60 percent.
- hydrogen company Haiyun It is up 120 percent on the stock exchange recently. On Thursday, the stock fell 8.7 percent.
Climbing in Europe
On Thursday, there was a broad rally on European stock exchanges. Both the German DAX and the French CAC rose 0.5%.
On the London Stock Exchange, the mood was more subdued in anticipation of the Bank of England interest rate meeting, when a key rate hike was expected. The FTSE index rose marginally.
In June, the key interest rate was raised by 0.25 percentage points to 1.25 percent.
In large parts of the world, inflation has risen to high levels, among other things as a result of the reopening of the economy, crisis measures during the pandemic, supply chain problems and the war in Ukraine. Many central banks are now raising interest rates to slow inflation.
Asian stock markets rose
Investors are closely following developments around the Taiwan crisis. Today, China began extensive military exercises outside and inside the territorial waters of Taiwan. The exercises will continue until Sunday and are seen as a clear signal against the visit of prominent US politician Nancy Pelosi.
So far, there has been minimal reaction in the financial markets. The main index on the Taipei Stock Exchange fell 0.5 percent Thursday morning.
According to Taiwan’s Ministry of Defense, Chinese drones have been spotted over the coastal area outside Taiwan.
“This is like an air and sea blockade of Taiwan,” a source told Reuters.
Otherwise, technology optimism is driving the Asian stock markets. The Hang Seng rose 2.1 percent on Thursday, while the Shanghai index rose 0.2 percent and Japan’s Nikkei rose 0.5 percent.
The positive mood on Wednesday was replaced by a broad decline in US stock markets on Thursday. When the Oslo Stocks closed, the central indices fell 0.3 to 0.5 percent.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using the links that lead directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
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