The main index on the Oslo Stock Exchange rose significantly on Tuesday and closed 2.5 percent higher.
The price of oil rose significantly on Monday night, and the rise continued until Tuesday. A barrel of burning North Sea oil, which is used as a reference to the worldwide oil trade, is trading at about $75. There is a noticeable rise from last week’s low when the oil price was at its lowest level of $65.75 per barrel.
Several heavyweights rose on the Oslo Stock Exchange on Tuesday afternoon. Shares of the oil company Equinor rose more than three percent, and became the most traded stock on the stock exchange. Aker BP, on the other hand, ended up with just over four percent, while shares of Yara and Hydro were up just over three percent.
Paul Harper, equity strategist at DNB Markets, told TDN Direkt that it appears as if the market is now more comfortable with the development of the pandemic. If there is no negative news, he believes in further upside, but still believes that one should expect volatility.
– We’re also seeing the same trend in higher oil prices, which shows there’s a bit less demand concern, Harper tells TDN Direkt.
US stock indices also rose significantly on Monday, after concern subsided over the effects of the new omicron variable. Wall Street also rose on Tuesday. Airlines and tourism were among the US companies that got a boost on Wall Street on Monday.
Calera is among the winners
On the Oslo Stock Exchange, Norwegian shares rose 3.97 percent, while SAS and Flyer shares fell 1.94 and 1.73 percent, respectively. SAS provided traffic numbers earlier on Tuesday, which showed 1.3 million passengers traveled with the airline in November.
Among the OSE winners is power producer Kalera, with Stein Erik Hagen among the biggest contributors, who ended up with more than 11 percent. Despite the rally, the stock has fallen sharply since its March peak.
E-learning company Kahoot is also among the companies that saw a sharp rise on Tuesday, with an increase of nearly six percent. (Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads 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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