May 24, 2022

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Autostore largely falls on the stock exchange after a new development in the legal dispute with Ocado

Autostore largely falls on the stock exchange after a new development in the legal dispute with Ocado

Before the last trading day of this week, the rally on the Oslo Stock Exchange so far this week has been a minuscule 0.27 percent, meaning the benchmark is now just under 1,200 points.

It’s just over three percent off the peak reached in the fall of 2021.

On the last trading day of the week, the main index on the Oslo Stock Exchange was up about 0.3 percent since the start. Giant fertilizer Yara as it was before opening It said it was halting purchases from Russian suppliersis about one and a half percent.

Other than that, Equinor is up about one percent and is the most traded stock since the start. Hydro is down about 0.7 percent, while Aker BP is up just over half a percent. For its part, Ice Group continues to rise more than 20 percent after the huge price hike in the past few days.

Shares of Autostore fell more than four percent on Friday morning after Britain’s Ocado announced it would continue its claims against the Norwegian company.

Autostore Status

Ocado Corporation announced Friday morning that it will “continue to actively pursue its claims against Autostore” for infringement of Ocado’s rights in both the United States and Europe. Ocado expects court decisions ordering Autostore to pay compensation to Ocado, due to Autostore’s infringement of Ocado’s patents, said a statement.

Autostor intends to appeal the decision of the International Trade Commission (ITC) in the case against the Ocado Group over patent infringement, according to a statement issued by the company on Thursday.

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The authority confirmed, on Thursday, the first decision issued on December 31, 2021, which concluded that the patents were invalid.

The lawsuit dates back to the fall of 2020, when Autostore sued Ocado, accusing the competitor of infringing patents for several of its technologies.

In December last year, the US International Trade Commission ruled in a preliminary conclusion that Ocado had not infringed Autostore’s copyright, and announced a final ruling in the case in April of this year. At the same time, Autostor and Okado kept the feud continuing in the German court system, with the Norwegian party at the end of January declaring its initial victory with the support of a judge in Munich. Ocado responded quickly, gaining support from the court in Munich.

to Reuters A court spokesperson said Autostor did not state its views accurately and that Autostor’s claim was false. The issue of the origin of the invention was never part of the court proceedings last week, the news agency wrote.

A few days later, the news came that all cases were closed in Germany pending evaluation by the German Patent Office.

Uncertainty in the markets

In recent weeks, it was all about the war in Ukraine, and global uncertainty has caused huge volatility in the market. Commodity prices rose, with gas prices hitting a historic high earlier this week. The continued rise in oil prices also helped lift the oil-rich Oslo Stock Exchange this week, as uncertainty caused stock markets elsewhere in the world to fall.

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Meanwhile, inflation figures this week showed that the war is not only affecting stock markets, but also adding to uncertainty regarding the macroeconomic picture. In Norway, core inflation in February ended above the long-term target of 2 percent, while inflation in the United States rose to its highest level since 1981.

The war, and the uncertainty it provides for commodity prices, and the bottlenecks it creates in the economy, increases the risk of higher price expectations, DNB Markets analyst Kelly Chen wrote in a morning report Friday.

The invasion of Ukraine is now approaching the end of its second week, and DN has already written about how the oil-rich Oslo Stock Exchange is profiting from the continued high oil prices as a result of the war.

In the past two weeks, the favorite green stock market has also returned to the list of price winners, ie Neil. Since the invasion became known to the public, the hydrogen company is up more than 34 percent on the stock exchange, while the rise before opening on Friday is 27.8 percent.

That makes Nel the stock that has gained the most on the benchmark this week, followed by Hexagon Composites, which is up 25.2%, and then Scatec, which is up 20.3%.

Neil’s share has risen about 4 percent since the start of Friday.

Losers for the week so far are Kongsberg Automotive, which is down 5.5 percent, Hydro, which is down just over five percent, and Selmar, which is down 4.2 percent.

So far this week, Nel is the sixth most traded stock on the main index, beating DNB, Yara, Hydro, Aker BP and Equinor.

Analyst Ole Andreas Krohn at DNB Markets understands that the war, as well as the direct and indirect consequences of sanctions, will affect the market even today.

Uncertainty can reduce the desire to reveal before the weekend, he wrote in a report.(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.