August 11, 2022

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Big drop on the Oslo Stock Exchange - Autostore shares fell sharply - E24

Big drop on the Oslo Stock Exchange – Autostore shares fell sharply – E24

The Oslo Stock Exchange drops with the price of oil, while the share of Autostore is severely penalized by the market after suffering a billion defeat in the lawsuit against the Ocado Group.

The main index of the Oslo Stock Exchange has fluctuated so far in December.

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The main index (OSEBX), which consists of a representative group of stocks on the Oslo Stock Exchange, fell significantly on Tuesday afternoon.

At the end of the trading day, the main index was down 1.34 percent.

The development comes after a weak day in Asian stock markets and one Deflation on Wall Street on Monday.

The price of oil also fell in the afternoon. At closing time on the Oslo Stock Exchange, a barrel of North Sea oil (Brent spot) was trading at $73.50 a barrel – down 0.98 percent since midnight.

Read on E24 +

Of course, Autostore’s landslide can be an overreaction

Autostore head

Last night, the Android storage company Autostore announced that She was defeated in a billion suit against the British Ocado Group in both the United Kingdom and the United States.

Chief Administrative Officer Charles Bullock of the US International Trade Commission (ITC) has now issued a recommendation to the committee that will fully consider the case.

The Chief Justice recommends to the panel that Ocado continue to import the Ocado Smart Platform product into the United States. Autostor wrote in a statement Tuesday night that it was also confirmed that some of Autostor’s patents were invalid due to a “narrow legal issue.”

This initial decision, even if confirmed by the commission, will not affect our ability to do business in the United States or globally, Autostore CEO Karl Johan Lier says in a comment.

Ocado is an online technology company and London FTSE 100-listed grocery supplier. Autostore is asking the court to stop the production, import, use and sale of technology that Autostore believes infringes the company’s patents.

Autostore’s stock fell 13.37 percent on Tuesday. The stock was also the second most heavily traded stock.

The company’s market capitalization is NOK 123 billion, down from about NOK 19 billion from NOK 142 billion before the exchange opened.

– An incredible executive to say what’s fair

ABG Sundal Collier wrote in an update that this is only the first of several similar cases, and that Autostore has ongoing patent cases in both the US and UK.

ABG argues that the company’s direct consequences are limited, in part because Ocado has a different strategy than Autostore and is therefore not a direct competitor. Meglerhuset believes, however, that this is a negative data point, and a sign of weakness if the company continues to lose issues.

This doesn’t affect the company’s ability to grow rapidly at high margins, Carnegie analyst Eric Radal tells TDN Direkt, and he believes the reaction today is more related to the long-term perception of competitive dynamics in the market than the short and medium term. Effects on estimates.

It is very difficult to determine the fair or unfair fall in prices, as this does not affect the estimates. This is pretty much a multiple shrinkage, and having a consistent position about how big that shrinkage should be is tricky because you can’t hang it on any operating pegs, continues Rafdal at TDN Direkt.

ABG and Carnegie have a buy recommendation on Autostore with price targets of NOK 50 and NOK 80 per share, respectively.

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Widely dry load drop

Shares in dry cargo shipping companies, which transport goods such as coal, grain and iron ore, fell on the Oslo Stock Exchange on Tuesday.

  • 2020 Bulkers down 3.13% (market capitalization NOK 2.35 billion)
  • Golden Ocean down 2.40 percent (market capitalization NOK 13.98 billion)
  • Belships down 5.67% (market capitalization NOK 3.34 billion)
  • Jinhui Shipping and Transportation decreased by 7.30% (market capitalization NOK 1.17 billion)

The stock market drop comes on the same day that the Baltic Capesize Index, which measures the profits of the largest ships, fell as much as 16.1 percent to $32,838 per day, according to Infront TDN Direkt.

Kryptobørs debut

Today, the Norwegian Block Exchange (NBX) cryptocurrency exchange is listed on the Euronext Growth Oslo Stock Exchange.

According to the company, the stock recently traded at 8 NOK per share on the OTC market for unlisted shares. The price is 9 kroner on a Tuesday afternoon.

NBX was founded by Bjorn Kjoss and his family in 2018, who own nearly half of the company. Stig Kjos-Mathisen is Bjørn Kjos’ brother-in-law. Bjørn Kjos is himself the chairman of the company’s board of directors.

The cryptocurrency exchange also has some other well-known owner-side investors:

  • Kistefos of Christen Sveaas owns just over six million Norwegian Block Exchange shares as of December 13, which equates to 9.34 percent of the shares outstanding.
  • The list of shareholders also shows that Tonsberg investor Asbjørn Abrahamsen owns 757,576 shares, or 1.17 percent of the shares outstanding, through wholly owned investment firm Hands-On Property.

NBX raised 60 million NOK in equity in December 2020 and has not raised any additional capital in connection with the listing.

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