Frontline falls on the flat stock | Finansavisen

Frontline falls on the flat stock |  Finansavisen

Another of yesterday’s number providers, Crayon Group, fell another 2.8 per cent to NOK 81.70 after several brokerages lowered their price targets in the wake of the report, which analysts described as weak. Pareto moves in and out of the price from NOK 175 to NOK 120, but maintains the Buy recommendation.

SalMar was almost unchanged after its Thursday report. Several brokerage firms have responded by raising target prices, including Arctic Securities and ABG Sundal Collier.

Feces after a loan breach

Atlantic Sapphire has been paused from the start after the wildcat breeder announced after closing time Thursday that it would default on its loan during the third quarter and that a brokerage house had been hired to investigate financing options that could fill reservoirs emptied by biomass challenges. . The company more than tripled its losses in the first half of the year – in line with guidance issued earlier this month.

Trading has now reopened and the market reacts sending more than 28 per cent of the stock to NOK 3.22.

Solstad Offshore also provided numbers after closing time, penalizing a price drop of nearly 5 percent, even though the company was able to report record high revenue and its highest-ever quarterly EBITDA operating result.

Among today’s number providers, we note that Hofseth BioCare jumped nearly 12 percent after its revenues doubled in the second quarter compared to the same period last year. After providing the red numbers in ‘all years’, the company has an operating profit of NOK 8.4 million and a profit before tax of NOK 5.8 million.

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In the second quarter of last year, the figures were negative at NOK 26.8 and NOK 28.4 million, respectively.

High oil prices

Oil prices are going up somewhat.

The front contract for Brent crude is $84.19 per barrel, which is up 1 percent (83 cents) so far in today’s trading and about a dollar and a half higher than at the Oslo BORSE close on Thursday.

However, oil prices are heading lower for the second week in a row, with the strengthening of the dollar, signs of oversupply and weakness in the Chinese economy among the contributing factors.

Although there are signs of potential supply growth from two OPEC producers, it looks like the drawdown in the market will continue for the rest of the year. That still points to a further rally in prices, Warren Patterson, commodities strategist at ING Groep, told Bloomberg.

Equinor shares rose 1 percent, Aker BP 2 percent, and Vår Energi 1.8 percent. The latter announced on Friday that Nick Walker will take over as chairman, while current CEO Torger Rudd will continue with the company as chief operating officer.

We also note that DNB Markets has raised the price target for the trio.

Dalila Awolowo

Dalila Awolowo

"Explorer. Unapologetic entrepreneur. Alcohol fanatic. Certified writer. Wannabe tv evangelist. Twitter fanatic. Student. Web scholar. Travel buff."

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