August 14, 2022

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Heavyweight companies pulled the main index on the Oslo Stock Exchange down 1.77 percent

Heavyweight companies pulled the main index on the Oslo Stock Exchange down 1.77 percent

This week there was an exclusive increase in the Oslo Stock Exchange.

However, things changed on Thursday, and the main index fell 1.77 percent.

Monday ended up about three percent, before it followed on Tuesday with a 0.2 percent hike. On Wednesday, the increase was 0.81 percent, driving up the leading index for the year.

It was heavyweights that pushed the main Oslo index down 1.77 percent on Thursday. Shares of Kjell Inge Røkke’s Aker BP fell 6.6 percent on Thursday. Heavy oil firm Equinor ended the trading day down 4.3 per cent.

At the close of the Oslo Stock Exchange on Thursday, a barrel of North Sea oil was trading for $103. By comparison, a barrel was trading at $106.78 at the close of trading on Wednesday. Oil prices have fallen since early June on growing fears that the United States may be headed into a recession, at the same time that central banks are aggressively raising interest rates.

Gas prices fell more than six percent after news that Nord Stream 1 was back in business. Oil prices also fell over the course of Thursday.

Flashes red on European stock exchanges on Thursday. The European Central Bank (ECB) was surprised to raise interest rates by half a percentage point – and this is it This is the first time that the European Central Bank has raised interest rates since then 2011.

The Frankfurt DAX fell 0.59 percent, while the Paris Stock Exchange fell 0.2 percent. The FTSE 100 index in London fell 0.4 percent on Thursday afternoon.

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rush results

Results season begins during the second quarter at the Oslo Bors. On Thursday morning, earthquake firms PGS and TGS presented their second quarter report, a quarter that ended with a solid rise from the same period last year.

  • PGS generated sales of $273.6 million in the first quarter, up from $185.9 million in the same quarter last year. At the same time, operating profit improved from a loss of $7.6 million in the second quarter of 2021, to an operating profit of $57.8 million this year.

    Profit before tax ended the quarter at $28 million, up from a loss before tax of $23.5 million in the same period last year.
    BGS shares rose 1.21 percent on Thursday.

  • For TGS, revenue ended at $230 million in the second quarter of this year, compared to $72 million in the same quarter last year. The backlog of orders at the end of the quarter was $220 million.

    Operating results also rebounded strongly from last year. In 2021, the company generated a negative operating profit of just over $15 million, while this year it ended at $31.4 million.

    Profit before tax was $33.5 million, compared to a loss before tax of $22.5 million in the second quarter of last year.
    TGS shares fell 5.66 percent on the stock exchange on Thursday.

The two companies have been among the big winners at Oslo Poor’s so far this year, with prices rising more than 60 percent.

New CEO

In February, classified advertising company Adevinta announced that Rolv Erik Ryssdal would be stepping down as CEO. Now the company has found a replacement in the French Antoine Goto.

Gutto comes from the position of Head of the Adevinta Leboncoin Market Project in France, where he has been CEO since 2015.

Jouteau became Leboncoin’s fifth hire when he joined the company in 2009. He began his career at TDF, a company dealing in broadcasting and communications infrastructure.

Antoine is a pioneer with a deep understanding of the global market industry, with a proven track record when it comes to developing and scaling local brands, Adevinta wrote in the stock exchange announcement.

Adevinta fell 0.3 percent in the Oslo Stock Exchange after the opening.

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