Oslo Borse fell 0.4 percent at the opening, but the main index recovered some of the decline until lunchtime. Then the index stayed for three hours around the same point it closed at on Monday.
Then, when Kongsberg Group gained momentum after announcing a big contract at 3pm, the benchmark also got a 0.5 percentage point boost.
It contributes to what has so far been seen as a positive start to fall. September is historically the weakest month for the stock market, but so far the major index has only ended the trading day with an increase.
In fact, the all-important Oslo Borse has now risen for eight consecutive days. However, the main index is copying for a moment during the euphoric mood of 2020. The main index has not had such a good period since November 2020, when investors traded shares without interest in the bank.
Oil prices got a boost
On Tuesday afternoon, a barrel of North Sea oil was trading at just over $90. The benchmark price got a boost in parallel with the news from Kongsberg Group. This also contributed to the Oslo Stock Exchange’s indices rising as much as they were.
Equinor stock ended the day up 1.7 percent. Aker BP had a price hike of 1.4 percent and Vår Energi’s prices rose 0.9 percent.
Since oil prices fell at the end of August, the price has risen by nine percent in two weeks.
That a Tuesday would end on a positive note was by no means a given. And in the Asian stock exchanges on Monday night, there was a broad decline. In Hong Kong, the leading Hang Seng Index fell 1.2 percent.
Overnight, several new inflation figures were released. South Korea’s inflation rate came in at 3.4 percent in August – higher than the expected 2.7 percent. In the Philippines, the price increase was 5.3 percent in August.(conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead directly to our pages. Reproduction or other use of all or part of the Content is permitted only with written permission or as permitted by law. For more terms see here.
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