November 27, 2022

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Oil stocks pull Oslo Bourse - E24

Oil stocks pull Oslo Bourse – E24

Oil prices rose, and many oil companies contributed to the rise in the stock exchange.

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The main index on the Oslo Stock Exchange was up 0.85 percent at around 9.45 am on Tuesday.

Oil companies Equinor and Aker BP are rising as the most heavily traded stocks. Equnior stock rose 3.11 percent, while Aker BP rose 2.45 percent.

The price of oil rose in the morning hours, and the price of a barrel of North Sea oil (burned) reached $107.06 per barrel at the time of writing. It’s about $3 higher than when the Oslo Boroughs closed on Monday afternoon, and just over 2 percent since midnight.

Our energy increases the return

Vår Energi provided results before the stock exchange opened, and the oil company benefited from higher oil and gas prices in the second quarter.

The stock is the third most traded stock after the other two oil companies Equinor and Aker BP. Vår Energi’s stock rose 1.94 percent after about 45 minutes of trading.

The company generated an operating result (EBIT) of $1.67 billion, up from $361 million in the same quarter last year, an earnings report showed Tuesday morning.

At the same time, Vår Energi increased its dividend to $260 million for the second quarter, which equates to 10 cents per share. The company also announced that the plan aims to increase its dividend to $290 million in the third quarter.

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Scatec Solar also provided quarterly results in the morning hours.

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In terms of earnings, Ebitda fell to NOK 517 million in the second quarter, compared to NOK 601 million in the same period in 2021. The turnover was also NOK 1.13 billion, compared to NOK 1.01 billion a year earlier. Both segments were slightly higher than expected, according to Infront’s consensus based on estimates from three analysts.

Scatec stock has been volatile in early trading, down 0.33 percent at the time of writing.

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Oil price hike after gas price hike

A drop in Russian gas supplies via the Nord Stream 1 gas pipeline and a jump in gas prices are highlighted as a potential contributor to higher oil prices, according to Reuters.

Rising gas prices, caused by Russian gas pressure, could lead to a further shift to oil from gas and support the oil price below, Hiroyuki Kikukawa, head of analysis at Nissan Securities, tells the news agency.

At the same time, Kikukawa believes that the demand side is affected by higher oil and fuel prices and expectations of higher interest rates in the future.

– The tug of war between concerns about weak demand as a result of the economic downturn at the same time as US interest rates rise, and concerns about supply risks due to a long-term conflict between Russia and Ukraine that will likely continue for some time, the head of the analysis department told Reuters.

A rise in the Hong Kong Stock Exchange

Internationally, the day started on positive ground in the most important exchanges in Asia Pacific on Tuesday.

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The Hong Kong Stock Exchange had the strongest rise, rising 1.71 percent at around 9.45 am. In contrast, there is a slight decline in the Tokyo Stock Exchange.

In the US, the first day of the week ended mixed for the three major indices on Wall Street on Monday evening. The Standard & Poor’s 500 Index closed slightly higher by 0.13 percent, while the Nasdaq Technology Index fell 0.43 percent.

In pre-Wall Street trading, stocks are pointing lower on Tuesday morning. S&P 500 futures are down 0.26%.