The main index of the Oslo Poor’s continued on the same path as on Tuesday – on Wednesday the main index rose by 0.7 percent.
This happened in parallel with the fact that oil prices rose throughout the day, rising by about 1.1 percent on Wednesday afternoon.
Behind the rise in the main index, heavyweights such as Scatec and Autostore could boast gains of 5.2 and 3.9 percent, while farming companies Salmar and Mowi continued their climb: they rose by 3.5 and 3.3 percent, respectively.
A billion loss for Yara
There were relatively few companies that released quarterly reports on Wednesday, fertilizer giant Yara being one of them — and the company delivered far less than analysts expected.
The company incurred a billion losses in the second quarter. The turnover was $3.9 billion, which resulted in minus $291 million after taxes. This corresponds to NOK 2.9 billion.
Upfront, the company, which is one of the world’s largest fertilizer producers, was expected to end the quarter with a pretax profit of $242 million on sales of $4.5 billion, according to estimates obtained by TDN Direkt.
By comparison, the pretax result for the same period a year earlier was $921 million, a quarter then marked by higher fertilizer prices.
– The second quarter result is affected by the downward price trend we have seen so far in 2023, which is putting pressure on margins for the entire industry. However, recent price growth points to increased demand in the future, says Group CEO Sven Tore Holsether at Yara.
The stock is down more than 1 percent since the start, but it has recovered some of the decline during the trading day – at the close of the exchange, the result was a drop of 1.8 percent.
Shipping companies fell sharply
Shortly after the stock market closed on Tuesday, Havila Kystruten announced in a stock exchange update that it would raise new money through a private placement in a bid to cover its €65m capital requirement. The price is 1 kr per share. The subscription period started at 16.30 on Tuesday, and the issue was fully subscribed late on Tuesday evening.
The issue price was 1 kroner, 39 euros lower than the closing price on Tuesday, and on Wednesday the share price fell to 1.19 NOK. This corresponds to a decrease of 14.4 per cent.
Equinor is low level
Otherwise, brokerage firm Berenberg lowered its recommendation on Equinor from the previous hold to sell, with a price target of NOK 250 per share, down from NOK 380, Reuters reported on Wednesday. This is what TDN Direkt writes.
The stock fell about 0.6 percent on Wednesday afternoon to NOK 298 per share. So far this year, Equinor’s share is down more than ten percent.
Brokerage firm Carniege also announced that it would downgrade Kahoot to a hold rating, from a previous buy rating. The price target has been revised up to NOK 37, from the previous NOK 28, writes TDN Direkt.
Kahoot stock rose close to 0.3 percent on Wednesday and traded for NOK 34.4 a share. The stake is up more than ten percent since the company announced on Friday last week that an investor group had placed an offer for the competition and learning company at NOK 35 per share. (conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We’d like you to share our statuses using links that lead directly to our pages. Reproduction or other use of all or part of the Content may be made only with written permission or as permitted by law. For more terms see here.
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