Oslo Borse is approaching record levels: – This is not a market for stock market tourists

Oslo Borse is approaching record levels: – This is not a market for stock market tourists

The main index rose from the start on Tuesday, but stabilized throughout the day. The stock market now stands at 1,274 points – not far from the intraday record of 1,291 points.

Historically, September has been a weak month on the Oslo Stock Exchange, but the main index has so far risen 1.4 percent. It comes after a stronger than expected summer.

The high level in the stock market comes after a period of rising oil and gas prices. The price of a barrel of burnt North Sea oil, which is used as a reference for oil trading around the world, was trading at $90.8 in the morning hours – the highest level since November last year.

The most actively traded stocks look like this:

  • Equinor, which fell by 0.8 percent
  • DNB Bank, which rose 0.6 percent
  • Aker BP, which fell by 0.7 percent
  • Frontline, which fell by 1.3 percent

There will be great results

Odin’s manager, Atle Hauge, believes he is heading for a difficult autumn in Oslo Borsels.

– This is not a market for stock market tourists, here you have to know what you are doing. “There will be big results,” Hogue says.

Atlee Hogg is an analyst at Odin Forvaltning.

Atlee Hogg is an analyst at Odin Forvaltning. (Photo: Hanna Johar)

The high interest rates and inflation that have characterized the Norwegian economy in the past year have tightened consumption. However, consumption remained higher than Hogg’s expectations – and higher consumption led to higher demand for goods and services. That’s why he’s particularly interested in consumer behavior this fall.

The consumer is the actor who prolonged the cycle. Hence, it is consumer behavior that will matter and labor market numbers in the future. You run out of saved money and interest rates start to bite. “I think we’re facing a fairly difficult period,” says Hogg, adding that the first inventory correction is behind us, but demand in many categories could be weaker going forward.

The stock market has become cheaper

However, the Oslo Stock Exchange looks more attractive compared to other stock exchanges according to Hauge.

– The global stock market is relatively expensive, which is in stark contrast to the Oslo Stock Exchange, which has become cheaper and cheaper in recent years.

He believes profits are at a completely different level than they were before the pandemic. This is believed to be partly due to rising energy prices, and a number of companies benefiting from them – not just traditional oil and gas companies.

– I think the cliche “stronger for longer” applies to Oslo Bors. “I think the profits you’re seeing now are a change of pace that will continue and continue through this decade,” Hogue says.

He adds that a number of other sectors such as materials, shipping and finance are also doing well, making the Oslo Stock Exchange more attractive than other exchanges.

The main reason for the change in pace is that some sectors with great weight are cyclical sectors, but what is forgotten is the supply side. “I think the importance of market balance will be underestimated in some industry sectors in the future,” Hogg adds.

He has confidence in agricultural company Måsøval, Subsea 7 stock and electronics manufacturer Kitron, as key growth drivers to counteract any weakness in consumer demand.

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02:26

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Dalila Awolowo

Dalila Awolowo

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