Oslo Borse is catching up – freight companies are climbing – E24

Shipping firm Okeanis Eco Tankers rises after filing quarterly results. On the flip side, Navamedic is among the clear losers today in the stock market after it released the numbers.

The issue is updated throughout the trading day…

Oslo Poor’s started the day lower on Friday, but recovered to a flat development within the first hour of trading.

The main index rose marginally by 0.02 percent just before 10.

The price of oil fell throughout the day and Thursday evening, but has recovered slightly since the market opened.

North Sea oil (slick burn) is trading at $86.5 at the time of writing. It’s up slightly since midnight, but it’s still about a dollar lower than it was when the stock market closed on Thursday.

This is the case for some of the most heavily traded stocks at the time of writing:

• Equinor is trading flat
• The front line rose 1.9 percent
• DNB is trading steadily
• PGS is up 1.6 per cent
• Yara rises 1 percent
• Aker BP shares rose 0.3 percent

Internationally, there is a moderate decline in the most important exchanges in Europe, and in other exchanges in the Nordic countries. In the US, stocks are pointing slightly higher in pre-trading on Wall Street.

The stock market is heading into a generally positive week ahead of the last trading day before the weekend. This is primarily due to the sharp rise on Wednesday, when a jump in gas prices and higher oil prices helped lift oil inventories.

The main index is expected to rise by about 1 percent for the week at the time of writing.

Okeanis up – Navamedic down

A number of companies in Oslo Børs have presented their second quarter results since they were last open for trading:

• Okeanis Eco Tankers has made a jump in profits. The shipping company had adjusted EBITDA of $77 million in the second quarter of 2023, compared to $25 million in 2022. Marine operations revenue in the first quarter was $91 million, up from $36 million dollars in the second quarter of last year. Okeanis shares rose 2.3 percent in early trade.
• Cost jumps led to a lower score for Navamedic. The drugmaker reported revenue of NOK 124 million in the second quarter, up from NOK 110 million in the corresponding period last year. The result before tax fell at -NOK 17 million in the quarter, down from NOK 10 million in the same period last year. Navamedic fell 9.2% as one of the early losers.
• Olav Thon Eiendomsselskap posted a sharp drop in earnings in the second quarter. The drop in real estate values ​​lowered pre-tax profit to NOK 173 million for the shopping center and real estate giant, from NOK 1.42 billion at the same time last year. At the same time, net rental income rose to NOK 848 million from NOK 718 million. The share rose 2.4 percent.
• Profits of Canadian oil company Quester fell sharply to $1.7 million in the second quarter from $9 million in the same period in 2022. The stake rose 1.5 percent.
• Deep Value Driller is closing in on revenue, as reported in the quarterly report. And in the second quarter, the company made a pre-tax profit of minus $6 million, compared to minus $3.2 million in the same period last year. The share decreased 0.8 percent.