January 28, 2023

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Oslo Poor’s Fell: – People might have thought shares were at a discount, but they are not

After falling barely 1 percent in all of 2022, Oslo Poor’s has continued sideways so far in 2023. On the second trading day of the week, Oslo Poor’s is down 0.7 percent.

The same topics investors discussed last year are the same ones they are discussing now, says Gaute Eie, chief investment officer at Eika.

From now on, he and other investors are waiting for the earnings season, which is just around the corner. Several companies reported their turnover last year. Including Kahoot and TGS.

– It will be very capricious, this is how the results season will begin. It’s a very expected slowdown, and it’s perfectly acceptable to say things are getting worse. It’ll be more interesting to see what they have to say next quarter and next time. Eie says, you’re stupid if you make the list so high.

– People may have thought the stocks are heavily discounted, but they are not

In other words, fear of the magnitude of the downturn and the magnitude of the stock index is as pivotal at the beginning of this year as it was at the end of the market in 2022.

— If you look at TGS which is up six percent since the beginning and Kahoot fell 16 percent after the fourth quarter earnings numbers. It shows that although it is a long overdue decline, it has a significant impact on the exchange rate. Kahoot is down 80 percent from its peak and continues to drop. People might think the stock is deeply discounted, but they’re not, Eie adds.

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Less than an hour before the start of the trading day, the Norwegian inflation figures for December are released. It showed that core inflation rose to 5.8 percent from 5.7 in November, somewhat higher than expected by economists – including the Bank of Norway.

In Handelsbanken’s morning report, economists wrote that the deviation from Norges Bank’s forecast is basically too small to significantly alter interest rate expectations.

– But it’s clear: With the numbers coming in during the day, there’s still every reason to believe we’ll get another rate hike in the first quarter, the report continued.

The price of oil is falling

Monday’s upward trend in oil prices, which remained above $80 a barrel, eased to nearly 1 percent. On Tuesday morning, a barrel of burning North Sea oil was trading at around $79.

Even with lower oil prices, neither Gaute Eie nor Alfred Berg’s manager, Kristian Tunaal, is concerned.

– If you look at the oil fields, they are very profitable, says Tonal.

Both are clear in that a lot depends on China and the coronavirus guidelines there. The owner says supply growth will return during the second half of the year and towards summer.

Oslo Poor’s is likely to expect higher oil prices.

Kahoot explosion

Shares of technology company Kahoot fell 18.5 percent on Tuesday after fresh sales figures for the fourth quarter of last year.

This week, seismic companies PGS and TGS also provided turnover numbers for the fourth quarter.

PGS shares fell 5.7 percent despite the announcement that the company expects revenue of $217 million in the fourth quarter of 2022, somewhat higher than expected according to estimates obtained by Bloomberg.

TGS rose more than ten percent in Oslo Poor’s Monday morning after higher turnover numbers. The company reported $164 million in revenue in the fourth quarter, up $105 million from the same period last year. On Tuesday, the stock fell, presumably in recovery.(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 additional terms look here.