January 28, 2023

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Oslo Poor's stock fell sharply, with satellite companies up more than 14 percent

Oslo Poor’s stock fell sharply, with satellite companies up more than 14 percent

On Tuesday, higher oil prices and lower inflation numbers in the US sent the benchmark Oslo Poor’s Index up significantly.

On the other hand, the market’s optimism did not extend to Wednesday’s trading, as the main index fell by a total of 1.2 percent at the close of the stock exchange.

In parallel, the spot price of Brent oil rose by more than one and a half percent throughout the trading day, to the level of 81.8 US dollars per barrel. Equinor and Aker BP simultaneously fell 1.3 and 0.5 percent, respectively.

Other heavyweights such as Norsk Hydro, Autostore and MPC Container Ships fell 4.7 percent, 7.0 and 4.7 percent, respectively.

Satellite company Astrocast rose 14 percent after news that the companies signed a multi-year contract with Wyld Networks, while health tech Observe Medical rose 12 percent after it was learned the company had entered negotiations to acquire a production facility in Italy.

Dof board is replaced

At an extraordinary general meeting on Wednesday, shareholders in shipping company Dof voted to install a new board of directors in the company. The change of management came at the same time that Dof embarked on a comprehensive debt restructuring, and initiated a judicial bankruptcy process in Norway.

The new chairman of the board, Leif Salomonsen, said in a stock exchange announcement that “work will begin immediately.”

The first task is to get an overview of what has been done so far and then form an opinion on how the road should continue, he says.

The stake rose as much as 17 percent shortly after the board was replaced. However, the rise was moderate as the stock exchange opened, and the result at the stock exchange close was 14.7 percent – and NOK 1.47 per share.

– It’s still going well

On Tuesday afternoon, US inflation figures for November came out. They showed that inflation was at its lowest level since December last year, measured on an annual basis.

Inflation numbers are in themselves an indication that inflation, especially on the commodity side, is under control. The market has been waiting for this, Lev Ron Rehn, investment manager at Nordea, said, because it is the first step to seeing that peak interest rates have been reached.

Liv investment manager Ron Rehn at Nordea Liv.

Liv investment manager Ron Rehn at Nordea Liv. (Photo: Michaela Berg)

Good numbers sent Wall Street straight up from the start. Oslo Powers also caused a stir when the good news became known. The main index rose from 1.2 percent to 2 percent just one minute after the inflation figures were known. The stock market closed up 1.75 percent on Tuesday.

Whether the rally will continue next year depends on the market’s belief that the peak rate hike is approaching, Ren believes.

– If the market believes that a halt in interest rate hikes is approaching, this is likely to calm the nerves in the market and enhance the prospect of stock market growth in the coming year. But if growth weakens too much, it becomes an earnings problem.

Now it remains for the US economy to control the strong growth of wages.

– On the other hand, the growth of wages and the prince in service in the United States was not controlled. And that was shown by the labor market numbers, which were surprisingly strong. These open positions are still at a record high, although they have decreased slightly. There are still signs that things are going well.

It will cancel Frontline integration

On Wednesday morning it became known that The Belgian Savery family, which owns CBM, is asking Euronav to terminate the agreement to merge Euronav with the carrier Frontline in which John Fredriksen is the majority owner.

In a letter to the board of directors of Euronav, prepared by Bloomberg, Alexander Saverys, CEO of the family company CMB, wrote that the merger between Frontline and Euronav could not be implemented without their support, and noted that CMB owns 25% of Euronav.

The news of the merger between Euronav and Frontline became known at the beginning of April this year. In July, the two parties reached an agreement on the merger. According to the plan, the official presentation is expected to come in the fourth quarter, before the merger will be implemented as soon as possible.

Frontline shares fell 0.9 percent on Wednesday.

He earned NOK 446 million

The rig company Northern Ocean, of which John Fredriksen is the largest owner, made a private placement of $45 million on Tuesday.. This corresponds to NOK 446 million at today’s exchange rate.

On Wednesday morning, the company provided more information about the proposed fix issue after the completed Special Edition.

The problem-fix subscription price is set at NOK 9.5, as is the guided version. A maximum of 2.5 million new shares will be issued in addition to the 47 million new shares issued in connection with the private placement.

The issue of reform is conditional, among other things, on the approval of the prospectus. The company also wrote that the Northern Ocean Council could cancel the repair issue if the market price falls below the issue price.

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