August 8, 2022

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Oslo Stock Exchange Rise - E24

Oslo Stock Exchange Rise – E24

Elkem stock will continue to rise on the positive Oslo Stock Exchange.

UP: On Wednesday, the Oslo Stock Exchange will continue to rise.
Posted:

Status is updated.

On Wednesday morning, the main index on the Oslo Stock Exchange was up 0.74 percent.

The main index fluctuated on Tuesday, ending yesterday with a 0.24 percent gain.

The strong quarter of the oil giant

On Wednesday morning, Kjell Inge Røkkes Aker BP reported an after-tax profit of $188 million in the second quarter. This corresponds to NOK 1.86 billion, and is an increase from the same quarter in 2021, when net profit ended at $154 million.

The company’s oil and gas sales amounted to about $2.0 billion in the second quarter, up from $1.1 billion a year earlier.

Aker BP decided to pay a cash dividend of $0.525 per share, which amounts to NOK 3.3 billion. It’s up from $0.475 a share in the previous quarter.

Aker BP’s share rose three percent in early trading, but has since fallen back to a 0.75 percent decline.

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Elkem raises in quarterly numbers

The brokerage SEB has raised its target price on Elkem from 70 crowns to 75 per share, and is repeating its buy recommendation, according to an update from the brokerage on Tuesday.

The brokerage firm raises estimates to reflect better-than-expected second-quarter results and expectations, and writes that it is now well above consensus.

Elkem generated an operating profit before depreciation and amortization (EBITDA) for the country of NOK 3.92 billion, up from NOK 1.37 billion in the same period last year. This is the seventh consecutive quarter with improved EBITDA results.

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On Tuesday, Elkem’s stock rose 15.6 percent, and it became one of the winners in the stock market on Tuesday. On Wednesday, the stock rose 1.46 percent as one of the most heavily traded stocks.

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A strong jump in international stock exchanges

Tuesday ended with a strong rise on the New York Stock Exchange. The Dow Jones index rose 2.43 percent. The Nasdaq index closed up 3.11 percent, while the Standard & Poor’s index rose 2.76 percent. Energy giant Netflix provided quarterly numbers, which showed better-than-expected results, and the share rose more than six percent in aftermarket services in New York.

Stock markets in Asia were in positive territory on Wednesday. Among other things, Tokyo’s Nikkei 225 rose 2.4 percent, Hong Kong’s Hang Seng rose 1.74 percent, while Seoul’s Kospi rose 1.01 percent.

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