Equinor’s stock market locomotive contributed to the much-anticipated rally when the October trading in Oslo Bors began on Monday. The rise of the stock exchange was reinforced throughout the day, and at the time of closing, the main index rose by 2.53 percent to 1130.68 points.
The development comes on the heels of the weakest September since the 2008 financial crisis, as the benchmark index fell nearly 12 percent in the last month. September this year was the third weakest in 20 years.
The last three months of the year were generally characterized by significant volatility in the equity, interest and currency markets, and a great deal of market uncertainty prevailed.
The main index rose slightly by only 0.2 percent at the start of trading on Monday morning. Around 11.15 the rally exceeded 1 per cent, and the rally was particularly strong in the last hours before closing time.
Well-oiled Oslo Bors received good momentum from Equinor, which rose 3.39 percent on Monday. Soon after the stock market opened, it was reported that the company was building its first commercial battery storage facility. Equinor is investing in a Blandford Road battery storage project in the south of the UK.
It was also a good start to October for Aker BP stock, which ended the day 4.80 percent higher.
Energy stocks rose sharply on stock exchanges in both Europe and the United States on Monday, after reports that OPEC+ was considering the largest production cut since the pandemic.
SAS . retreat
Meanwhile, airline stocks fell sharply in Oslo. SAS, which on Friday announced a large deficit in the billions this year and 2023, has reduced the value of its stake by 11 percent. The Norwegian share fell by 6.26 percent.
Salmon stocks also fell after the government introduced a new proposal for a land lease tax for the aquaculture industry on Wednesday. This led to an immediate stock market crash in the industry: it was split among five agricultural companies in Borsen, dumping over NOK 50 billion in stock market values on the same day.
On Monday, Salmar and Lerøy regained some of what they lost, with gains of 9.59 and 2.10 per cent, respectively.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using links that lead directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
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