November 27, 2022

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Rise in the Oslo Stock Exchange - Quantavoil rises sharply - E24

Rise in the Oslo Stock Exchange – Quantavoil rises sharply – E24

Quantafuel has proven that the technology at the Skive plant is working, and the stakes are skyrocketing right from the start. Scatec, Instabank and NTS also provided news ahead of the exchange’s opening.

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The main index on the Oslo Stock Exchange rose 0.27 percent after a few minutes of trading on Monday morning.

That’s after a mixed morning in the stock market in Asia. Wall Street’s US indices also went their separate ways ahead of the weekend.

On the other hand, the price of oil is declining. At the time of writing, one barrel of North Sea oil was trading for $116.32 on the spot market, down 2.45 percent on the day. This is roughly in line with the level at closing time on the Oslo Stock Exchange on Friday afternoon.

Powerful Leap for Quantafuel

Ahead of the exchange’s opening, Quantafuel announced that the company had received a so-called “proof of concept” for its Skive plant, thus demonstrating that the technology worked as it should. The stock rose 28.1 percent to 09.40 on Monday morning.

The company achieved this after diverting 145 tons of plastic over the past seven days, the equivalent of 16,000 tons annually if this pace continues, according to Quantafuel.

This represents a major milestone for chemical recycling, Quantafuel and our future growth, CEO Lars Rosenloff says in a statement.

For its part, Scatec announced the resignation of Raymond Carlsen as CEO after 13 years at the company. Terje Pilskog will take over the role, coming from the role of Head of Product Development. Change takes place on May 1.

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Scatec shares rose 0.35 percent in early trading.

Danish acquisition

Other than that, Danish Lunar Bank has entered into an agreement to buy Norway’s Instabank. The amount is NOK 1.29 billion – or 3.75 NOK per share. This is about 56 per cent more than the closing price before the end of the week of 2.4 kroner. The Instabank Board of Directors recommends the offer. Christine Svias, through Kistefos, is the largest owner.

Instabank shares rose 53.75 percent to 3.69 NOK immediately after the exchange opened.

For its part, NTS announced that the company is demanding the election of a new board of directors at NRS – and wants to investigate the acquisition of Salmonor. NTS is the largest owner in both NRS and Salmonor, and Salmar has come up with this name condition for him Announced Bids That the announced NRS purchase from Salmonor would not be completed.

However, NRS recently announced a $1 billion issue to complete the acquisition of Salmonor.