Oslo Stocks fell cautiously from the start on Tuesday, but throughout the day the decline continued in line with lower oil prices. At 12 noon, the main index was down more than 2%.
Equinor is down about 5.5 per cent, thus eliminating Monday’s entire rally. Aker BP and Vår Energi are both down about four per cent, after a notable rise on Monday.
Shares of dry shipping company Golden Ocean Group fell about 11 percent, while shipping company Havela Shipping fell about 20 percent.
Renewable energy company Scatec rose just over 2 percent after news that the company, along with state investment fund Norfund, will build a hydroelectric power plant in Malawi.
Mixed development in Europe
On the continent, however, development is somewhat different. The Frankfurt DAX, the most centralized index of the German stock market, rose about one per cent after a massive drop on Monday.
The Euronext 100 index, which reflects the performance of the 100 largest and most liquid stocks in France, the Netherlands, Belgium, Portugal and Luxembourg, is hovering around zero percent after falling 0.6 percent on Monday.
The FTSE 100 index in London rose by about 0.3 per cent after falling by about 0.7 per cent on Monday.
LOT Gas News Stock Markets
Earnings season, with continued reports from the second quarter of the year, is essentially over, so investors are turning their eyes and ears on what may be coming in from the macroeconomic numbers and news.
An example of this is the news leading up to the weekend that Russia’s Gazprom will be decommissioning Nord Stream 1 indefinitely. The first thing is that the price of gas jumped some 30 percent on Monday morning, before hitting a high of 17 percent at 5 p.m.
As a result, investors traded heavily in oil and gas stocks. The Dow Jones Europe Oil and Gas Index, which measures the performance of European companies in the oil and gas sector, for example, rose 3.13 percent on Monday.
Here at home, Equinor, Oslo Børs’ most important stake, is up 5.5 percent. Shares of other heavy energy companies such as Aker BP and Vår Energi rose 2.4 percent and 2.75 percent, respectively. The rally in oil and energy stocks contributed to the main Oslo Boroughs index, which ended up 0.8 percent on Monday.
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