January 31, 2023

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The price collapse is in the air and two stocks are at a new all-time low

The price collapse is in the air and two stocks are at a new all-time low

Arctic Securities believes the positive price reaction is justified, and the brokerage firm expects a significant repricing of the stock. Arctic estimates that the company is trading at a 10 percent discount to vessel values, and believes that adjusted for updated ordering reserves, the fair value is in the region of NOK 14 per titled share.

The airline’s president stated in okonomineten on September 22 gull atlantic, Bjorn Tore Larsen, that even if they grounded all the planes, they would still have enough money to spend the winter.

On Thursday afternoon, the airline announced that it would raise NOK 300 million, and the issuance was completed last night. The issue price was NOK 2.50, while Norse shares, by comparison, closed at NOK 4.15 on Thursday. On Friday, the stock fell 34.3 percent to NOK 2.73, a new all-time low.

Desert control EBITDA was NOK 21.6 million in the third quarter, down from -7.8 in the year-earlier period. The stake fell 8.6 percent to NOK 18.

Golden ocean It fell 2.6 percent to 87.70 Norwegian crowns. The stock went for a dividend of $0.35 on Friday, which is equivalent to 3.46 crowns.

Nordic Nanofactor It fell by 13.4 percent to NOK 0.97, a new all-time low. The decline followed a proposed merger with APIM Therapeutics and a webcast on Thursday. It didn’t help that the company sent an announcement to the stock exchange on Friday that it would now explain the merger on the website – in Norwegian.

Prosafe for a new contract with Petrobras. The stock rose 6.8 percent to 142 Norwegian crowns.

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Oil prices rose

Brent oil rose 0.2 percent to $85.52 a barrel at the close of the Oslo Stock Exchange, while West Texas Intermediate crude oil rose 0.4 percent to $78.41 a barrel.

In contrast, a barrel of North Sea oil was trading at $84.66 a barrel at the close of the Oslo Stock Exchange on Thursday.

Oil prices are being supported, among others, by dollar weakness in recent days, while signals of lower oil price ceilings from G7 countries and concerns about Chinese oil demand overshadowed oil prices earlier in the week, according to TDN. . .

Commerzbank predicts that oil prices will recover over the next week. The bank notes that the start of the European Union’s oil embargo on oil from December 5 is approaching, and Commerzbank believes that the survey-based estimates of OPEC + production in November will show a significant decline, which will be supportive of oil prices.

Roger Berntsen noted in his morning report that US oil inventories rose more than expected last week, while gasoline stocks fell, according to the latest figures from the Energy Information Administration.

“The dollar, which is at least as important as the oil price for the global economy, has recently fallen amid expectations of an approaching peak in interest rates in the United States. The US dollar now costs less than ten NOK,” the analyst writes.

Otherwise, the EU has not yet reached an agreement on a price cap for Russian seaborne oil, which will come into effect along with the oil embargo on December 5. The G7 proposal is a price ceiling of $65-70 per barrel, which Poland and the Baltic states consider too high. They would prefer to see a ceiling close to the $30 per barrel production cost. However, the G7 proposal is too low for Greece, Cyprus and Malta, as oil shipping plays an important role there. Negotiations could resume on Friday, but they could also skip, TDN writes and points to Bloomberg.

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