Oslo Börse’s main index rose 0.4 percent on Wednesday, continuing the positive mood that has characterized the stock market in recent days.
The oil price has risen again above $85 per barrel for North Sea oil, which is contributing to stock market optimism. Gas prices also rose significantly this week.
will be liquidated
Just before the end of the stock exchange, Hydrogen, the smallest company on the Oslo Borse, announced that it had completed its strategic review and would propose to the General Assembly to liquidate the company. Hyon’s market capitalization is approximately NOK 12 million.
Hyun began a strategic review in July, and the board is working on several financing options, including equity instruments, debt financing, state-funded research programs, strategic partnerships and others. However, the Board did not receive sufficient concrete indicators or commitments to find a solution that could support continued operations.
The company also looked into other solutions, but this did not lead to success.
The General Assembly is expected to be held on September 15.
– The Chairman of the Board of Directors says that the company is in a good position to provide high-capacity hydrogen filling systems to the maritime sector, but it has been exposed to financial pressures as a result of the delay in developing and adopting hydrogen solutions in general and in the maritime sector in particular. Otto Söberg, who says that it is sad that few possible solutions could have been achieved to ensure the continued operation of the company.
The stock is down 85 percent so far this year.
Shares fell 42 percent
Otherwise, oil and gas company Equinor rose 0.4 percent, DNB closed almost flat, oil and gas company Aker BP rose one percent, and tanker Frontline fell almost three percent.
Neckar was the winner today with an increase of about 21 percent. The XXL sports equipment series followed closely with an increase of about 17 percent.
Norsk Titanium shares fell 42 percent after presenting the results and updating the financing situation.
Global stock market rise
Global stock markets received a boost after the central bank’s summit in Jackson Hole last weekend. Investors were clearly reassured by Fed Chairman Jerome Powell’s signals about a steady path going forward.
On Wall Street, stock markets rose 1.5 percent on Tuesday evening, led again by technology companies. Weak macro numbers have contributed to lower interest rates, which tends to boost the stock market because it reduces borrowing costs and makes stocks more attractive than putting money in the bank or buying interest-bearing securities such as government bonds.
New statistics also show that pressure in the US labor market is easing, and new employment numbers later Wednesday are expected to confirm this trend towards a soft landing in the US labor market. Consumer confidence in the United States fell more than expected last month.
This means that inflationary pressures in the US and the world are on the way down. Lower inflation also gives central banks more flexibility, as they can avoid or delay interest rate increases that may be needed to cool the economy.
“It has given the market hope that the US interest rate hike is approaching its final phase,” Kelly Chen at DNB Markets wrote in his morning report on Wednesday.
This also gives hope and expectations that the peak of interest rates is also close elsewhere in the world, including Norway.
The rally on Wall Street extended to the Asian stock exchanges last night, with all the leading stock exchanges rising.(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. Reproduction or other use of all or part of the Content is permitted only with written permission or as permitted by law. For more terms see here.
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