Borsen’s losing streak continued into the last trading day of the week. Pawn shop and recycling company Tomra had a lead day in the stock market.
The mood in the Oslo Bors became more and more negative throughout the trading day on Friday, and later in the afternoon it got really jittery.
The main index finally ended the day 2.43 percent lower.
The week as a whole also ended in a clear decline for Bursen, after four consecutive days of declines. From Tuesday, US inflation numbers weighed on global markets, contributing to it being the worst day of the year on Wall Street. Oslo Stocks fell moderately on Tuesdays, Wednesdays and Thursdays before today’s sharp decline.
In total, the main index fell 2.69 percent during the week.
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The price of oil on Friday moved largely around the levels from Thursday afternoon, when the price fell throughout the afternoon. Shortly before the shutdown in the Oslo Bors, North Sea oil (burning spot) was 91.8 percent, up 1.25 percent for the day.
Equinor ended the day 1.61 percent lower, while the development was less negative for other major oil companies. Aker BP stock rose 1.24 percent, while Vår Energi stock fell 0.55 percent.
Mortgage and recycling company Tomra is one of the biggest losers in the stock market on Friday.
The stock fell 12.84 percent. It’s Tomra’s worst trading day since 2006.
ABG Sundal Collier analyst Daniel Vårdal Haugland says there is no concrete news to suggest the share should fall as much as it does. It is believed to be market based.
For example, if you look at Fedex’s earnings announcement yesterday, investors will likely be looking with a magnifying glass for companies affected by weak demand, he says.
Wall Street Drops – FedEx Drops After Earnings Announcement
The analyst explains that half of the company is a division called sorting, which sells industrial sorting machines to the food industry and the waste industry.
– These are cyclical industries, so when the world economy declines, their investment also decreases, which leads to a decrease in income, for example, Tomra.
Haugland also puts the decline in the context of the growth of stocks that generally have a tough time on the stock exchange. Among others, it highlights Nordic Semiconductor, Nel and Autostore.
Nordic Semiconductor shares fell 5.91 percent on Friday to 136.9 Norwegian crowns per share. The stock is down more than 17 percent in the past month, and is down 54 percent since the new year.
Hydrogen company Neal, for its part, is down more than 20 percent in the past month. Robotic warehouse company Autostore fell sharply on Tuesday and Wednesday of this week, down more than 25 percent in the past month.
Softbank outside Kahoot
Kahoot’s stake went live on the stock exchange on Friday, and it’s still the clear winner in the stock market to this day. The stock ended the day up 21.96 percent.
It happens after the Japanese giant ditched 1.3 billion NOK shares in a Norwegian e-learning and testing company.
The American buyout fund General Atlantic has entered into an agreement to purchase Softbank shares. Thus, Kahut gets a new main owner.
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– There was an equity overlay in Kahoot in relation to Softbank, so it is positive that the overlay has been removed. Instead, Kahoot brings a growing investor with expertise in “education technology” (learning technology), analyst Frank Maaø at DNB Markets says to E24.
– It’s a positive for the stock, he says.
Softbank wants to sell Kahoot
Mutual funds close to double
After a year marked by the turmoil of the stock market due to the pandemic, The overall annual result of mutual funds registered in Norway nearly doubled in 2021.
The total annual result at the end of 2021 was NOK 209 billion, according to recent figures from Statistics Norway. This is an increase of NOK 103 billion compared to 2020.
The combined annual result of equity funds in 2021 was NOK 196 billion. This is 114 billion NOK higher than in 2020.
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Biotech company Nordic Nanovector was mistakenly mentioned in place of computer chip company Nordic Semiconductor. The issue was resolved on Friday, September 16, 2022 at 17.52.
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