Furthermore, PGS stock ended down 4.8 percent to NOK 8.72 after Carnegie downgraded its recommendation rating from buy to hold and cut its price target from NOK 12 to NOK 9.60. Merger partner TGS fell 3.8 percent.
Frontline makes multi-billion dollar acquisitions
Frontline shares rose 4.7 percent to NOK 197.56 after Euronav confirmed that the shipping company controlled by John Frederiksen is buying 24 VLCCs from the Belgians for $2.35 billion.
Meanwhile, CMB, a subsidiary of the Belgian Saverys family, will buy Frontline’s shares in Euronav at a price of US$18.43, while at the same time making an offer to buy all other shares in the company at the same price.
Euronav shares rose sharply in pre-trading in New York, and were up more than 4 percent on the Brussels Stock Exchange before trading in the stock was temporarily halted earlier Thursday pending the announcement. Sources told TradeWinds last week that Frontline was closing in on a deal to buy significant parts of the Euronav fleet.
Frontline began to decline on Thursday after a tanking update from Pareto Securities where the price target was cut to $21 per share. stock.
Bakkafrost shares fell 1.5 percent after DNB Markets lowered its recommendation from buy to hold.
On the positive side, Norwegian stock rose 4.5 percent after September traffic numbers. The attendance rate reached 99.7 percent, the highest rate since the epidemic. The company carries more than 2 million passengers per month.
Stolt-Nielsen shares closed up 0.8 percent after the start of the quarterly season.
Crane for gas shipping companies
BW LPG stock fell more than 12 percent on Wednesday after the BW Group sell-off, but corrected on Thursday by 2.3 percent. The shares of another gas shipping company, Avance Gas, rose 6.7 percent.
According to TDN Direkt, Pareto Securities cites an update showing US propane inventory unchanged on a week-over-week basis after another week of exceptional export volumes.
“Spreads have widened again and it is very encouraging to see freight futures up 7.5 percent yesterday and are now up 20 percent over the past few days,” she said.
The brokerage believes that the risk-reward ratio of the two gas shipping companies is starting to look increasingly attractive, but it still believes that further price declines will continue to put pressure on the shares.
SAS down again
At the top of the list of losers we once again find SAS, which caused chaos yesterday after it became known that shareholders would lose everything in the bailout presented on Tuesday. The stock closed down more than 26 percent on Thursday.
In further decline, we note that Aker Horizons followed yesterday’s decline of more than 19 percent with a decline of another 5.7 percent. High interest rates have been grinding green stocks on the Oslo Stock Exchange recently.
Topping the list of winners, Statt Torsk rose more than 15 percent on modest trading volume, while Goodtech rose more than 14 percent. The Nordic mining sector outperformed by almost 9 percent.
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