The main index on the Oslo Stock Exchange fell about 0.8 percent on Wednesday afternoon, after a cautious but pessimistic opening on trading day and June.
The positive opening of US stock exchanges on Wednesday sent the Oslo Stock Exchange slightly higher on Wednesday afternoon.
Equinor, the most traded stock of the day to date, is down less than three percent. Aker BP fell 2.3 percent. Hydro fell 3.8 percent after announcing a new renewable project in Brazil ahead of the exchange’s opening. Oil company Vår Energi’s price has also fallen below one percent, at the same time that North Sea oil is hovering around $117 a barrel.
One of the clear winners in the stock market today is earthquake firm PGS, which is up less than twelve percent and is the fifth most traded stock to date.
Expected sales revenue of $100 million
In an update Wednesday morning before the exchange opened, PGS released an earnings announcement, as it became clear that more than $100 million in sales revenue is expected in the second quarter.
This corresponds to about 941 million Norwegian kroner.
We continue to see an improvement in the earthquake market this year. PGS Director Ron Olaf Pedersen said in the report that significant sales, including high prices, are confirmation that PGS’ multiclient library is very attractive to our clients.
PGS stock is now trading at around NOK 6.5, which values the company at NOK 4 billion.
Otherwise, SAS will continue to decline by 7.2 percent After yesterday’s disappointing quarterly report. The company incurred a loss of NOK 1.6 billion in the second quarter and is now working overtime in negotiations with creditors.
Wall Street fell lightly
Tuesday was the first trading day of the week for Wall Street, due to the commemoration of Memorial Day on Monday. Last week’s stock market party was not found in Wall Street’s three major indices. They all opened with a fall, but recovered somewhat during the day.
Finally, the major indicators ended with a cautious fall. The broad S&P 500 ended 0.53 percent lower, the Dow Jones Industrial Average fell 0.67 percent, and the Nasdaq Technology Index fell 0.41 percent.
With that, May is over and thanks to the stock exchange tip last week, the indexes closed relatively flat.(Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
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