The Oslo Stock Exchange ended lower – Gjensidige fell sharply

The main index closed down 0.95 percent on Wednesday. The retreat ended on Tuesday 0.57 percent.

Hafnia, Gjensidige, Equinor and Schibsted were among the ten most heavily traded stocks on Wednesday. The former fell 3.67 percent Yet another sale from the second largest shareholder.

And Gjensidige fell 5.87 percent after providing figures for the fourth quarter.

Equinor and Aker BP fell sharply

Equinor finished down 2.41 percent at the close of the exchange on Wednesday. The price of oil has fallen half a percent in the past 24 hours to about $86 a barrel.

Earlier today, Reuters reported that the company will sell a stake in a Nigerian oil field for NOK 10 billion.

Norway’s second largest oil company, Aker BP, fell 2.90 percent.

Results season is underway

On Wednesday, the results season kicked off in earnest, and Among the largest companies, the insurance giant Gjensidige was the first.

The fourth quarter report was Geir Holmgren’s first as CEO of Gjensidige, and the result was a sales figure of NOK 8.8 billion and profit before tax of NOK 1.69 billion. Premium income ended the quarter at NOK 8.2 billion.

On the bottom line, the figures were slightly lower than prior estimates obtained by Bloomberg, and significantly lower compared to the fourth quarter of 2021. The decline in profit is due, among other things, to a loss in the investment portfolio of more than NOK 600 million for the year, as well as an additional Cost increases across the board.

At the same time, a dividend of NOK 4.1 billion has been proposed.

Otovo also released numbers for the fourth quarter on Wednesday morning, A quarter in which income and deficit doubled from the previous year.

However, the big news was that the company secured a financing package of more than 1 billion kronor, of which 1.1 billion loans came from DNB and Sparebank 1 SR. 200 million from the existing shareholders is being raised through a private placement, which is fully guaranteed by the majority owner, AxSol AB.

Otovo has risen about 0.4 percent since the start of Wednesday.

The weakest growth since 2016

Also in the US, companies have begun to provide numbers for previous quarters, and Among the major technology companies, Microsoft was the first to go public on Tuesday night, Norwegian time.

Giant has a different fiscal year, and thus provided numbers for the second quarter.

Trading closed at $52.75 billion in the second quarter, compared to $51.73 billion in the same period of the previous year. This corresponds to a growth of 1.9 percent, the weakest rate since 2016.

The company announced earlier in January that it would lay off up to 10,000 employees to cut costs. In its second-quarter report, Microsoft wrote that the changes necessitated a cost of $1.2 billion in the second quarter.

Tesla delivers its quarterly numbers on Wednesday evening.

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