Monday was one of the worst days of the year for the Oslo Stock Exchange, but the mood in the market on Tuesday was more positive.
At 12.10, the main index rose 1.55 percent.
Everything indicates that the market is starting to rise today. It’s not a dramatic increase, but it’s certainly on the positive side, Robert Ness, Nordea’s chief investment officer, told DN before the exchange opened on Tuesday.
The Oslo Stock Exchange opened 0.25 percent on Tuesday. Meanwhile, the price of North Sea Brent spot oil, which is used as a reference price for oil trading around the world, rose to $74.70 a barrel on Tuesday morning.
Fell more than two percent
Problems with debt-laden Chinese real estate giant Evergrande sent stock markets across the world tumbling on Monday. Hong Kong’s Hang Seng Index fell 3.3 percent on Monday, led by crisis-hit real estate firm Evergrande, which fell sharply.
The company has more than $300 billion in debt, the highest debt in the world, and it is uncertain whether it can pay for itself. The company will initially pay interest on the $83 million bond on Thursday. According to data from S&P Global Ratings.
The Oslo Stock Exchange fell more than two percent on Monday after a sharp decline in Asia. Also in the US, the decline in the three major US indices was significant.
– There was a lot of volatility in the market yesterday and we are very affected by the markets in the world. It’s always important to know if it’s a chance to buy or start something more boring, says Ness.
He points out that Evergrande may be a sign that things are getting heavy in China.
Quieter in the market in the future
Asian stocks stabilized on Tuesday after Monday’s stock market turmoil, but fears of a meltdown among Chinese housing development giant Evergrande remain.
Næss expects that there will be much less volatility in the markets in the future than on Monday’s stock market day.
Three hours into the trading day, the main index on the Oslo Stock Exchange rose to 1.55 percent. Oil prices rose by 0.92 percent, and a barrel of North Sea oil was traded for $74.86.
The cryptocurrency market was also affected by the drop in stock markets on Monday. Bitcoin fell about ten percent early Monday afternoon. On Tuesday, the cryptocurrency gained 0.65 percent and is now trading at $43,090. On the other hand, the price of Ethereum increased by 2.81%.
IT service Kahoot was down more than 12 percent on Monday. Jinhui Shipping was the loser today, down more than 20 percent. Hemen Holding, controlled by Frederiksen, is the largest owner in dry cargo shipping company Golden Ocean, which topped a 10 percent decline.
Tuesday is a much better day for companies, as they are up 5.10 percent, 2.66 percent and 1.34 percent, respectively.(Terms)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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