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The main index on the Oslo Stock Exchange started the day with an increase of 0.35 percent, but quickly turned to a decline of about 0.1 percent.
On Tuesday, the main index on the Oslo Stock Exchange closed with a solid rise of 2.11 percent.
Wednesday is the week’s penultimate trading day, when the Stock Exchange is closed on Christmas Eve.
Tuesday’s biggest stock market news came in the afternoon when it became known that Kjell Inge Røkkes Aker BP is acquiring Lundin Energy’s oil and gas business. The news came after several weeks of acquisition speculation around Lundin.
The agreement values Lundin Energy’s oil and gas operations at NOK 125 billion. This makes the transaction the largest on the Norwegian continental shelf since the merger between the then Statoil and Hydro’s oil and gas operations in 2007.
The Aker BP share rose markedly on the acquisition and ended up six percent, while Aker rose just over four percent. At the opening on Wednesday, the Aker BP share continued to rise, but quickly turned around. Half an hour after the start of trading, the share falls 1.6 percent, and is also today’s by far the most traded ahead of Equinor.
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The Aker share, on the other hand, falls around 0.4 per cent, while both Equinor, Hydro and Yara are all down between 0.7 and one per cent.
The oil price is recovering
The week started with a sharp fall in oil prices. On Monday, the spot price of North Sea oil burnt, used as a reference for oil trade worldwide, fell below $ 70 a barrel.
On Wednesday morning, the oil price has picked up sharply again and is trading at around 74 dollars a barrel. The recovery is characterized by the authorities in several countries refraining from introducing stricter restrictions as a result of the omicron variant.
Omikron and the United States
The United States is among the countries that have not introduced new restrictions at the national level. On Tuesday, it became known that omicron is the dominant corona variant in the country, barely three weeks after the first case of the virus variant was discovered in the country.
During a press conference on Tuesday, President Joe Biden urged Americans to take the booster dose of coronary vaccine. According to CNBC, the president also reiterated what he has previously said that strict national measures will not be introduced to combat the omicron variant.
The statement contributed to investor optimism and sent Wall Street straight up. The broad S&P 500 index and the industry-heavy Dow Jones rose more than one percent, while the Nasdaq technology index rose more than two percent.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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