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The case is being updated.
The main index on the Oslo Stock Exchange falls around 0.2 per cent just over two hours before the end of trading. At the same time, oil prices have fallen back and are now rising by around 0.3 per cent, after an increase of almost two per cent at most.
Friday’s development comes after a mini-collapse in oil prices on Thursday, when the price of North Sea oil fell as much as seven percent. On Friday afternoon, one barrel of North Sea oil is traded for around 63 dollars.
Three key oil shares on the Stock Exchange, all of which fell markedly at the start of trading, continue the decline, albeit not as sharply.
- Equinor falls 1.9 percent.
- Aker BP falls 1.7 percent.
- DNO falls 0.2 percent.
Rising ten-year interest rates, together with falling oil prices and unrest over the pandemic development in Europe, sent the stock market down. At the same time, the rotation continued in a gradually known pattern of rising interest rates: a fall in the energy and technology sectors and a rise in sectors such as finance and defensive consumer segments, DNB Markets writes in a statement on Friday.
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However, several of the heavyweights are helping to curb the fall. The mortgage company Tomra is up more than three percent, while the breeder Mowi is rising around 1.1 percent. Both Schibsted and Orkla are rising above 1.5 per cent.
Put billion bids on hold
Bank Norwegian, for its part, falls 1.5 per cent after the Swedish bank Nordax announced on Friday morning that it is putting the voluntary bid on hold.
It was in early March that Nordax submitted a bid of NOK 17.8 billion to buy all the shares in Bank Norwegian’s parent company Norwegian Finans Holding.
On Friday, it will be clear that the offer is put on hold after the Bank Norwegian board went out last week and said that it thought the offer was too low, and that it did not recommend shareholders to accept.
“Consequently, there is no basis for making the offer as presented, and Nordax and its owners are considering all possibilities,” Nordax wrote in a statement on Friday.
Mini collapse in oil prices
On Thursday, the oil price fell as much as seven percent, which according to the brokerage house SEB was the biggest fall in one day since last summer. According to market analysts, the unrest was due to increased tensions between Russia and the United States, as well as challenges with the roll-out of vaccines in Europe.
On Friday morning, one barrel of North Sea oil is traded for around 63.2 dollars.
Otherwise in Europe, there is a broad decline on the week’s last trading day. The stock exchanges in Germany, France, Sweden and Russia are all down between 0.4 and 0.6 per cent.
The decline in Europe comes after a wide fall on Wall Street Thursday night, at the same time as US government interest rates with a ten-year maturity rose to over 1.7 per cent. On Friday morning, the “ten-year-old”, as it is often called, is at 1.67 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 form of use of all or part of the content, can only take place with written permission or as permitted by law. For additional terms look here.
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