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It has fluctuated this week on the Oslo Stock Exchange, which on Thursday ended the day with an increase of 3.6 percent. For the week as a whole, however, Norwegian shares are down 3.7 per cent in the most recent week.
On Friday, the arrows point downwards again, where the main index on the Oslo Stock Exchange is down 1.85 percent, driven by falls on both the American and Asian stock markets over the past 24 hours. What drives the markets:
- The first profit reports have arrived, and several of the tech companies such as Tesla and Apple report that the trouble with the supply chain, among other things, continues.
- The US Federal Reserve warns that interest rates will be raised “soon”. This will make capital more expensive and generally have a negative effect on equities and bonds.
- In addition, the “geopolitical insecurity” continues, where the fear of a Russian attack on Ukraine and the consequences it will have politically and for the energy crisis in Europe raises concerns.
The Oslo Stock Exchange is also characterized by very large impacts for individual companies.
Massacre in PGS
Among them is the seismic company PGS, which makes a living from shooting and selling seismic data that helps oil companies find oil. PGS announced on Thursday that it may break the loan conditions already this winter, and is now working for another refinancing of the company. Analysts fear for the company’s future, shaving their estimates. Investors sent the stock down 57 percent on Thursday, and it will continue down more than 20 percent on Friday.
The plastic recycling company Quantafuel carried out a capital raising on Thursday afternoon and evening. Even though the fundraising was done in just a few hours, it provokes reactions that it happened now – before the company has been shown that the technology works
The stock is down more than ten percent on Friday.
Turbulent uke for Autostore
The week and the year have not been easy for Autostore either, despite the stock rising 12 percent on Wednesday. The company has nevertheless fallen almost ten percent this week, and as much as 33 percent so far this year. On Friday morning, the company rises around 10 percent, but is up around 1 percent at 11.30.
On Friday morning, the company announced one victory in the complicated international litigation between the robot pioneer and Ocado, a British company that offers its own storage system built around the same concept. The victory only applies to a single case in a German court. In December, Autostore lost a large and heated patent dispute against the same company in a US court.
The dispute is in the USA and the UK, among other places, and is about the rights to several patents related to the cube-shaped storage robots that save space by stacking in height. These were invented by Autostore in the village of Nedre Vats in the 90s.
From a peak level above NOK 45 in November, the price was almost halved before the Oslo Stock Exchange opened on Friday morning: NOK 23.3. (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.
