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Mini return to the Oslo Stock Exchange after yesterday’s fall




The Oslo Stock Exchange suffered a crash last week: Friday was the worst trading day this year, followed by Monday’s rally. In contrast, it ended Tuesday down 0.6%, before the main index rose 0.7% on Wednesday.

On the first trading day in December, rising oil prices and strong stock markets helped push the main index up.

The price of a barrel of North Sea oil was around $ 71.8 on Wednesday afternoon, up 2.3% from Tuesday.

Equinor has been the most traded stock so far, closing 0.6% higher. Aker BP shares rose 1.9%. Apart from that, Hydro ended up rising 3.8%, while shares of DNB rose 2.5%.

– After the stock market crash yesterday in the United States and Europe, Asian stock markets are recovering this morning. SEB reported in its morning report Wednesday that Chinese stock markets are just above the zero line and Japanese stock markets are up nearly 1%.

The good news brings Softox courses

Immediately after the opening of the stock exchange, the share of Softox Solutions increased by 10.4%. This comes after the company announced that the European Union was opening up to the use of the company’s disinfection products.

This is good news for Softox. We believe that the European Commission assessment will now allow us to make our products available to the market so that we can meet our obligations under the agreement with hospital procurement, the company wrote.

The Norwegian pharmaceutical company previously rejected a request for a transitional arrangement from the Norwegian Environment Directorate for its hand sanitizer products. In this context, the company requested an assessment and an explanatory memorandum from the European Commission.

That green light has now been given, according to the company itself.

Wednesday morning, before the opening of the stock exchange, it was learned that the Norwegian had reached an agreement for the rental of two Boeing 737 Max. The aircraft will soon be delivered to the company. Norway’s share fell by around ten percent last week.

Immediately after the opening of the exchange, Norway’s share increased by 1.09%.

However, SAS shares fell more than 10.7%, after Nordea reduced its price target to SEK 0.5 from NOK 1.2 earlier on Wednesday. Nordea writes that it is concerning that the company is entering the winter season with higher-than-expected cash consumption, although the brokerage firm believes the company is working on a financial restructuring. In the long term, the outlook is qualified as uncertain.

Overnight through Wednesday, news also surfaced that Rec Silicon CEO Tore Torvund had resigned after twelve years. Current CFO James A. May 2, Acting CEO role. When the stock market opens, the stock rises 0.55%.

inflationary pressures

U.S. Federal Reserve Governor Jerome Powell appeared Tuesday afternoon at a hearing in the U.S. Senate. In his speech prepared for the hearing released yesterday, he stressed that Omicron poses a threat to the US economy.

“The increase in the number of new coronavirus cases and the emergence of the omicron variable pose a negative risk to jobs, economic activity and the uncertainty surrounding inflation,” she added.

The recognition by the US Federal Reserve that the risk that inflationary pressures may not be as temporary as initially assumed, and that it must therefore consider a more rapid elimination of stimulus measures and a rapid upward adjustment in rates. interest, resulted in the stock market already grappling with pandemic fears and loss of confidence The disappointing consumer fell further, DNB wrote in its morning report.

Uncertainty creates turmoil

The recent market turmoil is particularly related to news about the new variant of the omikron virus, which is creating uncertainty among investors. Stéphane Bancel, president of Moderna, said on Tuesday that he believed the vaccines would have a much weaker effect against the omicron variant. He also believes it will be months before pharmaceutical companies can mass produce a new vaccine that specializes in different types of viruses.

Pl Ringholm, Head of Analysis at Sparebank1 Markets, points out that uncertainty is creating turmoil in the stock market.

Although we are well trained in this and vaccinated, there is still room for maneuver and uncertainty. Until we get the information in mid-December, it’s not unreasonable to think the stock market is nervous and can be volatile, Ringholm told DN on Tuesday afternoon.

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