Drop from the beginning on the inventory market – TGS falls sharply after the discharge of numbers

International Courant

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The primary index on Oslo Børs is down 0.15 % on the primary buying and selling day of the week after a two % drop final week.

Equinor opened buying and selling just about unchanged from Friday’s closing worth.

The earnings season began final week with the publication of figures from transport firm Stolt Nielsen and brokerage agency ABG Sundal Collier. Subsequent week will probably be extra intense when heavier corporations equivalent to DNB, Tomra and Kongsberggruppen come beneath hearth.

Seismic corporations PGS and TGS each fell greater than ten % in early buying and selling. The latter got here earlier than the inventory market opening with an replace on the second quarter gross sales figures, the place it was introduced that gross sales could be round $ 206 million, in comparison with $ 230 million in the identical interval final 12 months.

Child, for its half, was down greater than 4 %, albeit at modest quantity, after presenting its personal quarterly replace earlier than buying and selling started.

Outcomes are speeding

Regardless of 2023 providing decrease oil costs than final 12 months, expectations are excessive for corporations like Vår Energi and Aker BP.

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As a result of a weak Norwegian forex, the businesses have had good gross sales as oil is offered internationally in US forex, whereas prices are paid in Norwegian kroner.

An organization the place expectations are a lot decrease is the sports activities chain XXL. Within the aftermath of the pandemic, the corporate has more and more struggled with excessive capital tied up in inventories, poor liquidity and massively costly investments within the Austrian market.

The share worth is down 57 % this 12 months and the corporate is valued at NOK 638 million.

Norway’s largest financial institution, DNB, will current its second quarter figures on Wednesday.

Inflation figures exceeded expectations

Client costs rose by 6.4 % on an annual foundation and by 0.3 % on a month-to-month foundation in June, based on current figures from Statistics Norway (SSB).

A worth improve of 6.3 % was anticipated upfront from June final 12 months to June this 12 months, based on Bloomberg estimates.

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Present all positions

Final month, Norges Financial institution struck with a double price hike, asserting an rate of interest spike of 4.25 %. Because of extra cussed inflation than many had anticipated, a number of economists consider that the central financial institution should increase rates of interest additional. Amongst them is Marius Hov, chief economist at Handelsbanken.

– The most recent inflation figures put Norges Financial institution significantly extra beneath strain. We’re already seeing the introduced rate of interest peak of 4.25 % within the fourth quarter in September and there’s a actual probability of a double price hike in August.

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Drop from the beginning on the inventory market – TGS falls sharply after the discharge of numbers

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