Oslo Stock Exchange ‘best in Europe’

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Optimistic investors continue to drive up share prices on the Oslo Stock Exchange. While stocks sank in the US and on most European exchanges, the market in Oslo was brisk and delivered an impressive performance.

The old stock exchange building.

All 10 of the most influential stock exchanges in Europe fell on Thursday, but the main index of the Oslo Stock Exchange rose 0.2 percent to end at 286.4 points. That’s still well below levels achieved last year, before the global financial crisis set in, but it’s a marked aberration from downturns elsewhere. Among the best individual performers were shipping company Frontline, which delivered surprisingly first-quarter good results, and seismic firm Petroleum Geo-Services (PGS), which defied a tough market and went through with a successful share issue. Share prices rose 3.6 percent after the issue. Other Norwegian shares doing well this week were Marine Farms and Codfarmers, based on strong markets for salmon and cod, and Hellegjerde, Rocksource and Eltek.
(Written May 29, 2009)