Stocks hang on after recent rise

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UPDATED: Shares traded on the Oslo Stock Exchange seemed to sober up and settle down on Monday, as the week got off to what analysts called a “careful” start following strong gains last week. Then things really took off.

Oslo stocks sobered up after logging strong gains last week. PHOTO: Views and News

Investors prodded the Oslo Stock Exchange’s main index up a bit when trading opened, but it fell back again after the first half-hour of trading. Eight of the exchanges 10 most-traded shares logged early declines.

But then Norway’s biggest bank, DnB NOR, jumped again after big gains last week and higher expectations from analysts. It drove the market, rising 6 percent in share value, and that helped push the Oslo exchange’s main index up as well. It crossed over the 350 mark, and closed up 0.7 percent on Monday.

It had been if anything a sober start to the week after last week’s 7.6 percent jump in the index that crept closer toward 350 again. The gains in Oslo were in line with those on stock exchanges elsewhere, and were welcome relief after worrying declines in recent weeks.

The gains at the end of last week came amidst news of arrests in Oslo of alleged terror suspects and a rise in oil prices. Earlier declines in oil prices had been blamed for the Oslo Stock Exchange’s steep fall last month.

Fully 28 of the exchange’s shares ended the week on the upswing, while 22 fell in value. Trading, however, reflected summer holidays in Norway with trading volume on Friday valued at NOK 5.2 billion compared to an average NOK 7.8 billion so far this year, reported newspaper Aftenposten.

Views and News staff