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Thursday, July 18, 2024

Oslo stocks hit new all-time high

The Oslo Stock Exchange ended its trading day on Monday at its highest level ever, with its main index (Oslo Børs Hovedindeks) closing at 525.04. The previous record was 524.37, set back on July 19, 2007, before the finance crisis took hold the following year.

Only three firms listed on the Oslo Stock Exchange tripled their share prices last year. PHOTO: Views and News
The Oslo Stock Exchange set a new record on Monday. PHOTO:

The stock exchange’s OBX index, comprised of its 25 most actively traded shares, also closed at an historically high level of 481.13, according to Geir Harald Aase, communications manager for the exchange.

It was the eighth day in a row that Oslo-listed shares climbed, as the momentum carried it to Monday’s new record. Some of the climb may be linked to Norway’s new conservative government but it was mostly in line with positive development on both the Asian and American stock markets both Friday and Monday. Oil prices also rose on Friday, which is always good for the Norwegian economy and all its oil and offshore-related businesses.

Among the most heavily traded shares on Monday were Statoil, up 1.23 % to close at NOK 139.70; Telenor, up 1.62 percent to close at NOK 150.40 and Subsea 7, a construction and services contractor to the offshore energy industry, up 2.64 percent to close at NOK 132.

Norwegian fertilizer and industrial firm Yara was also on the most-traded list but it fell 1.25 percent to close at NOK 244 on Monday. The company remains caught in a corruption scandal and has been warned of heavy fines from Norwegian authorities.




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