After weeks of turbulence caused by falling oil prices, falling interest rates and a dive in the value of the krone, Norwegian shares rallied on the Oslo Stock Exchange Thursday. Trading settled down on Friday, but investors gave the exchange a welcome boost near the end of the week.
Thursday ended as the best single trading day all year in Oslo, on the strength of upturns on exchanges both in Asia and the US. The main index of the Oslo Stock Exchange closed at 573.65, up 3.92 percent.
That was a sharp reversal from declines in the last month, and the index remained down around 4 percent from a month ago. It’s up 8 percent from the beginning of the year, however, when Norway’s oil-fueled economy was still on a roll.
Shares in Norway’s largest company, Statoil, were once again the most traded and its share price was up 5.3 percent. Trading leveled off on Friday, though, with the exchange index down nearly 1 percent at midday. Statoil was down 2.03 percent, trading at NOK 130 per share, as market volatility continued.