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Saturday, July 20, 2024

Oslo Stock Exchange defies oil price dive

Despite the economic turbulence in Norway that’s been fueled by the dive in oil prices, the Oslo Stock Exchange could report an overall increase of 5.6 percent in its main index when the trading year ended. The index closed at 610.26, marking the fourth year in a row of rising share prices.

The increase was lower than it’s been on average over the past 20 years, and the energy sector fell. Other sectors did much better, though, lifting the index and investors’ fortunes in general.

Stock exchange officials noted that 2015 was characterized by a mixed performance by the world’s largest economies. While China slowed down and European economies remained weak, the US economy recovered and registered growth. While Germany’s DAX 30 index and Japan’s Nikkei 225 index increased, the FTSE 100 fell.

Norway’s currency, the krone, weakened substantially against most other currencies but that’s been good for the country’s tourism and export industries. Seafood shares were up a hefty 33.3 percent in 2015.

Economists in general are predicting a sober year ahead, as consumer spending slows down. Unemployment varies greatly around the country and some think the job market may slowly start to recover. staff



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