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Friday, April 19, 2024

Norwegian shares crash in market dive

Salmon, oil and Norwegian Air shares were among those battered on the Oslo Stock Exchange (OSE) Monday. OSE’s main index ended down 2.12 percent after oil prices fell and Norway’s currency weakened once again.

It was a new rough start to the week after Norway’s economy and the OSE otherwise has recovered some of its losses during the Corona crisis. Investors’ orders to sell sent the index down from the start of morning trading, and it ended the day at 802.90.

The market dive was blamed on fears of a new wave of Corona infection, after a new outbreak in China and elsewhere as countries have started opening up again. One of the biggest losers was Norwegian Air, which ranked as the most heavily traded after 250 million of its shares were liberated for trading following a debt-for-equity bailout by creditors. Norwegian is still mostly grounded and struggling to start flying again, because of uncertainty around border reopenings in its core Nordic and European markets. Its share price ended down nearly 14 percent.

Oil companies including Equinor, Aker BP and DNO were all hit by another oil price decline, and then came news from China on Monday that salmon had been removed from food stores after the Corona virus reportedly was found on a tray of imported fish in Beijing. Shares in Mowi (formerly Marine Harvest), Grieg Seafood and Salmar also ended the day down again. staff





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