Joyful day on Oslo stock exchange
The beginning of a new week on the Oslo stock exchange was, with few exceptions positive. A G7-meeting about the rescue deal, along with a rise in the oil-price helped to lift stock markets throughout Europe.
Monday began with a solid rise in Asia, where the regional index, MSCI Asia Pacific rose by 4.2 per cent. The optimism began as finance ministers in the G7 countries guaranteed that they would take necessary steps to resolve the financial crisis.
Europe followed suit in grand tempo.
London’s FTSE rose by a solid 7.75 per cent. Germany’s DAX-index rose by as much as 10.79 per cent. The Paris CAC40-index leapt 9.02 per cent.
As an extra bonus, the price of oil rose on the Oslo stock market, and the main index didn’t stop before it reached 254.2 points. This was a rise today of 6.04 per cent.
Last week was one of the worst of all times for the Oslo stock market. The fall ended at 21.90 per cent, and since the New Year, Oslo stock market has more than halved.
Price of oil
The raw material market also got moving. The rescue deals that were made known on Sunday and Monday have caused investors to again put their money in raw materials. It is even so not enough to prevent the super-optimists from becoming negative.
Goldman Sachs predicts that the price of oil will lay at 70 dollars a barrel by the New Year. This is a clear devaluation on the original estimate of 115 dollars a barrel. When it comes to prices for 2009, they have also made drastic cuts. Next year, they envisage an average price of 86 dollars a barrel, which involves an estimated cut of a third.
When Oslo stock exchange closed, the November contracts for North Sea oil lay at 75.72 dollars a barrel, a clear rise following Friday’s bottom notation of 73.30 dollars a barrel.
StatoilHydro wrote by 3.99 per cent during Monday trade to 114.60 per share. The oil company, Questerre leaps as much28.35 per cent to 8.15 kroner.
Losers
Among those who were the exception to the day’s upswing were the seismic company, Petroleum Geo-Service and the finance concern, Storebrand.
The PGS stock performance fell 4.43 per cent to 44.20 kroner. This is following Goldman Sachs’s devaluation recommendation. The stock exchange has changed its opinion and recommends the sale of the share, whereas they have previously had a neutral attitude to the company.
Low volume
As in recent days, the volume was again low on the Oslo stock exchange, with a turnover of 7.02 billion kroner in total.
StatoilHydro had the greatest turnover and amounted to 23 per cent of the day’s trade volume when shares for a total of 1.67 billion kroner changed hands in the oil company.
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