By Bond Robertson 
After ending higher yesterday, stocks are pointing lower on Wednesday.
The order is updated throughout the trading day…
The Oslo Poor’s climbed more clearly on Tuesday afternoon, after developing flat earlier in the day.
On Wednesday, the main Oslo Poor’s index fell 0.85 percent, barely an hour after the stock exchange opened.
At the same time, the price of oil has weakened since midnight. North Sea Oil (slick burn) is trading at $77.41 at the time of writing. This is a decrease of 0.24% since midnight.
marked decrease
The share of the car shipping company Höegh Autoliners fell by 14.24 percent an hour after the opening of the stock market, as the most traded stock on the stock exchange.
It was learned on Tuesday that chairman Leif Höegh & Co’s investment firm, which owns nearly half of the car-shipping company Höegh Autoliners, sold 12.25 million existing shares at a price of 62.5 million shares. This comes to a total value of over NOK 765 million.
After the sale, Leif Höegh & Co. owned more than 79.2 million shares, equivalent to 41.5% of the company’s share capital.
rush results
These are the most traded stocks on the Oslo Stock Exchange after the stock market opens:
- Höegh Autoliners falls by 14.24 percent
- Klaveness Combination Carriers fell 7.14 percent
- Equinor rose 0.38 percent
- Hydro is down 3.29 percent
The stock market drop in Klaveness Combination Carriers comes after the company announced on Tuesday that it had raised NOK 550 million in a private placement.
Before the stock exchange opened, a number of Oslo Bauer companies presented their first-quarter results:
- Real estate company Selvaag Bolig reported an improvement in profits and an increase in income. Operating income increased to NOK 734 million in the quarter, compared to NOK 356 million in the same quarter a year earlier.
Selvaag-bolig’s share rose 5.2 percent shortly after the stock market opened.
- Shipping company Eidesvik Offshore closed in the red in the first quarter, despite an increase in revenue. The result after tax ended at minus NOK 25 million in the first quarter of the year, down from NOK 10 million.
Eidesvik Offshore’s share decreased by 6.49 percent.
- Icelandic aquaculture company Ice Fish Farm reported adjusted operating profit (EBIT) of minus NOK 14.2 million in the first quarter, up from minus NOK 23.4 million in the same quarter last year. The company did not harvest any fish in the first quarter, which was not the plan, according to the report. Slaughter will resume in the third quarter, and the company expects to slaughter 6,000 tons in 2023.
- BW Offshore, which operates floating production vessels, posted a lower profit in the first quarter than in the same period last year. The after-tax result ended at $17.8 million, down from $41.3 million in the first quarter of last year.
BW Offshore shares fell 4.43 percent.
Raises course objectives
On Wednesday, DNB Markets announced that it is raising its price target on Borr Drilling to NOK 110 per share from NOK 90, reiterating the buy recommendation. Fearnley Securities has raised its price target from NOK 94 per share to NOK 101 per share, and reiterates the buy recommendation.
Borr Drilling’s share rose 1.66 percent on the Oslo Stock Exchange.
Many brokers also raise the price target on BW LPG after the company’s quarterly report.
DNB Markets raises its price target to NOK 155 per share from NOK 145 and reiterates the buy recommendation. SEB raised the price target to NOK 130 per share from NOK 120 and reiterates the buy recommendation. Fearnley Securities raised its price target to NOK 138 per share from NOK 132 per share, and reiterates the buy recommendation.
BW LPG share rose by 1.57 percent.
decline in Asia
Stocks are pointing down on stock exchanges in Asia on Wednesday.
Tuesday CNBC reported Chinese e-commerce giant Alibaba is laying off seven percent of its workforce in the cloud services division. According to CNBC, the plan is for the cloud services division to become a separate, publicly traded company. This led to a direct drop in Alibaba shares.
Wall Street ended lower on Tuesday.
US politicians continue to negotiate raising the US debt ceiling.
The drama has been stealing a lot of attention in recent weeks, while the beginning of June is getting closer and closer. Finance Secretary Janet Yellen has repeatedly warned that the US is at risk of defaulting on its obligations as early as June 1 if no action is taken.