Shipping companies listed on the Oslo Børs today received a glimmer of hope as the price of Brent crude ticks upwards.
Since the Oslo market opened today, the price of Brent crude has advanced from around $43.13 a barrel to $44.02 at the time of writing. Statoil’s share price has grown by almost 3% (NOK 3.04) on yesterday’s closing price and is currently trading at NOK 119.70 per share.
Most remarkably, Odfjell Drilling has seen its share price leap by 10% (NOK 0.46) since yesterday’s close to around NOK 5.06 per share currently.
Frontline’s share price in Oslo has grown by 6.08% (NOK 1.20) on yesterday to NOK 18.83 per share today.
Höegh LNG Holdings has seen its Oslo-listed stock advance by 4.48% to NOK 116.50 per share today, having closed at NOK 111.50 yesterday.
The confidence also extended to Höegh LNG’s listing in Stockholm, which has risen 5.56% (SEK 6.00) on yesterday and is currently trading at SEK 114.00 per share.
The confidence is more subdued for the Oslo Børs as a whole. Its benchmark index saw an increase of 2.2% when the market opened this morning, but the growth has since levelled off.
“We see that most of the list on the Oslo Stock Exchange is on the positive side, but it’s not much. The entire index is below 1% up. I am of the opinion of the bottom will be reached sometime in the early part of this week,” Karl Oscar Power, investment economist for Nordnet, told Norwegian website E24 today.
“The danger is not over,” Jan Ludvig Andreassen, chief economist of Norway’s Eika banking group, told the website. “But the worst will be over if the Norwegian authorities tackle the new times sensibly.“