Triple bang for renewable shares | Finansavisen

Analyst Roald Hartvigsen in Clarksons claims Edda Wind is a candidate for delisting.

Höegh Auto-correction

Kongsberg Gruppen continued its rise after Tuesday’s quarterly report, which showed that the company has NOK 90 billion in orders, and rose another 0.8 percent on Thursday. The share has risen a whopping 70 percent so far this year.

Telenor continued up over 2 percent in the wake of its quarterly report on Tuesday.

In the salmon sector, SalMar fell almost 5 percent after ABG Sundal Collier downgraded the share from buy to hold. The same brokerage house downgraded Bakkafrost to sell, and also sent this share down almost 5 percent.

In the shipping sector, takeover rumors sent Höegh Autoliners up over 14 percent on Tuesday, but on Thursday the car shipping company corrected down almost 4 percent.

Smel for renewable trio

In the renewables sector, Scatec corrected down almost 8 percent after the sharp rally in the wake of Tuesday’s quarterly report , while REC Silicon fell over 4 percent after a Moses Lake update.

REC Silicon now expects the first shipment of polysilicon from Moses Lake to occur during the second quarter of 2024, versus the previous expectation of the first shipment from Moses Lake early in the second quarter of 2024.

The company still expects to achieve full capacity utilization at Moses Lake by the end of 2024.

Otovo was punished with an almost 13.6 percent price drop after the first quarter report which showed that the company continues to bleed money. A new NOK 100 million was lost in the quarter.

“All in all, a neutral report in our view, where good cost control measures are positive when markets are in decline, but the path to sustained high growth seems a long way off,” writes Pareto Securities.

Happy news from gold diggers

At the top of the losers list we note SoftOx Solutions, which pulled down almost 25 percent.

In addition to the aforementioned Otovo, Norsk Renewables and Circa Group also fell by double digits. The latter came earlier this week with an update on strategy change and capital requirements.

We also include Napatech, which, after doubling its price this spring, fell over 5 percent in Thursday’s quarterly report after a bigger loss than expected. However, the company maintains the guidance for 2024.

Among the winners we note Awilco Drilling with a plus of 23 per cent, while Akobo Minerals jumped up over 9 per cent on the fact that the company has cleared bottlenecks that open up full operations in the gold mine in Ethiopia.

The start-up has been postponed to July/August, but with upgraded forecasts for the income streams. The new mine plan estimates $20 million in revenue potential and $9 million in EBITDA improvement within the first few months of full production.