Controversial share soars – Fredriksen company falls according to figures

The case is updated throughout the stock market day.

Oslo Børs closed yesterday at a new all-time high. On Tuesday, the main index continues to rise. At lunchtime it stands at 1,396.68, an increase of 0.5 per cent, and is now at an all-time intraday high.

Movements

The quarterly season is well under way. Today, among others, Crayon, Salmon Evolution, Archer and Axactor came up with their respective numbers.

The technology company Crayon surprised on the upside and is among today’s winners. The share, which has previously caused discussion, turned negative into positive and exceeded analysts’ expectations. This sends the share up 10.9 per cent to NOK 95.95, which is currently the most traded of the day.

Salmon Evolution are also rewarded with a promotion according to their numbers. The company showed an operational profit of NOK 6 million, up from minus NOK 25 million in the same period last year. The share now rises 6.8 per cent to NOK 7.90.

John Fredriksen-dominated Archer rose by double digits on Monday, and today the oil service company presented figures for the first quarter. DNB Markets analyst Martin Huseby Karlsen believes that the company presented a neutral report overall, with a better-than-expected cash flow pulling in a positive direction. However, the share falls by around 4 per cent to NOK 28.09. Today, the company has also carried out a reverse share split, where 25 old shares now give one new one.

Axactor disappointed in the first quarter, and the share falls 8.32 per cent to NOK 4.58. The company was able to report an EBITDA of 26 million euros in the first quarter, while analysts had previously expected a result of 33 million euros. The CEO also admits that it was a weak quarter for the debt collection company.

The oil price

The July contract for Brent oil is down 0.1 percent on Tuesday to $83.26 a barrel, while WTI oil is slightly down 0.04 percent to $78.45 a barrel.

– Geopolitics is back in the driver’s seat in the crude oil market after last week’s decline. The outlook for demand is also still supported by expectations of interest rate cuts from the Federal Reserve, says analyst Charu Chanana at Saxo Capital Markets, according to TDN Direkt.

Equinor is down 0.2 per cent to NOK 304.95, while Aker BP rises 0.1 percent to NOK 272.00. Our Energy weakened by 0.3 per cent to NOK 36.24.