The fertilizer producer delivered weaker quarterly figures than expected.
Today 09:00
Updated less than 10 minutes ago
There was a moderate rise on the Oslo Stock Exchange throughout Friday. The main index ended the day up 0.52 percent.
The oil price is around 88 dollars a barrel at closing time on the stock exchange, roughly unchanged since midnight.
The week on the stock exchange has been characterized by many companies presenting their quarterly results, including several of the very largest. On Friday, among others, Yara, Tomra and Schibsted took turns.
For the week as a whole, there was an increase of 1.84 per cent for the main index.
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Among the most traded stocks, Yara fell heavily. Otherwise it looked like this:
- Adevinta fell 0.96 percent
- Equinor fell 0.44 percent
- DNB fell 0.29 percent
- Norsk Hydro climbed 3.13 percent
- Aker BP rose 0.85 percent
Shipping shares such as Höegh Autoliners (up 3.08 per cent), Frontline (up 2.74 per cent) and MPC Container Ships (up 5.89 per cent) also did well. The oil service company Aker Solutions continues its rise after yesterday’s figure release, rising 8.51 percent.
Profit drop for Yara
Fertilizer giant Yara presented results for the first quarter in the morning hours on Friday. Revenue was reduced to $3.32 billion from $4.16 in the same quarter last year.
At the same time, the result before tax was below expectations. Yara earned $61 million before tax, down from $161 million last year.
Yara also reported increased deliveries. Overall, the increase was 12 per cent from the corresponding period last year, while European deliveries increased by 37 per cent in the period.
– Despite higher deliveries this quarter, the result is weaker compared to the same period last year as a result of lower prices, says Yara CEO Svein Tore Holsether in a statement.
The Yara share fell a whopping 6.24 percent.
Jump for car parts manufacturer
Kongsberg Automotive is rising sharply following the announcement of an extension of a contract with an unnamed global manufacturer of trucks.
The company estimates revenues at 523 million euros (6.16 billion kroner) over the life of the contract, according to a Message.
The Kongsberg Automotive share was up 1.2 per cent before the news, but was up around nine per cent for the day shortly after the announcement of the contract extension.
It is a five-year contract for continued supplies of the company’s Gear Control Unit for trucks, which enables manual trucks to drive as if they had an automatic transmission.
The products are delivered from Kongsberg Automotive’s facilities in Nuevo Laredo in Mexico and Wuxi in China.
The Kongsberg Automotive share climbed 13.20 percent.
Profit drop for Tomra
The mortgage company Tomra earned NOK 33 million before tax in the first quarter, compared to NOK 170 million in the same quarter the previous year.
Revenues totaled NOK 3.3 billion, compared to NOK 3.2 billion in the same period last year.
The pawnshop and sorting company highlights that the business areas “collection”, “recycling” and “food” had a change in income in the quarter of up 15 per cent and down 16 per cent and 15 per cent respectively.
The decline for “recycling” and “food” is due to a lower turnover rate of order reserves due to a high proportion of projects with a long duration and weaker market sentiment, it appears.
The Tomra share fell 5.87 per cent, or NOK 8.7 to a price of NOK 139.5. The share is traded without a dividend of NOK 1.95 per share on Friday.
Schibsted lost money
Media group Schibsted had a profit before tax of minus NOK 216 million, from NOK 144 million in the first quarter of last year, according to the quarterly report that was presented on Friday.
Like many other companies, Schibsted notices challenges linked to high inflation and high interest rates.
This affects, among other things, the advertising market, the job market and demand at the loan intermediary Lendo, according to the company.
The share rose 0.44 percent.
E24 is a wholly owned subsidiary of the Schibsted group. Certain journalists in E24 own shares in Schibsted through the group’s share savings programme.
