econoTwist's

Slaughter At The Oslo Stock Exchange (Update)

In Financial Markets, International Econnomic Politics, National Economic Politics on 29.06.10 at 15:07

The Norwegian stock market experienced a massive sell-off Tuesday, with the benchmark index tumbling 5,28%, the sharpest drop of the year. More half of the companies included in the index fell more than 5%, seven shares nosedived more than 10%.

“Those who believe in the double-dip have had a little water on the mill today.”

Jørn Lyshoel

The stocks at Oslo Stock Exchange made its sharpest drop of the year Tuesday, with share prices falling more than in other European markets. More than half of the shares included in the benchmark index fell more than 5%, and seven companies lost more than 10% of their market value.

According to the Norwegian website DN.no, it’s the U.S. Conference Board downward revision of China’s leading economic indicator by 0,3% that have put the fear back in the Norwegian investors.

According to the financial news agency, TDN Finans, one of the brokers says that the fear of a double-dip now back with full force. Adding: “And it has not been any news that has managed to calm the market.”

“But the market could turn both ways,” he points out.

Jørn Lyshoel

Jørn Lyshoel

“Both the Oslo Stock Exchange and the S&P 500 index have formed a head-and-shoulder-formation. If the S&P’s breaks down below 1050 points can quickly fall further, “ he says.

The US Index futures is down about 1,2% at the moment.

“I think it will settle down in a little while, but it is heavy today after the weak leading indicator in China.Those who believe in the double-dip have had a little water on the mill. This has an impact on commodities shares today,” Jørn Lyshoel,  strategist at Nordea Markets, says according to TDN Finans.

Dropping 5 – 15 Percent

The Oslo Stock Exchange Benchmark Index (OSEBX) ended down 5,28%, at 326,68 points, the sharpest drop so far this year.

Here’s a few examples of today’s massacre:

Acta Holding (ACTA): -5,78%

Aker Solutions (AKSO): -7,43%

Algeta (ALGETA): -10,22%

BWG Homes (BWG): -8,12%

Eitzen Chemical (ECHEM): -14,62%

Golden Ocean Group (GOGL): -7,66%

Kongsberg Automotive Holding (KOA): -11,55%

Marine Harvest (MHG): -8,74%

Nordic Semiconductor (NOD): -7,41%

Royal Caribbean Cruises (RCL): -9,51%

Renewable Energy Corp. (REC): -9,18%

Sevan Marine (SEVAN): -14,68%

Songa Offshore (SONGA): -8,44%

Here’s the whole miserable  list.

Related by the Econotwist:

Norway’s Foggy Outlook

Norway At The End Of An Era

Norway’s Oil Fund Among BP’s Largest Shareholders As Bankruptcy Rumors Hit Market

Here’s The REAL Norwegian PIIGS Exposure

Norwegian Pensioners Enter Bear Market

Norway: Storebrand Subsidiary Sued Over Insurance Contracts

Norwegian Oil Explorer Files For Bankruptcy

Norwegian Labor Costs At Record High

Norway: A Mutated Dutch Disease

Analyst Predicts Acquisition of Norwegian Paper Giant

Hydro Issue Risk Warning In Vale Takeover Deal

Norway’s GDP Fall For First Time In 20 Years

German Banks With More Than 200 Billion Euro In Faul Credits

DnB NOR Finds Markets Participants EURNOK Expectations “Remarkable”

Report Forecasts Shortages Of 14 Critical Raw Materials

Global Economy On Fast Track To Disaster

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  1. […] Read the original here: Slaughter At The Oslo Stock Exchange « Econotwist's Blog […]

  2. Slaughter At The Oslo Stock Exchange (Update) « Econotwist's Blog…

    I found your entry interesting do I’ve added a Trackback to it on my weblog :)…

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