A strong upswing at the the Oslo Stock Exchange

Oslo Stock ExchangeOslo 20160122. Cars driving by Oslo Stock Exchange Friday morning. Publicly landslide in 2016 has so far cut oil fund value of 525 billion. Foto: Stian Lysberg Solum / NTB scanpix

The main index at the Oslo Stock Exchange followed the price of oil and increased by 4.14 percent Friday. The closing index was at 552.62 points.

We have to go back to November 2011 to find an equally large increase in one day. The benchmark index behaved like a roller-coaster- last week, but with Friday’s increase the plunges have been outweighed by the increases, and the index has risen 1.9 percent.

The specific positive developments coincided with a sharp increase in oil prices. Friday afternoon  North Sea oil was traded at $ 31.64 a barrel, which is an increase of 6.8 percent from the day before.

Most trades were, as usual, Statoil, which had an increase of 8.4 percent. According to web paper E24, this is the biggest leap made by a particular stock in a single day since November of 2008.

There also were recoveries elsewhere in Europe, and the best news came from the Paris Stock Exhange, where the CAC 40 index had risen 3.7 percent just before closing.

Despite positive developments in the last week, the main index in Oslo fell 9.5 percent during January.


Source: NTB scanpix/ Norway Today