Oslo Børs åpner ned

Oslo Børs opened lower on Thursday, reversing its earlier gains. The Høstindeksen fell by 0.64 percent at the close of trading. European and American markets were also red. Oil prices surged above $105 per barrel on Thursday, the highest since May. European gas prices hit an all-time high of 83 euros per megawatt-hour. At Oslo Børs' lunchtime, oil was trading at $104.2 per barrel, up 2.7 percent for the day, while gas prices rose 3 percent to 81.6 euros per megawatt-hour.

Bloomberg reported on Thursday afternoon that Saudi Arabia had informed Opec that its oil production in the previous month had fallen to its lowest level since 1990. The country produced 6.24 million barrels per day, according to the news agency. Disruptions from shipping traffic through the Strait of Hormuz continue, with several attacks between the US and Iran in recent times.

Analyst Thina Saltvedt of Nordea Markets told E24 that things did not look so promising at the moment. Many large oil companies reported weaker-than-expected earnings at the end of the day. Equinor shares peaked at the day's highest level, but the gain was short-lived, falling 0.4 percent at lunchtime. The Nordic Exchange Index fell 2.6 percent.

Heavyweights like Mowi and Hydro dropped 3.2 percent and 1.9 percent, respectively, while Yara and Aker fell 2.2 percent and 1.7 percent. Oslo Børs reached a new record high after a strong rally in oil prices. This gave a boost to oil stocks, pushing Vår Energi to a new high. Rising oil prices also increase concerns about inflation surging and leading to higher global interest rates.

Kenny Polcari of SlateStone Wealth said that the outlook does not suggest a significant drop in oil prices or market yields in the near term. Nordnet analyst Roger Berntsen warned in his morning report that the situation looks grim for many of the most traded stocks. Deutsche Bank initiated coverage of Kongsberg Group, recommending buying the shares with a target of 360 kroner, a 20 percent increase.

The bank sees Kongsberg evolving into a full-fledged defense contractor with missiles at its core. The company has a favorable geographical spread, and they expect the stock to grow rapidly and generate higher margins compared to its conservative targets. This was noted in Deutsche Bank's research note. At lunchtime on Wednesday, Kongsberg Gruppen traded at 302 kroner.

Odfjell Drilling and Vår Energi entered into a three-year agreement to use the rig Deepsea Bergen, starting in 2028. The contract value is estimated at $518 million, or around 4.8 billion Norwegian krone. As a result of the agreement, Deepsea Bergen's fixed reserve capacity has been extended to the first quarter of 2031. Havvind energy provider Cadeler raised its expectations for revenue and adjusted EBITDA for the 2026 fiscal year.

Expected revenue for 2026 is now between €910 and €1,000 million, up from earlier estimates of €854 to €944 million. EBITDA is expected to range between €435 and €525 million, up from earlier estimates of €420 to €510 million. The upgrade comes after the company's decision to acquire offshore engineering firm Menck, which went into effect on August 11, 2026.

Telenor's subsidiary KNL secured a framework agreement with Denmark's defense procurement and logistics organization DALO to provide high-frequency communication systems. Denmark is now the third Nordic country to join KNL's agreement, after Sweden and Finland. Telenor shares rose in early trading but ended down 0.2 percent.