Norwegian Stocks: Weak salmon shares after Q2 reports
22/08/2018 13:41
OSLO, Aug 22 (Reuters) - * Oslo's benchmark index .OSEBX fell -0.01 pct, or -0.05 points, to 904.26 points and was up by 11.03 pct year-to-date * The broader Oslo All Share Index .OSEAX was up 0.06 percent * Brent crude futures LCOc1 , a trigger for the oil heavy Oslo Bourse, rose $1.29 to $73.92 a barrel O/R * Among the biggest firms on the Oslo Bourse, Equinor EQNR.OL was flat 0.00 pct, Telenor TEL.OL rose 0.09 pct and DNB DNB.OL rose 0.24 pct * Turnover at the Oslo Bourse was 2.6 billion Norwegian crowns and most traded shares were Marine Harvest MHG.OL , PGS PGS.OL and Equinor EQNR.OL * Shares of salmon farmer Marine Harvest ASA MHG.OL MHG.OL were down 2.29 pct to NOK 176.9 * Marine Harvest cuts 2018 production guidance by 5 percent due to biological issues urn:newsml:reuters.com:*:nFWN1VC0QN * Also peers Grieg Seafood GSFO.OL and Leroye were down 3-4 pct after Q2 earnings * Grieg Seafood cuts production guidance because of disease on the fish and Leroey Seafood operating profit was below forecast while it kept production guidance urn:newsml:reuters.com:*:nL8N1VD1WY * All the fish farmers expect a strong market going forward and in 2019, as limited output growth combines with strong demand * Salmon spot prices are currently below 50 crowns per kilo, down from a peak of 80 crowns in the second quarter, which is seen as temporary and partly due to seasonal effects urn:newsml:reuters.com:*:nL8N1VD188 * Shares of tanker firm Frontline Ltd FRO.OL were up 1.30 pct * Frontline reported a smaller Q2 loss than expected and tanker rates are rising despite still below cash break even levele urn:newsml:reuters.com:*:nFWN1VD00N * Biggest gainers: REC Silicon REC.OL 4.55 pct, Hexagon Composites HEX.OL 4.12 pct and Wilh Wilhelmsen Holding WWI.OL 4.05 pct * Biggest losers: Petroleum Geo Services ASA PGS.OL -7.66 pct, Thin Film Electronics ASA THIN.OL -5.14 pct and Grieg Seafood ASA GSFO.OL -4.81 pct * PGS PGS.OL : Seismic peer Rieber Shipping RISH.OL announces that its JV Shearwater (owned 50/50 with Rasmussengruppen) plans to buy Schlumberger marine seismic acquisition business * Rieber Shipping RISH.OL were up 28 pct * Abroad European shares .FTEU3 fell -0.06 pct, Japan's main share index Nikkei .N225 ended up 0.64 pct, while in China Shanghai index .SSEC was down -0.70 pct and Dow Jones index .DJI in the United States 0.25 pct on Tuesday (Reporting By Ole Petter Skonnord) ((olepetter.skonnord@thomsonreuters.com; 0047 23 31 65 97;))