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| Stocks take another beating |
| [30.08.2007, 11:55pm, Thu. GMT] |
Investors were in a selling mood Thursday morning, driving down prices once again on the Oslo Stock Exchange. The day closed with the market down more than 4 percent. Global market turbulence and the Norwegian central bank's decision on Wednesday to boost interest rates again were seen as the main reasons for the sell-off. Some of Norway's wealthiest industrialists and financiers have suffered huge losses this week, albeit on paper. The value of shipowner John Fredriksen's holdings has reportedly fallen around NOK 4.5 billion, but he indicated to newspaper Dagens Næringsliv that he wasn't overly concerned because share values had been at an all-time high."Everyone should be able to tolerate a 10 percent decline from an all-time high," said Fredriksen's assistant, Tor Olav Trøim.
The main index for the Oslo Stock Exchange (Børsen) fell 2.5 percent during the first half-hour of trading Thursday. It was down 11.3 points to 446.8. It ended trading on Wednesday down 1.9 percent from the day before.
The index ended at 439.74 points on Thursday, wiping out most of the gains posted since January 2, the first trading day of this year.
Tandberg Data was the biggest loser during early trading, with its share price tumbling 12.2 percent. Programming firm Profdoc was next in line, losing 9.4 percent of its share value.
Norway's two largest companies, Statoil and Norsk Hydro, fell 2 and 2.5 percent respectively even though oil prices remain historically high. Construction and offshore firm Aker was down 1.5 percent.
Fears in global credit markets set off panic selling in Asia earlier in the day, while major European stock exchanges in London, Paris and Frankfurt fell 1-2 percent on opening. Stockholm's exchange was down 2.6 percent.
Aftenposten English Web Desk |
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