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Oslo shares close higher, led up by DNO on renewed Iraqi
Kurdistan hopes |
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Oslo shares close higher, led up by DNO on renewed
Iraqi Kurdistan hopes
1.4.2008
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April 1, 2008
OSLO, -- Oslo shares closed higher, led up by
DNO on renewed hopes for the oil firm in Kurdistan
region in northern Iraq, and by Eltek, after the
firm refinanced an expensive loan, dealers said.
The OSEBX Benchmark index closed up 0.20 percent at
411.99, while the OSEAX All Share index was 0.01
percent higher at 477.40.
Total turnover was 10.10 billion Norwegian crowns.
Having endured a torrid time ahead of the Easter
break on the back of global economic turmoil,www.ekurd.net
the
Oslo Bors has now recorded a stronger finish in each
of the last five trading days.
Despite starting the day firmly in the red, investor
sentiment recovered as the day progressed,
outweighing the impact of a weaker opening on Wall
Street and falling oil prices.
Overall sentiment in Oslo was most obviously boosted
by oil firm DNO, which jumped 17.75 percent to 9.09
crowns. |
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Dealers said the
Norwegian oil firm was up on an end to recent
fighting in the southern Iraqi city of Basra, an
important conduit for most of Iraq's crude exports.
Additionally, they said, encouraging noises are
starting to come from Baghdad regarding the firm's
all-important oil export licence.
DNO holds its capital markets day on Thursday, and
analysts say this could provide a further trigger.
'I expect they'll be pretty bullish about
Kurdistan,' one said, adding that the company might
also give more information about the size of its
Hawler well, not far from its major Tawke field in
Kurdistan 'Northern Iraq'.
The other main riser Monday was
telecommunications-to-energy group Eltek, which
jumped 6.57 percent to 22.70 crowns.
Copyright, respective author or news agency, Thomson
Financial, hemscott com
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