Oslo equities finished lower on Tuesday, with the Oslo OBX index dropping 0.53% at the close and marking a new three-month low. The downward move was driven chiefly by weakness in the Media, Transport and Diversified Financials sectors.
Among the Oslo OBX constituents, Hoegh Autoliners ASA (OL:HAUTO) was the session's strongest performer, closing up 1.05% - a gain of 1.60 points - at 153.90. Kongsberg Gruppen ASA (OL:KOG) advanced 0.79%, adding 2.30 points to finish at 292.30. Frontline Ltd (OL:FRO) also rose, gaining 0.76% or 2.80 points to close at 370.40.
The heaviest losses hit several notable names. Nel ASA (OL:NEL) led declines, falling 8.12%, a drop of 0.21 points, to end the session at 2.38. Norwegian Air Shuttle ASA (OL:NAS) slipped 2.82%, down 0.45 points, to 15.50. Subsea 7 SA (OL:SUBC) retreated 2.28%, or 8.00 points, to close at 343.00.
Market breadth on the Oslo Stock Exchange favored decliners, with 156 stocks falling versus 94 advancing and 29 unchanged. Frontline Ltd (OL:FRO) was noted for reaching a five-year high in late trade, closing 0.76% higher at 370.40.
Commodities and FX
Commodities moved notably lower during the session. Crude oil for July delivery fell 4.64%, a decline of 3.75, to trade at $77.00 per barrel. Brent oil for August delivery declined 3.87% or 3.22 to $79.95 a barrel. The August Gold Futures contract slipped 0.16%, down 6.80, to trade at $4,344.80 a troy ounce.
Foreign exchange also shifted: EUR/NOK fell 0.36% to 11.01, while USD/NOK declined 0.49% to 9.49. The US Dollar Index Futures was down 0.04% at 99.33.
Takeaway
The session displayed divergence among individual large caps, with a few stock-specific gains offset by broader sector weakness that pushed the OBX to a three-month low. Commodity price moves and currency swings accompanied the equity declines.