Slaughter At The Oslo Stock Exchange (Update)

The Norwegian stock market experienced a massive sell-off Tuesday, with the benchmark index tumbling 5,28%, the sharpest drop of the year. More half of the companies included in the index fell more than 5%, seven shares nosedived more than 10%.

“Those who believe in the double-dip have had a little water on the mill today.”

Jørn Lyshoel

The stocks at Oslo Stock Exchange made its sharpest drop of the year Tuesday, with share prices falling more than in other European markets. More than half of the shares included in the benchmark index fell more than 5%, and seven companies lost more than 10% of their market value.

According to the Norwegian website, it’s the U.S. Conference Board downward revision of China’s leading economic indicator by 0,3% that have put the fear back in the Norwegian investors.

According to the financial news agency, TDN Finans, one of the brokers says that the fear of a double-dip now back with full force. Adding: “And it has not been any news that has managed to calm the market.”

“But the market could turn both ways,” he points out.

Jørn Lyshoel

Jørn Lyshoel

“Both the Oslo Stock Exchange and the S&P 500 index have formed a head-and-shoulder-formation. If the S&P’s breaks down below 1050 points can quickly fall further, “ he says.

The US Index futures is down about 1,2% at the moment.

“I think it will settle down in a little while, but it is heavy today after the weak leading indicator in China.Those who believe in the double-dip have had a little water on the mill. This has an impact on commodities shares today,” Jørn Lyshoel,  strategist at Nordea Markets, says according to TDN Finans.

Dropping 5 – 15 Percent

The Oslo Stock Exchange Benchmark Index (OSEBX) ended down 5,28%, at 326,68 points, the sharpest drop so far this year.

Here’s a few examples of today’s massacre:

Acta Holding (ACTA): -5,78%

Aker Solutions (AKSO): -7,43%

Algeta (ALGETA): -10,22%

BWG Homes (BWG): -8,12%

Eitzen Chemical (ECHEM): -14,62%

Golden Ocean Group (GOGL): -7,66%

Kongsberg Automotive Holding (KOA): -11,55%

Marine Harvest (MHG): -8,74%

Nordic Semiconductor (NOD): -7,41%

Royal Caribbean Cruises (RCL): -9,51%

Renewable Energy Corp. (REC): -9,18%

Sevan Marine (SEVAN): -14,68%

Songa Offshore (SONGA): -8,44%

Here’s the whole miserable  list.

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