April 24, 2018 / 8:33 AM / 4 months ago

NORWEGIAN STOCKS-Oil price boosts Statoil, Telenor down as Asia slows

OSLO, April 24 (Reuters) - * Norwegian shares traded up on Tuesday * Oslo’s benchmark index rose 0.27 pct, or 2.33 points, to 853.54 points and was up by 4.51 pct year-to-date * The broader Oslo All Share Index was up 0.31 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, rose $0.28 to $74.99 a barrel, highest since November 2014 and supported by OPEC cuts and strong demand * Among the biggest firms on the Oslo Bourse, Statoil rose 0.80 pct, Telenor fell -2.57 pct and DNB rose 0.53 pct * Turnover at the Oslo Bourse was 1.2 billion Norwegian crowns and most traded shares were Telenor, Norsk Hydro and Statoil * Telenor reported Q1 EBITDA above forecast while revenues were below. Broker Jefferies says EBITDA strong on aggressive cost cutting but concerned about slowdown of overall revenue momentum with softening momentum in Pakistan, Bangladesh and Myanmar * Broker Arctic Securities says one reason for the drop could be expectations for more dividend after peer Telia launched a buyback program last week * Oil firms Aker BP ASA and DNO were up 2.5 to 3 pct * Aker BP ASA:Credit Suisse raises price target to NOK 225 from NOK 200 * Shares of Subsea 7 SA were up 1.21 pct to NOK 117.15 * Subsea 7: Mcdermott rose 16 pct to $7 in U.S. after Subsea 7 confirmed bid to buy its competitor * Golden Ocean Group Ltd 2.92 pct: Baltic Dry index near 15 weeks high * Losers: BW LPG Ltd -3.83 pct, Seadrill Ltd -2.70 pct * Abroad European shares rose 0.21 pct, Japan’s main share index Nikkei ended up 0.86 pct, while in China Shanghai index was up 1.97 pct and Dow Jones index in the United States -0.06 pct on Monday (Reporting By Ole Petter Skonnord)

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