August 22, 2018 / 12:45 PM / 3 months ago

NORWEGIAN STOCKS-Weak salmon shares after Q2 reports

OSLO, Aug 22 (Reuters) - * Oslo’s benchmark index fell -0.01 pct, or -0.05 points, to 904.26 points and was up by 11.03 pct year-to-date * The broader Oslo All Share Index was up 0.06 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, rose $1.29 to $73.92 a barrel * Among the biggest firms on the Oslo Bourse, Equinor was flat 0.00 pct, Telenor rose 0.09 pct and DNB rose 0.24 pct * Turnover at the Oslo Bourse was 2.6 billion Norwegian crowns and most traded shares were Marine Harvest, PGS and Equinor * Shares of salmon farmer Marine Harvest ASA were down 2.29 pct to NOK 176.9 * Marine Harvest cuts 2018 production guidance by 5 percent due to biological issues * Also peers Grieg Seafood and Leroye were down 3-4 pct after Q2 earnings * Grieg Seafood cuts production guidance because of disease on the fish and Leroey Seafood operating profit was below forecast while it kept production guidance * All the fish farmers expect a strong market going forward and in 2019, as limited output growth combines with strong demand * Salmon spot prices are currently below 50 crowns per kilo, down from a peak of 80 crowns in the second quarter, which is seen as temporary and partly due to seasonal effects * Shares of tanker firm Frontline Ltd were up 1.30 pct * Frontline reported a smaller Q2 loss than expected and tanker rates are rising despite still below cash break even levele * Biggest gainers: REC Silicon 4.55 pct, Hexagon Composites 4.12 pct and Wilh Wilhelmsen Holding 4.05 pct * Biggest losers: Petroleum Geo Services ASA -7.66 pct, Thin Film Electronics ASA -5.14 pct and Grieg Seafood ASA -4.81 pct * PGS: Seismic peer Rieber Shipping announces that its JV Shearwater (owned 50/50 with Rasmussengruppen) plans to buy Schlumberger marine seismic acquisition business * Rieber Shipping were up 28 pct * Abroad European shares fell -0.06 pct, Japan’s main share index Nikkei ended up 0.64 pct, while in China Shanghai index was down -0.70 pct and Dow Jones index in the United States 0.25 pct on Tuesday (Reporting By Ole Petter Skonnord)

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