Oslo shares open lower; oil stocks fall on weaker crude oil prices |
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Wed, 10 Jan 2007 10:13
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OSLO - Share prices were lower in opening trade, with oil stocks lower after crude oil prices weakened overnight, brokers said.At 9.35 am, the OSEBX Benchmark index was 1.54 points lower at 427.51 and the OSEAX All Share index fell 2.00 points to 485.95.Total turnover was to 2.00 bln nkr.Statoil was 1 nkr lower at 152 and Norsk Hydro fell 1 to 179.75 after crude oil prices weakened overnight ahead of today's US oil inventories, which are expected to show a rise.The weaker crude oil prices also affected oil service sector stocks, with Petroleum Geo Services falling 1.5 to 134.5 and Subsea 7 shedding 1.25 to 105.Seadrill was down 0.7 at 95.7 after it said it will ask the courts to cancel the mandatory offer obligation imposed in December by the Oslo Stock Exchange Appeals Committee (SEAC) in Seadrill's bid for Eastern Drilling.Eastern Drilling was unchanged at 127.5.FORTHCOMING EVENTSToday-Consumer Price Index Data (10.00 am)-Producer Price Index Data (10.00 am)Tomorrow-nothing expectedPRESS REPORTS-Norsk Hydro aims to list petrochemical business, Hydro Polymers, before summer or during Q3 at latest -- Hydro Polymers chief executive Helge Holen (Dagens Naeringsliv)-Norsk Hydro's Hydro Polymers worth about 5 bln nkr -- analysts (Dagens Naeringsliv)-Statoil shareholders risk losing 10-15 bln nkr if Sincor project in Venezuela, in which Statoil has a 15 pct stake, is nationalized -- analysts (Dagens Naeringsliv)michael.delaine@afxnews.commdl/jsaCOPYRIGHTCopyright AFX News Limited 2006. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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