Oslo shares AFX at a glance outlook

Oslo shares AFX at a glance outlook

	Published : Thu, 22 Mar 2007 08:46 By : Agencies Print this Story

OSLO (AFX) - Shares are expected to open stronger this morning, on the back of recovering oil prices and following broader market gains on Wall Street, with US equities jumping as investors reacted positively to the Fed's decision to leave US rates on hold, dealers said.

The OSEBX Benchmark index closed 5.37 points higher at 456.36 and the OSEAX All Share index rose 5.38 points to 514.84.

Total turnover amounted to 11.36 bln nkr.

FORTHCOMING EVENTS

Today

-Tandberg Television is to be taken out of the 'OBX' index and moved to the 'OB Match' segment.

Tomorrow

-Nothing expected

COMPANY NEWS

-Hafslund said it is to sell a third of its 21.33 pct stake in Renewable Energy Corporation, equivalent to 35 mln shares, in a book-building exercise run by ABG Sundal Collier Norge and UBS Investment Bank.

-Telenor ASA chief financial officer Trond Westlie has dismissed suggestions that the Norwegian telecoms group could look to exit Ukraine, despite announcing that the firm is to separate the reporting of Ukrainian unit Kyivstar from the rest of its operations, with effect from its 2006 Annual Report.

-Aker Yards said it has purchased 55,000 of its own shares at a price of 505.51 nkr per share, taking its total holding to 455,000 shares, or 2 pct of the total issued share capital.

-Telenor rival, Altimo - a subsidiary of Russia's Alfa Group - said it has paid 618 mln usd to hike its stake in Vimpelcom to 42.4 pct from 36.9 pct.

MARKET SENTIMENT

-Deutsche Bank reiterates its 'hold' recommendation on Telenor, but ups its price target to 120 nkr from 136.

-Goldman Sachs reiterates its 'neutral' recommendation on Telenor.

-Carnegie reiterates its 'outperform' recommendation on Tandberg after its latest channel check suggests a strong first quarter.

-Carnegie reiterates its 'outperform' recommendation on Telenor, but cuts its price target to 137 nkr from 139.

-Carnegie reiterates its 'outperform' recommendation on Hafslund, pointing out that its 179 nkr price target leaves 28 pct upside.

PRESS REPORTS

-Statoil said in a filing to the US Securities and Exchange Commission that it could face US sanctions because of its activities in Iran, while it risked losing 171 mln barrels of oil reserves in an 'unlikely' worst case in Venezuela (Aftenposten)

-The 200-strong crew of giant trawler 'Atlantic Navigator' will lose their jobs after Aker BioMarine decided to drop fishing and use the vessel for krill instead (Aftenposten).

-The new Norwegian petroleum giant StatoilHydro has chosen to place the headquarters for its High North activities in the town of Stjordal, in a blow to the three northern-most Norwegian counties, which have argued that the headquarters should be located further north (Barents Observer).

-Algeria's energy minister has suggested that gas producers may set up a committee of experts to consider the idea of forming a 'gas Opec', but added that consumers already viewed any such cartel as a 'monster' (upstreamonline.com).

alastair.reed@thomson.com

ar/slj

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