Stops SAS trade – NRK Norway – Overview of news from different parts of the country


In Scandinavia, there is a full gap in the pricing of the SAS share, where the same share class is traded on three different stock exchanges.

Investors on the Oslo Stock Exchange trade SAS for NOK 4.1 per share, while on the Stockholm Stock Exchange the share is traded for NOK 2.35 on Tuesday afternoon. On the Copenhagen Stock Exchange, the SAS share is traded at DKK 1.75.

– This challenges any logic, says equity analyst at Sydbank, Jacob Pedersen, to NRK.


SAS is up 135 percent on the Oslo Stock Exchange on Tuesday.

When the stock market opened at dawn, many had to rub their eyes over a share price that went from 2.10 kroner to 6 kroner at the highest.

No news in the market could explain the sharp rise, and the Oslo Stock Exchange responded at 11 o’clock by stopping trading in case there was important information about the company that was not available to everyone.

– My best guess is that it is based on a misunderstanding, Pedersen said about the price movements in the 12 o’clock.

He points out that SAS is in the process of raising more money for the company due to the corona crisis. In this connection, SAS will issue several shares that will dilute the value per share in the airline.

Tuesday was the first day the SAS shares were traded without a right to subscribe for new shares in the airline. Normally, the price of a share will fall after an issue.

The Oslo Stock Exchange referred to the announcements from SAS about the issue and the subscription right when trading was reopened, and indicated that the technical changes in the SAS share were in the blind zone of some investors.

Pedersen is surprised that the issue has passed many investors by.

– This indicates that there has really been talk of a high proportion of uninformed investors who have traded the share blindly, Pedersen says.

Still highly priced

When trading resumed at 13.20, SAS lost large parts of the rise, which was up to 260 per cent on the Oslo Stock Exchange.

However, the share price was not adjusted sufficiently to even out the difference from the stock exchanges in the rest of Scandinavia.

Pedersen says that there must be many investors who have not understood that the change in the subscription right on Tuesday means that the shares are less valuable today than yesterday. If you are not aware of the change, you will also be willing to pay more for the SAS shares than investors who are familiar with the information.

– They have difficulty understanding what pricing applies in connection with the issue, he says.

– Can it have such a big impact on the share price?

– I think it actually can. The price is determined by the buyer and seller. If they have not caught on to technical changes, they will trade the stock completely differently than if they were aware of the difference.

Now that the misunderstanding has been cleared up, he believes unprofessional investors should pay more attention to the information coming from companies they put their money on.

– This should be something for ordinary investors to think about, he says.

Low turnover in the share

The price movements this morning were probably triggered by small change in circulation on the Oslo Stock Exchange.

SAS was traded for NOK 3.2 million on Tuesday until trading was stopped at 11 o’clock, which is a low trading volume where few buy or sell orders can trigger larger movements than normal in the trading price.

At 15.00, the turnover has been almost 8 million kroner.

The Oslo Stock Exchange does not comment on specific situations, but says on a general basis that trading stops are carried out to investigate deviations, and to “give the market a break”.

– We investigate different things. It can be who has traded, which brokerages it has been traded through, and we can contact other exchanges. In some cases, we contact the company directly, to hear if there are any special conditions you must be aware of, says press contact Geir Harald Aase in the Oslo Stock Exchange.

A stock exchange shutdown ensures that all potential investors can have equal access to critical information that can have a price-driving effect.

– At the same time, you give all those who shop an opportunity to think a little about, says Aase.

Press manager John Eckhoff in SAS writes in an SMS to NRK that SAS does not comment on the share price.


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