The Scatec share jumped on the green Oslo Stock Exchange – E24

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The main index on the Oslo Stock Exchange rose by 1.1 percent on Friday. The solar cell company Scatec Solar rose 18 percent after a billion purchases and a name change.

Gorm Kallestad / NTB

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After a lead-heavy yesterday for the Oslo Stock Exchange, the Stock Exchange got wind in its sails on the week’s last trading day.

The main index closed up 1.1 percent to 872.5 points.

The oil price was down 0.8 percent to $ 42.64 a barrel at closing time.

Scatec Solar jumped on billion-dollar purchases

Before the stock exchange opened, the solar cell company Scatec Solar announced that they would buy the Norfund company SN Power for close to NOK 11 billion.

– This is an anniversary for Scatec Solar, says the company’s CEO Raymond Carlsen at a press conference on Friday.

The company will be a large-scale global player in hydropower, solar power, wind power and battery solutions. As part of the changeover, «Solar» is dropped from the name.

In the future, we will be called Scatec, because we will not only operate with sun, but also batteries, water and wind, says Carlsen.

On the morning twig, Scatec also came up with results for the third quarter. Turnover was NOK 724 million in the quarter, up from NOK 512 million at the same time last year. Profit after tax ended at minus NOK 24 million, from a positive result of NOK 66 million at the same time last year.

The Scatec share soared above 20 percent during the day before it landed at 18 percent at closing time.

Scatec was only beaten by the IT company Carasent and Reach Subsea.

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Technology companies went public

Friday will be the first trading day for technology company Elliptic Laboratories on the Oslo Stock Exchange market Merkur Market. The company manufactures sensors for mobile phones for PCs and mobile phones.

Prior to the listing, the company raised NOK 125 million in a share issue. The issue priced the company at NOK 1.44 billion.

The Elliptic box ended the day at NOK 153.5 compared to an issue price of NOK 150.

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Mercury over 100 billion

This week, there has been an IPO on Merkur Market almost every day. The hydrogen company Teco 2030 went public on Monday, Hydrogenpro was listed on Wednesday, while the cod farmer Norcod went public on Thursday.

The marketplace is now up to 50 listed companies, which together are worth more than NOK 100 billion in market value.

More than half of the companies, 28, were listed on the stock exchange this year. The 28 newcomers raised a total of NOK 11 billion through share issues, according to a press release from the Oslo Stock Exchange.

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Entra delivered above expectations

Before the stock exchange opened, the real estate company Entra presented quarterly figures above expectations.

The company ended with a profit before tax of NOK 1.35 billion in the period, a 50 percent increase from 900 million in the same period last year.

The result from real estate operations was 383 million in the three-month period, up from 360 million in the third quarter of last year. A profit from property operations of NOK 378 million in the quarter was expected in advance, according to the Infront consensus.

The Entra share rose 1.1 percent to NOK 133 on Friday.

Resultatbyks for Entra

– Little to look forward to yesterday

Friday’s rise follows a red Thursday on the Oslo Stock Exchange, when the Main Index closed down 1.67 percent to 862.96 points, and the oil price fell 2.99 percent for the day to 42.16 dollars.

The oil price has since recovered somewhat from the fall, and is at 11.30 at 42.64 dollars, a decrease of 0.81 percent for the day.

In Asia, the stock markets ended mixed on Friday morning, after a slight decline on Wall Street on Thursday. The three leading stock indices in the US ended down between 0.07 and 0.47 per cent, after which disappointing figures from the labor market contributed negatively.

At closing time on the Oslo Stock Exchange, the indices on Wall Street glow green after three heavy days.

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Read Berntsen’s morning report

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