Oslo, Norway – – European markets are showing cautious optimism this morning, with Norway’s benchmark index experiencing modest gains. Trading is being influenced by fluctuating oil prices, driven by geopolitical tensions, and positive developments for several Norwegian companies.
As of , the Oslo Stock Exchange was up 0.16 percent. The gains follow a record high for the index on Wednesday, exceeding 1,850 points. Brent crude oil is currently trading at $71.30 a barrel, a rise of approximately $1.20 since midnight, fueled by concerns surrounding potential military action by the United States against Iran, as reported by Axios.
The Dutch TTF natural gas price has also seen an increase, reaching €33.075 per megawatt-hour, a near 5 percent jump for the day. These energy price movements are contributing to overall market volatility.
Lifecare ASA Sees Significant Stock Jump Following Patent Approval
One of the most notable movements today is the 5.3 percent surge in shares of Lifecare ASA, a medical sensor company focused on continuous glucose monitoring (CGM) technology. This increase follows an announcement that the European Patent Office (EPO) intends to grant a patent to Lifecare Germany GmbH and the University of Scuola Superiore Sant’Anna in Italy. The patent covers a system technology central to the company’s advanced glucose management solutions.
Lifecare ASA successfully transferred from Euronext Growth Oslo to the main Euronext Oslo Børs market on , marking a significant milestone for the company. CEO Joacim Holter stated, “This is an important milestone for Lifecare to take the step to the regulated market Euronext Oslo Børs. On behalf of the entire organisation, I am very proud that Oslo Børs’ listing committee has assessed and concluded that Lifecare meets the conditions for admission to the main market.” The company is preparing to launch its first product and has a market capitalization of NOK 317 million.
Dof Group Reports Increased Revenues
Offshore vessel operator Dof Group also contributed to positive market sentiment, reporting revenues of $540 million for the fourth quarter, up from $410 million in the same period last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached $206 million, an increase from $136 million in the fourth quarter of .
Dof Group CEO Mons Aase stated the company is introducing its EBITDA guidance for in the range of $830–$880 million, based on a strong order book, increased rates for several vessels, and continued high activity in subsea projects and tenders.
BCS Halves Loss, Stock Declines
Bergen Carbon Solutions (BCS), a company focused on carbon capture and utilization, reported a loss before tax of 5.1 million Norwegian kroner in the fourth quarter, an improvement from a loss of 9.9 million kroner in the same quarter of the previous year. Despite the reduced loss, BCS shares fell 3.1 percent today.
BCS currently has no revenues but is focused on developing its core technology. The company’s priorities for include producing larger test volumes and strengthening collaborations with European and Asian partners. CEO Odd Strømsnes noted the company is ending the year “as a more robust company, with a stable technology platform, improved financial position and a clear and feasible plan for the next development phase.”
Market Snapshot
Here’s a look at some of the most actively traded stocks as of :
- Equinor: Up 1.6 percent
- Constellation Oil Services Holding (COSH): Up 1.92 percent
- Frontline: Up 0.35 percent
- Kongsberg Gruppen: Down 1.07 percent
- Vår Energi: Up 0.47 percent
The increase in COSH’s share price follows a large block sale of shares worth over 161 million Norwegian kroner. A total of 1,239,980 shares were sold at a price of 130 kroner each, according to Infront.
Investors can find more detailed market updates in E24’s Aksjelive.
