Oslo Stock Exchange Drops 1.8% Following Global Declines
Oslo Stock Exchange dropped 1.8% Friday following global market declines. Major Norwegian energy and shipping companies led the losses, with Höegh Autoliners plunging 12.4% after a profit warning. The decline reflects broader concerns affecting commodity-focused markets.
The Oslo Stock Exchange fell 1.8 percent in early trading Friday. This drop follows Thursday's declines on Wall Street and Asian markets overnight.
Major Norwegian companies contributed to the sharp decline. Equinor shares dropped 1.5 percent while DNB fell 1.52 percent. Kongsberg Gruppen saw a 4.27 percent decrease and Norsk Hydro declined 1.12 percent.
Car carrier company Höegh Autoliners plummeted 12.4 percent. The shipping firm issued a profit warning about weaker results.
The Oslo exchange specializes in energy, shipping and seafood sectors. It began trading on April 15, 1819 and joined the Euronext network in 2019.
Norway's market often moves with global trends but remains heavily weighted toward maritime and energy industries. This makes it particularly sensitive to shipping rates and oil prices.