OSLO (Thomson Financial) - Share prices closed lower, led down by Petroleum Geo-Services on renewed concerns ahead of its results next week, and by Hafslund, after a weaker second quarter report, dealers said.
The OSEBX Benchmark index closed 0.73 pct lower at 520.56 while the OSEAX All Share index fell 0.64 pct to 601.19.
Total turnover amounted to 7.85 bln nkr.
With Wall Street expected to open lower after late losses last night and continued nervousness about the effects of subprime lending on top financial stocks, Oslo finished the week lower having hit a new all-time high of 526.05 earlier today.
PGS led the fallers, losing 2.88 pct to finish the day at 152.
The seismic firm is due to release its second quarter results next Thursday, and while the market is expecting the firm's 'best ever quarter', some analysts say they are concerned that revenues from PGS's contracted seismic unit will have fallen over the quarter, due to a shift towards multi-client data acquisition, the relocation of two crews, and a seasonal downturn.
Elsewhere in the offshore services sector, Seadrill lost 1.20 pct to finish at 124, Subsea 7 eased 0.67 pct to 147.50, and Fred Olsen Energy ended flat at 303.
Norwegian electricity-to-home security group Hafslund added to overall falls, finishing the day lower after having disappointed investors with a second quarter report that was hit by lower power prices and the payment of special dividends worth 3.46 bln nkr.
For the second quarter Hafslund posted operating profits of 6.91 bln nkr, down from 7.70 bln at the same point last year, as the firm was hit by a 40 pct year-on-year fall in average power sales prices.
Revenues, meanwhile, came in at 2.04 bln nkr, falling from 2.39 bln at the same point last year.
Hafslund's A-shares fell 1.89 pct to 155.50 on the results, while its B-shares lost 0.93 pct to finish at 160.50.
Renewable Energy Corporation, in which Haflsund has a 14.3 pct stake, closed down 2.20 pct having gained more than 5 pct this week on the news that it is to invest 1.35 bln nkr increasing its solar wafer capacity in Norway.
Fast Search & Transfer, the internet search group, fell 2.05 pct to 14.35.
The group announced it has won a deal with fund manager Fidelity International for the deployment of its Fast Enterprise Search Platform, worth an undisclosed sum.
Elsewhere, oil stocks were largely unchanged as oil prices steadied, underpinned by speculative buying amid continuing concerns over global supply and a positive demand outlook boosted by China's release yesterday of stronger-than-expected second-quarter GDP data.
Statoil closed 0.14 pct weaker at 184.50, Norsk Hydro fell 0.83 pct to 239.50, and DNO lost 0.59 pct top finish at 11.83.
Financial services group DnB NOR closed 0.49 pct lower at 81.10 having yesterday jumped on positive investor sentiment following a stronger-than-expected report from Nordic peer Nordea and a 15 pct first-half jump in operating profits at SEB.
Telenor, meanwhile, finished 1.05 pct lower at 117.50.
The firm's Malaysian unit, DiGi, said second-quarter pretax profits came in at 344.52 mln ringgit, up from 280.61 mln the year before.
Telecoms giant Telenor is expected to post strong second-quarter results on Tuesday, proving the business is back on track after two quarters of disappointment, although concerns remain about the group's domestic mobile operations and analysts say that the damaging dispute with Altimo over Ukraine's Kyivstar needs resolving before the firm's share price can bounce back to previous highs.
EDB Business Partner shed 2.29 pct to 53.25, while Yara International fell 2.23 pct to 164.75.
Orkla was flat at 114.50, Schibsted fell 1.13 pct to 262, and Tandberg fell 0.34 pct to 148.50.
Stolt-Nielsen, meanwhile, rose 2.42 pct to 212.
The shipping group said it is to split the company into two separate business units, to be known as 'Stolt Tankers & Terminals' (ST&T) and 'Stolt Tank Containers' (STC), in a bid to improve synergies and enhance the firm's growth strategy.
Norwegian peer Frontline closed up 0.17 pct at 287. alastair.reed@thomson.com ar/ejp COPYRIGHT Copyright AFX News Limited 2007. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
© 2007 AFX News
