(Updating with full report)
OSLO (Thomson Financial) - Share prices closed lower, led down by DNO on profit-taking after the stock rose last week on the prospects of the firm selling its Iraqi assets, while Jinhui Shipping and Golden Ocean rose on stronger rates.
The OSEBX Benchmark index closed 1.89 points lower at 464.85 and the OSEAX All Share index fell 2.25 points to 537.64.
Total turnover amounted to 7.68 bln nkr.
DNO closed 0.43 nkr lower at 10.08 on concerns about delays to progress in Iraq, and as the prospects of the firm selling its Iraqi assets receded, dealers said.
Last week shares in DNO jumped more than 11 pct after the firm said it had rejected a 700 mln usd bid from an unnamed oil major for its oil assets in Iraq.
This, analysts said at the time, signalled that the firm's assets were 'now in play'. Today, analysts said the share had 'got a bit ahead of itself' on the news.
'There's nothing major in it (the share price fall today), but it's just some selling after last week's gains,' one analyst said.
Norsk Hydro was down 2.25 at 210. The group has reached an agreement with Chevron unit Chevron North Sea Ltd to acquire its entire interests in the 'Mariner' and 'Bressay' fields on the UK continental shelf. No financial details were given, but Hydro said the deal will see it acquire a 64.6 pct stake in the Bressay field, and 45 pct of the Mariner field.
Statoil was down 1.75 at 162.5.
Jinhui Shipping added 2.75 to 60.5 and Golden Ocean was up 0.65 at 26.8, lifted by stronger bulk transport rates, dealers said.
Seadrill fell 0.75 to 109 ahead of its second-quarter earnings release due after the market close. The consensus is for operating profit of 76 mln usd vs 59 mln on sales of 331 mln usd vs 276 mln.
Petroleum Geo-Services shed 0.25 to 132.75.
Telenor was unchanged at 103.25, but reached a high of 104.5 earlier in the session. Orion Securities said that a rally in reference shares indicates that investors should buy the stock. Telecoms stocks have good defensive qualities and in a continuing nervous market investors will go for these stocks before going for more risky investments, the broker said.
Schibsted rose 2 to 265. The company will book a restructuring charge of 40-50 mln nkr in the third quarter, as part of a restructuring of its internet search operations, and expects it to reduce its cost base by about 130 mln nkr.
The Norwegian media group said the charge relates to write-downs of technology licenses and the reduction of staff at 'Schibsted Sok', its search service division, in both Norway and Sweden.
Orkla was 0.6 lower at 93
Among other stocks traded today, Aker Yards was up 2 at 66 and Storebrand added 1.2 to 89.6, while DnB NOR was down 0.8 at 79.7, Norske Skog shed 1 to 70.5, Yara International was down 0.25 at 157.25 and Aker Kvaerner fell 1.5 to 146.75. michael.delaine@thomson.com mdl/bsd 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
