(Updating with full report)
OSLO (AFX) - Share prices closed lower, led down by Statoil, Norsk Hydro and other oil-related stocks on weaker crude oil prices, and by Schibsted and Tomra Systems after acquisitions, brokers said.
The OSEBX Benchmark index closed 2.42 points lower at 377.18 and the OSEAX All Share index fell 2.87 points to 432.19.
Total turnover amounted to 10.28 bln nkr.
Statoil closed 2 nkr lower at 174. Jyske Bank downgraded its rating on the stock to 'sell' from 'accumulate', with a 160 nkr price target, due to a changed view on the oil sector. The bank now sees a larger probability for a decline rather than an increase in crude prices.
Oil producers Norsk Hydro shed 1.5 to 165.5 and DNO fell 1.75 to 55.5 on the weaker oil prices, dealers said.
Petroleum Geo-Services was down 8 at 401 and TGS-Nopec Geophysical fell 14 to 40. PGS rose yesterday, while TGS was lower, ahead of first-quarter earnings from peer Veritas DGC, which posted better than expected numbers overnight, dealers said.
SeaDrill shed 4 to 79. DnB NOR Markets cut its stance on the stock to 'hold' from 'buy' and lowered its target price to 90 nkr from 105 following last week's first quarter earnings report.
Fred Olsen Energy was 1 higher at 264 and Frontline added 8.5 to 203.5, while Golar LNG fell 1.75 to 81.75, Prosafe was 13 lower at 36, Subsea 7 was down 3.5 at 90 and Stolt-Nielsen fell 3 to 157.
Orkla shed 4 to 288.5. The group bought Trader Classified Media NV's western Europe and Latin American operations for 580 mln eur. Brokers said the move was strategically interesting but a bit expensive.
Schibsted fell 3.5 to 173.
Tomra Systems shed 0.75 to 57.75. Its fully owned subsidiary, TiTech Visionsort, has acquired CommoDaS GmbH, a German manufacturer of sorting systems, for around 100 mln nkr.
Aker Yards was 7.5 lower at 420. The group won a 400 mln nkr order from Olympic Shipping AS for a Remotely Operated Vessel (ROV) to be delivered in April 2008.
Aker Kvaerner shed 20 to 580.5 and Aker fell 7 to 315.
Tandberg rose 0.25 to 52.75. StarBak Communications Inc, which provides integrated network video solutions for video-based applications over IP networks, has filed a patent infringement suite against Tandberg, Tandberg Telecom AS and Tandberg Inc.
Telenor rose 2.25 to 79.5.
Elsewhere, Storebrand rose 0.5 to 63.5, DnB NOR added 1 to 78.5 and Yara International was up 0.25 at 84.5, while Norske Skog shed 0.5 to 89.5. michael.delaine@afxnews.com mdl/jc1 COPYRIGHT Copyright AFX News Limited 2005. 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. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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