August 21, 2018 / 9:11 AM / a month ago

NORWEGIAN STOCKS-Bakkafrost leads salmon shares down after Q2 report

OSLO, Aug 21 (Reuters) - * Norwegian shares traded down on Tuesday * Oslo’s benchmark index fell 0.11 pct, or 1.07 points, to 901.28 points and was up by 10.79 pct year-to-date * The broader Oslo All Share Index was down 0.08 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, rose $0.13 to $72.34 a barrel * Among the biggest firms on the Oslo Bourse, Equinor fell 0.93 pct, Telenor fell 0.12 pct and DNB rose 0.03 pct * Turnover at the Oslo Bourse was 897 million Norwegian crowns and most traded shares were Marine Harvest, Equinor and Norwegian Air * Shares of salmon farmer Bakkafrost were down 3.87 pct to NOK 476.6 at GMT 0840 * Bakkafrost Q2 operating profit above forecast but cuts guidance for harvest volume for 2018 by 4 pct and raises investments for 2018 to 2022 * Sparebank 1 Markets says: “There is a DKK 20.1 non-recurring gain in the farming segment this quarter (well hidden in one of the presentations), which reduces operational EBIT (adj.) down to DKK 388m” (vs Reuters consensus of DKK 387 mln) * Sparebank 1 Markets: “Consensus estimates will be lowered after this report as BAKKA sees 4 pct less harvest volume in 2018. 2019 will be limited impacted. We reiterate our Sell recommendation.” * Shares in peers Grieg, Salmar, Leroey and Marine Harvest down 1.5 to 2.3 percent * Bakkafrost raises global salmon output growth for 2018 to 6-8 pct from previous 4 pct but says a large part of growth is behind us, nevertheless it guides for 3-5 pct growth in the next quarters * Shares of tanker firm Frontline Ltd were up 3.89 pct to NOK 43.28 * Frontline Ltd: Tanker rates for Very large VLCCs and suezmaxes are rising but from low levels * Nine VLCC fixtures were reported on Tuesday and rate to China is rising to WS 54, or about $17,000 per day * Biggest gainers: Questerre Energy Corp 5.38 pct, Frontline Ltd 3.89 pct and Golden Ocean Group Ltd 2.02 pct * Biggest losers: P/F Bakkafrost -3.87 pct, Next Biometrics Group ASA -2.87 pct and Targovax ASA -2.52 pct * European shares rose 0.22 pct, Japan’s main share index Nikkei ended up 0.09 pct, while in China Shanghai index was up 1.31 pct and Dow Jones index in the United States 0.35 pct on Monday (Reporting By Ole Petter Skonnord, editing by Camilla Knudsen)

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