Rise on the Oslo Stock Exchange: The Softox share rises sharply after good news from the European Commission

Rise on the Oslo Stock Exchange: The Softox share rises sharply after good news from the European Commission
Rise on the Oslo Stock Exchange: The Softox share rises sharply after good news from the European Commission

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Lately it has been like a roller coaster on the Stock Exchange: Friday was the worst stock exchange day ever so far this year on the Oslo Stock Exchange, followed by an upturn on Monday, after which the arrows again pointed downwards on Tuesday.

Immediately after the stock market opened on Wednesday, the main index on the Oslo Stock Exchange rose by 0.80 per cent. The oil price rises by 2.33 percent, after falling by about three percent this week.

– After yesterday’s stock market decline in the US and Europe, Asian stock markets are recovering this morning. Chinese stock exchanges are just above the zero line and Japanese stock exchanges have risen by almost one percent, SEB writes in its morning report on Wednesday.

Glad news brings up Softox courses

Immediately after the stock market opened, the Softox Solutions share rose by 10.4 percent. This happens after the company announced that the EU is opening up for the use of the company’s disinfection products

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– This is very good news for Softox. We are of the opinion that the European Commission’s assessment will now enable us to make our products available in the market so that we can fulfill our obligations in accordance with the agreement entered into with hospital procurement, the company writes.

The Norwegian pharmaceutical company has previously been refused a request for a transitional arrangement from the Norwegian Directorate of the Environment for its hand disinfectant products. In this context, the company has requested an assessment and a clarifying statement from the European Commission.

This has now been given the green light, according to the company itself.

On Wednesday morning before the stock exchange opened, the news came that Norwegian had entered into an agreement to lease two Boeing 737-max aircraft. The aircraft will be delivered to the company shortly. In the last week, the Norwegian share has fallen by almost ten percent.

Immediately after the stock market opened, the Norwegian share rose by 1.09 per cent. However, the SAS share falls by more than 10.7 per cent.

Night to Wednesday also came the news that the top manager of Rec Silicon Tore Torvund, resigns after twelve years. The current CFO, James A. May II, will take on the role of acting CEO. When the stock market opens, the share rises by 0.55 percent.

Inflationary pressures

On Tuesday afternoon Norwegian time, the US Federal Reserve Governor Jerome Powell appeared for a hearing in the US Senate. In his prepared speech for the hearing that was released yesterday, he emphasized that the omicron poses a threat to the US economy.

“The increase in the number of new corona cases and the emergence of the omicron variant constitute a downside risk to employment, economic activity and uncertainty surrounding inflation,” it said.

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– The US Federal Reserve’s recognition that the risk that inflationary pressures are not quite as temporary as first assumed, and that they will thus have to consider both a faster phasing out of stimulus measures and an earlier upward adjustment of interest rates, sent a stock market already burdened by pandemic concerns and a disappointing consumer confidence survey further down, DNB writes in its morning report.

Uncertainty creates unrest

The recent market turmoil is particularly linked to news about the new omikron virus variant, which is creating uncertainty among investors. On Tuesday, Moderna boss Stephane Bancel stated that he believes the vaccines will have significantly less effect against the omicron variant. He further believes that it will take months before the pharmaceutical companies will be able to create a new vaccine on a large scale that specializes in different variants of the virus.

Pål Ringholm, Head of Analysis at Sparebank1 Markets, points out that the uncertainty creates stock market turmoil.

– Even though we are exceptionally well trained in this and have been vaccinated, there is still room for maneuver and uncertainty. Until we have the insightful wisdom in mid-December, it is not unreasonable to think that you get a nervous stock market and that it can fluctuate, Ringholm told DN on Tuesday afternoon.

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