Easter party for Pryme on cautiously positive stock exchange – E24
The plastic recycling company Pryme flew for the second day in a row. The rise is lucrative for investors who last week participated in a major discount issue. At the same time, it seems like the rest of the Stock Exchange’s lengths towards the Easter holidays.
The big results did not materialize on the Oslo Stock Exchange on Tuesday, where the Main Index ended almost flat.
At the end of the trading day, the Main Index was up 0.12 percent to 1,265.10 points.
The development comes at the same time as the oil price has risen considerably since the stock market opened. A fat North Sea oil now costs $ 103.72 a barrel, an increase of around to dollars from earlier in the day.
Oil prices are rising after Shanghai eased some of the corona restrictions that were in place last week, while Opec has warned that it will be impossible to replace production losses from Russia in the global oil market, writes Reuters.
Easter party for Pryme
On Thursday last week, the plastic recycling company Pryme carried out a capital raising where 153 million fresh kroner were raised in the market. It may have proved to be very good business for investors.
The issue was made at NOK 10 each, which was NOK 5.50 lower than the closing price on the Exchange on the same day.
The capital raising led to a decline on Friday, but this week the share has accelerated in the opposite direction.
On Monday, the share rose almost 33 percent after Nordea Markets came with an analysis that the price target was lowered from 85 to 100 kroner, while the buy recommendation was maintained.
In practice, Nordea has nevertheless revised up the price target since a number of new shares have been issued. The new price target proposes a valuation of DKK 2.58 million, up from DKK 1.54 billion in the previous price target.
Tuesday was just as bra for the plastic recycling campaign. By the end of the trading day, the share had risen 33.15 percent to 23.70 kroner.
Thus, the investors who last week bought shares for ten kroner each have made a gold discovery. Based on the closing price on Tuesday, the same newly issued shares have earned NOK 210 million since Thursday.
Even with the Easter rally of the last few days, the Pryme share has continued to fall 30 percent so far this year.
German bank shares are beaten
Except in Europe, it has been largely stock market decline throughout the day. The worst situation is for the Copenhagen Stock Exchange, which is down 2.24 percent at the time of writing.
The Copenhagen Stock Exchange is dragged down by a sharp decline in the pharmaceutical company Novo Nordisk and the wind power company Vestas.
In Frankfurt, the Dax index is down 0.6 percent at the time of writing.
Several German banks have had a tough day after investors dumped shares for large sums in Deutsche Bank and Commerzbank on Monday night. Both stocks fall around eight percent.
The American investment company Capital Group stands out as a possible seller, partly because it has a large enough holding of shares in both banks.