Rec Silicon falls sharply on positive Oslo Børs – E24
The solar energy company began the day by updating on the Moses Lake plant, but after a time and a half, the mood has soured.
The main index on the Oslo Stock Exchange is up 1.22 percent at 11.30.
The oil price has remained at about the same level as the day before in the morning hours on Friday. It is still around three dollars higher than when the Oslo Stock Exchange closed on Wednesday, before Friday on Ascension Day. Most of the climbing happened Thursday afternoon.
A barrel of North Sea oil (burned) is at 11772 dollars around the stock market opening on Friday. It is up 0.36 percent since midnight.
Several of Børsen’s oil companies are rising, with Vår Energi winning after a rise of dry to one percent.
Nordic Semiconductor also climbs 7.72 percent, while Hydro is up to 3.24 percent and Frontline rises 4.22 percent.
Will start Moses Lake production next year
Rec Silicon presented its quarterly report on Friday morning. It comes from the fact that the solar energy company expects to start production at the plant in Moses Lake in the fourth quarter of 2023.
The advanced and expensive plant in the USA has been closed since the second quarter of 2019. High tariffs in practice closed Rec Silicon out of the important Chinese market, and meant that the company had to close the factory.
Well, Rec Silicon will start up again in a year and a half, and expect full production in the fourth quarter of 2024.
To complete the start-up, the company must raise capital, CEO James A. May said during the quarterly presentation on Friday.
– This is a game changer for the company and the stock in our view, the brokerage Pareto Securities writes in an update.
The stock rose above five percent early, but after half an hour the mood soured. At 11.30am, the Rec Silicon share is down 5.92 percent.
The quarterly report also shows that revenues increased measured in the same period last year, while operating profit (ebitda) was slightly weaker. Rec Silicon also produced 372 tonnes of polysilicon in the first quarter, up from 316 tonnes in the previous quarter.
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Rec Silicon is expected to begin production in Moses Lake in the fourth quarter of 2023
BW Offshore, which operates floating production vessels, is doing well after being released high in the morning.
The oil service company had lower income and ebidta (earnings before rent, tax and write-downs) in the first quarter of this year, measured as the same period last year. Profit before tax, on the other hand, increased to $ 54.1 million, a marked increase from the previous year when the company lost $ 32.8 million.
The BW Offshore share is rising around five percent at the time of writing.
Rise in the world
The mood in the world markets has been largely positive in the last two days, and the arrows are largely pointing upwards on Friday as well.
In the US, there was a solid upswing and commodity trade comeback on Thursday, while on Wednesday it was upturn after the minutes from the previous rental meeting at the US Federal Reserve were released. In the pre-trade on Wall Street, it is not the big changes at the time of writing, but the arrows are still pointing slightly down.
In Europe, the day started with a gentle treatment of the major stock markets, with the exception of a slight decline in London. In the Nordic region, the strongest rise is on the Stockholm Stock Exchange (+ 2.25 per cent), while there is a slight decline in Copenhagen (-0.31 per cent).
In Asia, there has been an upturn in the morning, especially on the Hong Kong stock exchange where tech stocks such as Alibaba and Baidu pulled up.