11.10.2010

In a day of light trading volume, Nordic stocks gained some ground. China cancelled a meeting with Norway's Fisheries Minister Lisbeth Berg-Hansen. She had already travelled to Shanghai and meeting was supposed to happen Wednesday in Beijing. Norwegian fishing stocks were down.

Outotec gained over 4% as JP Morgan upped the target price. Atlas Copco received a similar boost from Sociate Generale and gained over 3%. At an opportune time for such moves due to light volumes, Electrolux was similarly on the rise with Danske Bank being the one rising target price and Metro International got a couple of those pills and advanced over 10%. A.P. Møller – Mærsk rose 2.5% on... guess what. Nokia started C7 smartphone shipments and continued in a short term uptrend.

Statoil bought into Eagle Ford unconventional natural gas shale play in the United States (btw. so did CNOOC). There has been quite a rush to move to onshore unconventional shale gas and oil field in - US. The fracturing technique to be able to extract gas from shales became commercially viable only recently. The unconventional plays have topped all production estimates so far but with natural gas inventories being pushed up as a result of all that new capacity entering market and companies having to continue producing and drilling in order to keep their leases in the plays, the prices have been at historic lows. Long term prospects are seen as viable even if the current regime seems to be taking long time to come around and see the positives of this interim energy solution.