Fortunes were mixed in the Nordic markets on Wednesday. While Norway and Finland were up strongly along with the rest of Europe, Sweden and Denmark were lagging behind. Portugal’s debt auction was perceived as a measured success.
Nordic economies placed in top third conservative Heritage Foundation’s 2011 Index of Economic Freedom research with Denmark faring best and Norway worst of the lot. The common positives for Nordic countries were transparent investment regulations and strong protection of property rights. High government spending and outsized governments as a whole were dragging the rating down, obviously resulting in abnormally high tax rates.
PA Resources has been badly needing some good news and received some today as Alen Field development plan offshore of Equatorial Guinea has been approved by the local authorities. PA Resources has a 6% stake in the liquid-rich gas condensate discovery. Furthermore Canadian firm Sonde Resources announced positive results from Zarat play offshore Tunisia / Libya. Sonde’s license is right next to PA Resources license. Sevan Marine could also use anything positive, but I am not sure if the news that it has filed a petition with Indian courts contesting ONGC’s right to call on a bank quarantee of 15.9 million USD can be counted as such.
Stockmann group experienced disappointing Christmas sales and had to give a profit warning. Norske Skog’s scramble for liquidity was helped when it found a buyer for Norske Skog Union paper factory Klosterøya in Skient, Norway (closed since 2006) and a a property at Nedre Ranheim for total proceeds of approximately 240 million Norwegian kroner.
NKT holding gained after GmbH and RWE Innogy said that they have signed a contract manufacture and delivery of a high voltage submarine cable for the Welsh offshore wind farm “Gwynt y Môr. Skanska received and order from USA and Scania from GBR.
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