It was a down day on the Nordic markets. New unemployment claims from the United States returned on the too high to bear level. Yields were up in Spanish and Italian debt auctions but they were perceived as a success. Euro strenghtened considerably against the dollar as a result. European and British Central Bank’s kept rates at record lows as expected.
Norske Hydro held its capital markets day and there were multiple issues on the table as Hydro plans to start a new era as a fully integrated aluminum company. The cost improvement program is on-track, ramp-up in Qatalum is about 50 percent complete and Hydro forecasts 7% growth in world aluminum demand excluding China for 2011 and 3-6% for 2012.
Bergen Group secured a major contract from Sartor Offshore AS. The value of the contract is around 1 billion NOK and it provides activity for a long time. Scana Industrier won a one year contract wih Becker Marine Systems. Pöyry received a contract from Brazil.
Marine Harvest was up after a positive profit warning. The company also says there is strong interest for customers for contracts going through the entire year at decent prices.
The report is coming late as I was driving to go to attend a funeral and a tyre from the truck in front of me got loose and hit my vehicle. Last time it was a tree falling right in front of the car. Hopefully this is not indicative of the local economy, for I am fairly certain that on next trip it will be a derailed train to seal the deal.
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