The main index for the Oslo stock market, the Oslo Børs Benchmark Index, passed the 500 mark for the first time today. The Benchmark Index has gained 13.5 % so far this year, and is up more than 400 % from the low point seen in February 2003. The total market capitalisation as at 1 June of companies listed on Oslo Børs is appr. NOK 2.250 million.
At the same time, the OBX Index, which comprises the 25 most heavily traded shares listed on Oslo Børs, reached 417,9 and has enjoyed the same positive trend as the Benchmark Index, with an increase of 13.5 % so far this year and more than 400 % since February 2003.
The performance of the Oslo stock market is a good indicator of the state of the Norwegian economy and the corporate sector in particular, and shows that Norwegian companies are perceived as well-run businesses that are attractive to both Norwegian and international investors. High oil prices, low interest rates, strong merger and acquisitions activity and the strength of the global economy are also important driving forces behind the performance and value creation achieved by Norwegian business and industry over recent years.
"The current situation is unparalleled both in terms of the Norwegian economy and the stock exchange. Here at Oslo Børs we are proud to contribute to growth and value creation by operating a stock exchange that has proved very attractive for investors and gives companies access to capital for their future growth", comments Bente A. Landsnes, President and CEO of Oslo Børs.
Few stock exchanges in the western world have performed as strongly as the Oslo market over recent years. The best-performing sectors of the Oslo market so far this year are the IT and aquaculture sectors. The companies that have made a big contribution to the market rally so far this year include REC, Orkla, Tandberg and Frontline, all of which have seen their share prices increase by between 45% and 62%. Northland Resources, Inmeta, Scana Industrier, Simtronics and PSI Group are the winners so far in 2007. All five of them have more than doubled their values. CanArgo, Repant and GGS have had the weakest development, and have seen the values reduced with between 37 and 56 %.
Selected key figures for the Oslo Børs equity market as at 1 June 2007:
Number of listed companies: 242
Total market capitalisation (all listed companies): NOK 2,250 billion
Average daily trading turnover: NOK 13 billion
Number of new all-time highs for the Benchmark Index: 22
New companies admitted to listing in 2007: 19
Number of investment firms trading on Oslo Børs: 52