The Oslo Stock Exchange began the day with gains, but DNB shares dropped after releasing its quarterly results. The bank reported a net profit of 11.2 billion NOK for Q2, below analysts' expectations of 12.1 billion NOK. Chief Financial Officer Tore Stensaker said the results reflected "challenging credit conditions" and higher loan loss provisions. DNB’s stock fell 2.3% by midday trading.
Meanwhile, Autostore saw its shares jump 5.6% following strong second-quarter earnings. The warehouse automation company reported revenue of 1.8 billion NOK, up 22% year-over-year, driven by demand in Europe and North America. CEO Hans Schaberg called the growth "sustainable" and noted new contracts in Germany and the U.S. The surge extended a 40% gain for Autostore since its IPO last year.
Kongsberg Gruppen and its newly separated unit Kongsberg Maritime both rose after the split was finalized. Kongsberg Gruppen added 1.8% while Kongsberg Maritime gained 2.1%. Analysts at DNB Markets attributed the rise to investor confidence in the separation, which aims to separate Kongsberg’s defense and maritime businesses. The split allows Kongsberg Maritime to focus on autonomous ships and marine technology.
The broader market showed modest gains, with the OBX Index up 0.4%. Energy stocks led advancers, with Equinor climbing 1.2% on higher oil prices. In contrast, Aker BP slipped 0.7% after reporting a slight miss in production targets. Trading volume reached 1.2 billion NOK by 11:30 CET, slightly above the daily average for the month.
Source: e24.no