(Updating with full report)
OSLO (Thomson Financial) - Share prices closed higher, led up by Fast Search and Transfer, while Norsk Hydro was flat following the demerger of its oil operations to Statoil, which fell on weaker crude oil prices, brokers said.
The OSEBX Benchmark index closed 2.13 points higher at 498.42 and the OSEAX All Share index rose 1.06 points to 576.21.
Total turnover amounted to 13.75 bln nkr.
Fast Search and Transfer closed 0.8 nkr higher at 11.7 after the group announced a trio of deals for its enterprise search platform.
The group won deals for the deployment of its Fast Enterprise Search Platform with pharmaceutical giant Pfizer and US-based Metropolitan Regional Information Systems (MRIS), while Japanese mobile group KIDDI will deploy the Fast Enterprise Search Platform and Fast AIW (Adaptive Information Warehouse) software. No financial details were released.
Ementor fell 0.3 to 48.5. The group is buying Finland's Joensuun Datalaite, which specialises in IT infrastructure services, for 6 mln nkr. Joensuun Datalaite is expected to post revenues of 39.5 mln nkr this year, with estimated EBITDA of 1.8 mln.
Telenor was up 1 at 109. The group will continue to push for a resolution in the ongoing dispute for control of Ukraine's Kyivstar, after Russian shareholder Alfa failed to appear at the latest shareholder meeting, earlier this morning. The dispute with Alfa unit Storm centres upon control of Kyivstar, in which Telenor has 56.5 pct and Storm has 43.5 pct.
Norsk Hydro was unchanged at 76.5, following the merger of its oil and gas assets with Norwegian peer Statoil, leaving Norsk Hydro as a focused aluminium company.
Analysts said there are rising hopes the group could see earnings growth ahead of current expectations now the burden of its energy operations has been removed, dealers said.
'Hydro's in an interesting situation,' one analyst said. 'It's not going to be acquired due to state ownership, it has money for acquisitions and (the fact) it can refine its focus to just aluminium should help improve earnings.'
Another analyst said he expected the 'true value' of Hydro to become clear now the focus on oil and gas has been removed.
According to Denmark's SparNord Bank, Norsk Hydro is trading at a discount of about 20 pct to peers, 'and we therefore recommend buying the stock,' the bank said. Norwegian financial research firm Investtech this morning named Hydro as its daily preferred buy candidate.
Q-Free fell 0.3 to 14.5. The group has received a written confirmation that it has selected as main supplier of On Board Units (OBUs or 'tags'), which communicate with readers that are fixed along road infrastructure, to Vinci, France, with a frame contract valued at minimum 43 mln nkr. Vinci is the largest association of concessionaires in France, comprising ASF, Cofiroute and Escota.
Veidekke shed 1 to 48.5 after it agreed a deal to acquire the Lovholmen 13 property in Stockholm for 96 mln skr.
Aker Kvaerner added 4.25 to 176 and Aker Yards rose 0.5 to 64.
StatoilHydro closed 1 lower at 182. Statoil said it has completed its merger with the oil and gas activities of Norsk Hydro, and that its shares started trading today as StatoilHydro.
But the share price fell as oil prices eased from new record highs set at the end of last week, after broker Dresdner Kleinwort reiterated its 'sell' stance on the stock at a 150 nkr target price and as concerns grew about the impact of the ongoing investigation into Libyan operations after the merger process revealed ethical questions about consultancy agreements.
Fred Olsen Energy shed 2.5 to 282, with investors ignoring Handelspartner Securities' recommendation that Fred Olsen Energy is 'a good buy'.
Petroleum Geo-Services was up 3.75 at 159.25, Seadrill rose 0.25 to 121.5, Prosafe shed 1.2 to 95, Stolt-Nielsen fell 2.5 to 157.5, Subsea 7 rose 3 to 152.5 and Golar LNG added 3 to 124.5.
Golden Ocean Group added 0.25 to 36.4 The group is selling one of its Capesize newbuilds to an unnamed buyer for 145 mln usd, earning it a profit of approximately 70 mln usd.
Storebrand rose 0.7 to 84.5. Danish insurer TrygVesta sees a wave of mergers in the Nordic insurance market in the coming three to five years, and expects to make acquisitions in Sweden and Finland, daily Berlingske Business said.
DnB NOR added 1.3 to 84.
Elsewhere, Norske Skog was down 2.2 to 55.5, while Yara International rose 1 to 171.5, Orkla added 1.7 to 98 and Schibsted was 10 higher at 294. michael.delaine@thomson.com mdl/ajb COPYRIGHT Copyright Thomson Financial News Limited 2007. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
© 2007 AFX News
