(Updating with full report)
OSLO (AFX) - Share prices closed higher, led up by Petroleum Geo-Services, Statoil and other oil-related stocks following a 2 usd jump in crude prices, while Yara International fell following disappointing fourth-quarter figures, dealers said.
The OSEBX Benchmark index closed 5.83 points higher at 470.32 and the OSEAX All Share index was up 7.36 points at 531.34.
Total turnover amounted to 11.12 bln nkr.
According to traders in Oslo, the market today was 'driven by anything to do with oil', with oil-related stocks gaining strongly to leave the Oslo Bors in the black having spent much of the week in the red.
Oil jumped above 60 usd on NYMEX, to a new one-month high, as traders fretted over renewed US-Iran tensions and declining OPEC output.
'It's all about the 2 usd bounce in oil today,' one trader said. 'It's looking like we're going to see oil settling at about 60 usd for the next few weeks.'
The trader added that the market also has one eye on Statoil's fourth-quarter results, due on Monday at 8.00 am CET.
Statoil closed up 3.5 nkr at 163.25, having yesterday lost 3.75 on market jitters ahead of its results.
According to a survey of analysts by TDN Finans, the market consensus is for a 3.6 pct fall in operating profits to 26.8 bln nkr, compared to 27.8 bln for the same quarter in 2005.
Other oil and oil-related stocks were pulled up by the stronger crude prices, with seismic group Petroleum Geo-Services jumping 7.75 nkr to 158.75.
Norsk Hydro gained 2.25 nkr to end the week at 199.75, while DNO was 0.2 stronger at 12.44.
Aker Yards jumped 3 nkr to 500 after the shipbuilder announced it had won a 210 mln nkr vessel order from Ukraine's JSSC Ukrrichflot.
Sister group Aker Kvaerner rose 12 nkr to 729. Merrill Lynch reiterated its 'buy' recommendation ahead of the engineering group's fourth-quarter results on Tuesday morning.
Parent company Aker, meanwhile, rose 7.5 nkr to finish the week at 382.5.
Stolt-Nielsen added 5.5 to 194. The group's board has recommended a final 2006 dividend of 0.50 usd per common share, including American Depositary Shares, payable on June 13.
Subsea 7 rose 3 nkr to 110.75, recovering some recent losses, while Seadrill closed 1 nkr higher at 104.25.
Golar LNG was up 0.75 at 81.75, Frontline gained 3 to 215, and Fred Olsen Energy rose 6 to finish at 304.
Leading the fallers was Yara International, after the Norwegian chemicals group disappointed investors by posting quarterly figures below market expectations.
Yara posted fourth EBITDA of 1.35 bln nkr, down from 1.38 bln a year earlier, and well below the 1.47 bln consensus forecast of analysts polled by TDN Finans.
Sales came in at 12.428 bln nkr, largely in line with the 12.431 bln posted at the same point a year earlier, but below the 13.083 consensus forecast.
Analysts said the results were disappointing, blaming the figures on a 12 pct fall in European volumes and higher feedstock costs.
Citigroup, which has a 'hold' recommendation and 132 nkr price target on the stock, said it remained confident in Yara's prospects, despite today's figures.
Yara closed down 1 nkr at 162.
Prosafe also finished the week lower, despite posting better-than-expected fourth-quarter results.
The Norwegian FPSO operator posted quarterly pretax profits of 39.6 mln usd, up from last year's 16.5 mln and ahead of the 36.9 mln consensus forecast of analysts polled by TDN Finans.
Analysts said underpinning the share price was the company's positive view of its future business.
However Einar Evensen at DnB NOR Markets said he was cautious towards Prosafe at its current level.
'I don't really see that much upside potential currently,' he said, adding that he was considering revising his 'buy' recommendation on the stock.
Fast Search & Transfer fell 0.1 nkr to 17.7 following recent gains. Carnegie reiterated its 'outperform' recommendation following better-than-expected results on Wednesday.
Telenor, meanwhile, ended the week up 0.5 nkr at 131.5. Earlier today Merrill Lynch reiterated its 'buy' recommendation ahead of the telecoms group's fourth-quarter results, due on Thursday.
Norske Skog ended the week unchanged at 114.5. Yesterday, the paper-maker posted better-than-expected results and gave a bullish statement on its prospects.
DnB NOR Markets reiterated its 'hold' recommendation and 110 nkr price target.
EDB Business Partner was flat at 59, while Tandberg gained 2.5 to 116.75.
Orkla rose 4 nkr to 415 to end the week up almost 7 pct.
Renewable Energy Corporation was 8 nkr higher at 146, and Hafslund B shed 0.5 to 139.
Schibsted fell 8 to 258 in heavy selling from foreign houses in what Oslo traders said appears to be a shuffling of institutional portfolios.
Elsewhere, Storebrand fell 1.1 to 83.2, while DnB NOR rose 1.4 to 94.7. alastair.reed@thomson.com ar/amb COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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