April 11, 2018 / 8:47 AM / a year ago

NORWEGIAN STOCKS-TGS keeps surging after Q1 recovery

OSLO, April 11 (Reuters) -

** Norwegian shares traded up on Wednesday

** Oslo’s benchmark index rose 0.04 pct, or 0.33 points, to 830.16 points and was up by 1.89 pct year-to-date

** The broader Oslo All Share Index was up 0.02 percent

** Among the biggest firms on the Oslo Bourse, Statoil rose 0.1 pct, Telenor fell -1.2 pct and DNB fell 1.2 pct

** Turnover at the Oslo Bourse was 1.5 billion Norwegian crowns and most traded shares were Statoil, Marine Harvest and Subsea 7

** Brent crude futures, a trigger for the oil heavy Oslo Bourse, fell $-0.34 to $70.71 a barrel

** Seismic data provider TGS reported first quarter revenues above expectations on Tuesday, giving the share price a boost. On Wednesday the company said it would expand its multi-client program in the Norwegian Sea

** Shares of TGS were up 3.7 pct to NOK 221.9

** Statoil has completed its acquisition of Cobalt international Energy’s 60 pct operated interest in North Platte discovery in US Gulf of Mexico for an aggregate purchase price of USD 339 million. The company hopes to start production from the field in the mid 2020’s

** Shares of aluminium maker Norsk Hydro ASA were up 1.5 pct to NOK 49.18

** Aluminium prices rose another 1.5 pct, supported by U.S. sanctions against Russian Rusal

** Biggest gainers: Kitron ASA 3.45 pct, TGS NOPEC Geophysical Company ASA 3.7 pct and Targovax ASA 3.19 pct

** Biggest losers: BW LPG Ltd -4.25 pct (broker SEB recommends sell and cut share price target to NOK 25 from NOK 44, Hegnar.no reported), Nordic Nanovector ASA -3.85 pct and Golden Ocean Group Ltd -2.53 pct

** Abroad European shares fell -0.38 pct, Japan’s main share index Nikkei ended down -0.49 pct, while in China Shanghai index was up 0.56 pct and Dow Jones index in the United States 1.79 pct on Tuesday (Reporting By Ole Petter Skonnord)

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