June 1, 2018 / 8:17 AM / 2 years ago

NORWEGIAN STOCKS-Gjensidige gains on Goldman upgrade, Kongsberg spikes on U.S. Navy deal

OSLO, June 1 (Reuters) - * Norwegian shares traded up on Friday * Oslo’s benchmark index rose 0.65 pct, or 5.67 points, to 881.21 points and was up by 7.50 pct year-to-date * The broader Oslo All Share Index was up 0.64 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, fell $-0.04 to $77.51 a barrel * Among the biggest firms on the Oslo Bourse, Equinor rose 0.2 pct, Telenor fell -0.62 pct and DNB rose 1.60 pct * Turnover at the Oslo Bourse was 844 million Norwegian crowns and most traded shares were Yara, Equinor and Aker BP * Shares of tanker firm Frontline Ltd were down 2.57 pct to NOK 46.28 after rising 11 pct on Thursday due to better than expected Q1 earning and upbeat comments about outlook * OPEC oil output, which is key for Frontline, fell to a 13-month low in May due to declining Venezuelan production, Nigerian outages and strong compliance with a supply-cutting deal, while U.S. oil production hit a new record in March, data showed * Shares of insurer Gjensidige Forsikring were up 4.20 pct to NOK 131.6 * Goldman Sachs upgrades Gjensidige Forsikring to “buy”

* Biggest gainers: Kongsberg Gruppen ASA 7.42 pct, Bergenbio ASA 4.80 pct and Gjensidige Forsikring ASA 4.20 pct * Kongsberg Gruppen’s Naval strike missile system (NSM) picked for U.S. Navy program * Losers: Nordic Nanovector -3.87 pct, Asetek -3.25 pct

* Abroad European shares rose 0.74 pct, Japan’s main share index Nikkei ended down -0.14 pct, while in China Shanghai index was down -0.65 pct and Dow Jones index in the United States -1.02 pct on Thursday (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)

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