Oslo Bors stock market overview week 14 (02.04.2012 04.04.

2012)
Week 14 was the shortest week in the year 2012 so far. Oslo Bors was working only from 2nd to 4th April and closed for Easter holydays. Investors didnt trade very much this week which caused a decrease in Oslo Bors All Share Index. OSEAX Oslo index fell by 1.23% from 486.34 to 476.56 points in a week time. The total turnover during the week reached 1,108,580,623EUR. The biggest winner this week was Subsea 7 (SUBCo) with its 4.67% gain in stock price. Marine Harvest (MHGo)isat the second place this week with 2.75% gain in price per share, followed byTGS-NOPEC Geophysical Company (TGSo)whose stock rose by 1.69% in price. The biggest negative gain in stock price had Renewable Energy Corporation (RECo). Its price dropped by 11.06%. This stock was followed by Storebrand(STBo) which has experienced a decrease of its share value by 7.88%.

Subsea 7 SA is the biggest winner this weekwith an increase in stock value of +4.67%. Even though the company has ended up with the best positive result, this week was quite unpleasant for Subsea, as the firms stock value has been decreasing starting from 2nd April. On Monday Subsea 7 has sold 100,000 shares for the price of 20 EUR per share, while the market price on that date was 20.53 EUR per share. On Wednesday the company has announced completion of sale of NKT Flexibles the Boards of NKT Holding A/S and Subsea 7 S.A. made a conditional agreement

concerning the sale of NKT Flexibles, which have already been transferred to National Oilwell Varco (NOV).The events had a significant negative impact on the stock price, but due to the increase in value in the beginning of the week, the average increase is still impressive. The stock of Subsea 7 has been rising in a gradually progressive way since the middle of March and has reached its highest price (in a year period) on Monday, after what has experienced a slight decrease in value. There is a high possibility that thisnegative tendency will remain in the nearest future. However, we think that in the long run the company will remain profitable enough and attractive for investors.

Chart 2 Price development of Subsea 7 in week 14. Source: oslobors.no

Marine Harvest, the world's leading Seafood Company, became the second biggest winner this week with an increase in stock value +2.75%. This Tuesday there was a disclosure of shareholdings in the company. Lansdowne UK Equity Fund Limited and Lansdowne UK Equity Fund LP ("the Feeder Funds")have become feeder funds to Lansdowne Developed Markets Master Fund Limited (the "Master Fund"). Due to the reorganisation plan that was stated on the 2nd of April, the Feeder funds have

transfered all of their assets to the Master fund, which has increaesd companys total value. There is a high possibility that such a positive tendency of Marine Harvest stock value will remain in the nearest future.

Chart 3 Price development of Marine Harvest in week 14. Source: oslobors.no

Renewable Energy Corporation had the biggest decline in the stock price this week. It is a solar power company which produces silicon materials for photovoltaic (PV) applications and multicrystalline wafers, as well as solar cells and modules. The stock price declined by 11.06% this week (last week it fell by 3.56%). The company keeps a negative tendency since March 28th. This day Naked Energy, the company from Great Britain, developed a new product Virtu which is revolutionary new and is much more efficient than its substitutes. It is very likely that the company will continue following negative tendency in the near future.

Chart 3 Price development of Renewable Energy Corporationin week 14. Source: oslobors.no

In conclusion we can say that the negative development in the market has been mainly achieved due to inactive trade caused by the fact that the trading week was too short and investors did not want to invest very much during it. Also, some companies had a negative share value because of the fact that their competitors have been more active (despite the short week). Furthermore, the situation remained unchanged in competitive markets where some of the companies trading in Oslo Bors are operating. This made the situation keep developing as it was in the previous week. However, we think that the next week the situation will improve and Norwegian companies will be trading and investors will act more actively than (as much as previously), by this increasing the All Share Price Index. Review by: Margarita Cernova, Yauheni Hanchyts, Viktorija Juskevica