Petroleum Geo-Services ASA (PGSO) Rise 7% on Dec 7

December 7, 2017 - By reb123z

Shares of Petroleum Geo-Services ASA (STO:PGSO) last traded at 14.06, representing a move of 7%, or 0.92 per share, on volume of 1,163 shares. After opening the trading day at 13.65, shares of Petroleum Geo-Services ASA traded in a close range. Petroleum Geo-Services ASA currently has a total float of shares and on average sees shares exchange hands each day. The stock now has a 52-week low of 13.65 and high of 31.76.

The OMX Stockholm 30 Index: Driving Sweden Economy

The OMX Stockholm 30 Index, or OMXS30, is the stock index for the 30 largest and actively traded companies on the Stockholm Stock Exchange, better known as Nasdaq Stockholm. Petroleum Geo-Services ASA is also represented at the market. The index is market capitalization-weighted and it is reshuffled twice a year where components that fall short of listing requirements are dropped and newly qualified stocks added. Dropped stocks can be readmitted to the index if they meet the requirements in the next rebalancing.

OMXS30 is adjusted to reflect changes in the market cap of its components. Such changes can result from companies issuing new stock to raise capital or convertible notes converting to stock if such transactions affect the market capitalization of the component.

OMXS30 was developed with a base value of 125 points in September 1986. The index went on to plunge to a record low of 98.86 points in November 1987, with the decline was linked to Black Monday rout that saw many stock markets shed huge value over a short time. Stock markets began crashing in Hong Kong on October 19, 1987 and spread quickly to Europe to the U.S. However, OMXS30 gradually recovered from the trough and hit its all-time high of 1719.93 points in April 2015.

OMXS30 is a key benchmark index for Stockholm stocks. Petroleum Geo-Services ASA stocks is trusted enough to be in OMXS30. Components of the index represent various industries. Financials, Industrials and Consumer services are the largest sectors in OMXS30.

Nasdaq Stockholm

Nasdaq Stockholm, Sweden’s primary stock exchange, lists more than 300 companies. The stock market was established 1863, but has changed names multiple times, including after the merge between futures exchange OM and Stockholm Stock Exchange.

Electronic trading on Nasdaq Stockholm was introduced in June 1990. Before the electronic trading was enabled on the exchange, all trading took place on the floor of the Stockholm Stock Exchange Building floor.

Trading on Nasdaq Stockholm begins at 9.00 a.m. and runs through 5.30 p.m. every weekday. Petroleum Geo-Services ASA leads its operations until the last hour. The market is closed on weekends and holidays announced by the exchange.

Excitement in Stockholm stocks

Nasdaq Stockholm has been active in recent years as lower interest rates in the Eurozone fuel stock investment. The lower costs of credit in the Eurozone are part of economic stimulus measures that have helped lift consumer purchase power, especially backing growth and profitability in consumer products companies. The European Central Bank has also stepped up its bond buying to increase the supply of cash in the region’s economy.

Sweden is particularly reaping the benefits of the cheap money in Europe because of its vibrant Financials sector. That is partly Swedish stocks are seeing an influx of investors from domestically, the Europe region and beyond. Investors are further attracted by glowing growth prospects of companies in the country as cheap money due to low interest rates drives uptake of industrial equipment. A booming services and manufacturing industries and strong corporate governance standards are some of the reasons retail investors are buying up Swedish stocks. Stocks Petroleum Geo-Services ASA are in the main sphere of interest for some investors.

Investor drift to Sweden in the recent months can also be linked to expectations that the country will reap from Brexit crisis as some financial services providers relocate from London.

More notable recent Petroleum Geo-Services ASA (STO:PGSO) news were published by: Globenewswire.com which released: “Petroleum Geo-Services ASA: Centralize – Simplify – Streamline Into Two …” on October 26, 2017, also Globenewswire.com with their article: “Petroleum Geo-Services ASA: Settlement of all disputes relating to ISS tax in …” published on November 19, 2017, Globenewswire.com published: “Petroleum Geo-Services ASA: Third Quarter 2017 Results” on October 26, 2017. More interesting news about Petroleum Geo-Services ASA (STO:PGSO) were released by: Seekingalpha.com and their article: “Petroleum Geo-Services’ (PGSVY) CEO Jon Erik Reinhardsen on Q2 2017 Results …” published on July 29, 2017 as well as Seekingalpha.com‘s news article titled: “Petroleum Geo-Services: Interesting But Requires Proper Timing” with publication date: March 13, 2014.

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