Oslo, Norway – The Oslo Stock Exchange opened sharply lower on Tuesday, with investor focus drawn to high-profile investor Øystein Stray Spetalen, who is reportedly selling off shares. The broader market is also under pressure from global economic uncertainty and falling commodity prices.
Early Losses Across Sectors
At market open, the OBX index slid into negative territory, with significant declines across energy, shipping, and finance stocks. The turbulence comes as Spetalen, a well-known figure in Norwegian finance, is scaling back some of his positions, spooking smaller investors.
The news of Spetalen’s sales, combined with global inflation worries and volatile oil prices, has led to a risk-off sentiment across the exchange.
Energy and Finance Suffer
Oil and gas stocks – typically strong drivers of Oslo Børs – were among the hardest hit, dragged down by renewed uncertainty in global oil markets. Financial stocks also struggled, with investors increasingly wary of the economic outlook and the possibility of further interest rate hikes.
Global and Local Factors Combine
The weak opening on Oslo Børs follows a negative session on Wall Street and losses across Asian markets overnight. European bourses also started the day in the red, amplifying the cautious tone in Oslo.
“Spetalen’s moves often attract attention, and when combined with the current global economic backdrop, it’s not surprising to see markets under pressure,” said one market analyst.
As the trading day unfolds, investors will be watching for any signs of stabilization or further signals from central banks and economic data releases.
