Why did Norsk Hydro move?
Written after the close on
Norsk Hydro rose clearly, helped by a gas-supply update. Norsk Hydro ASA, listed on Oslo Børs, fell slightly over the last five trading days, a smaller decline than the Oslo Børs benchmark, which fell clearly. The likely driver of the weekly drop was the alumina refinery Alunorte's gas supply disruption, first flagged in August, which is forcing it to buy gas at spot prices (today's market price rather than a fixed contract price) and is expected to cost 90-110 million dollars in the fourth quarter. The last session's rise was likely helped by the company's update that Alunorte does not expect further gas supply interruptions, and partly by the 28 million euro compensation it expects from the sale of the Swedish wind farm Cloud Snurran. Watch the late-October earnings report for the final cost of the gas issue.
More companies
History in plain words, not investment advice.