Nordnet’s customers bought for the most part in the Røkke-dominated renewable group. Cyclical shares are also in the wind this spring, while customers sell their holdings in shares such as Norsk Hydro, DNB and Aker BP.
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At the same time, the overview of private investors shows that they maintain faith in newly established companies such as Aker Horizons, Aker Clean Hydrogen and Flyr.
It appears in a press release from Nordnet on Thursday morning.
– Despite rising interest rates, fear of inflation and a somewhat uncertain picture for pure technology and growth companies, customers defy the signals from the market and continue to gain weight in newly established companies with large future plans, says Mads Johannesen in the report.
– The question everyone is asking now is whether long-term interest rates will continue to rise, or whether it is just a bluff.
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Aker Horizons tops the shopping list
In March, the private investors at the online broker traded shares for NOK 42.6 billion, and net purchases were made for NOK 1.3 billion.
At the top of the shopping list is Kjell Inge Røkke-dominated Aker Horizons with a net purchase of NOK 146 million.
Currently, the portfolio company that went public on 1 February has been invested in Aker Carbon Capture, Aker Offshore Wind, Aker Clean Hydrogen, REC Mainstream Renewable Power and Rainpower.
– The issue was oversubscribed several times and the company experienced tremendous attention in the first days. Despite this, the company has fallen over 20 percent since the listing, says Johannesen.
In second and third place among the most purchased shares are Rana Gruber and Aker Clean Hydrogen, where the shares have been bought for NOK 103 and 101 million, respectively.
Iron ore producer Rana Gruber was listed on Euronext Growth in late February and has, according to the report, aroused great buying interest among customers at Nordnet.
The top list also includes a number of green and technology-based companies such as Scatec, BW Offshore and Nel.
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Sold shares in Norsk Hydro for 160 mill.
On the list of the best-selling shares in March, it is Norsk Hydro that private investors have sold the most, with a sum of NOK 160 million.
– Although Norsk Hydro has risen sharply in the first quarter, our customers have used the month of March to secure a profit. The company has risen sharply in light of increased optimism for global growth, says Johannesen in the report.
– At the same time, it is seen that covid-19 does not let go easily, which in turn can slow down global growth more than expected.
Behind Norsk Hydro, shares in DNB and Aker BP are listed as the best-selling shares in March.
Here, private investors have received a total gain of NOK 95.8 and 58.1 million, respectively.
– Cyclical stocks are definitely the winner of the first quarter. In this sense, the Oslo Stock Exchange has been a great place to invest now at the beginning of 2021, says Johannesen.
The Hydro boss about the criticism of sales: – Great respect for that uncertainty
The future prospects
Nordnet writes that the aggressive monetary policy from the central banks has provided plenty of liquidity to counteract the market collapse as a consequence of the covid-19 crisis.
The online broker therefore believes that the question the market is facing now is whether the central banks should continue or reduce this in the future.
– Should the central banks start withdrawing liquidity, many of the world’s assets are possibly overpriced, the report states.
Nordnet also points to inflation that has picked up over the past quarter, and if this increases in the future, central banks may be forced to raise interest rates earlier than expected.
– With higher market interest rates, more of the growth industries will experience setbacks. Although Fed chief Jerome Powell assured that there would be no rate hike until 2023, the joker here will be inflation, they write.
At the same time, cyclical shares have received a new boost during the month.
– Large heavy oil and energy companies have shown the way in the beginning of 2021. Oil, aluminum and various freight rates are up sharply as a consequence of increased faith in economic growth.
They write that this should also be one of the reasons why the Oslo Stock Exchange has been one of the better stock exchanges during the first quarter of this year.
– Large companies such as DNB, Equinor and Hydro are up in the range of 7 to 30 percent so far this year, which has underpinned the Oslo Stock Exchange’s strong performance.
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Published: April 1, 2021 1:09 PM
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