May 29, 2018 / 9:44 AM / a year ago

NORWEGIAN STOCKS-Norsk Hydro shares rise while market down on Italy turmoil

OSLO, May 29 (Reuters) - * Norwegian shares traded down on Tuesday * Deepening Italian crisis batters European markets * Oslo’s benchmark index fell -1.00 pct, or -8.71 points, to 859.75 points and was up by 6.63 pct year-to-date * The broader Oslo All Share Index was down 1.02 percent * Brent crude futures, a trigger for the oil heavy Oslo Bourse, fell $-0.04 to $75.26 a barrel * Among the biggest firms on the Oslo Bourse, Equnior fell 1.0 pct, Telenor fell 1.30 pct and DNB fell 2.09 pct * Turnover at the Oslo Bourse was 1.5 billion Norwegian crowns and most traded shares were Norsk Hydro, Equinor and DNB * Shares of Norsk Hydro ASA were up 3.19 pct to NOK 51.72 * Norsk Hydro spokesman Halvor Molland says still in dialogue with Brazilian authorities to restart the 50 pct part at the Alunorte alumina factory which is closed due to environmental issues * “We are in continuously dialogue with authorities, as of today we have nothing new to report, when we have we will tell the market,” Molland said * “We hope to restart the factory as soon as possible but before we do that we need acceptance from the CEMAS (local environmental authority) and the court must terminate the order curtailing production,” he added

* Molland said Hydro had initiated a project to increase the capacity to handle spill water from the Alunorte plant and a “sustainable initiative” to improve the dialogue and development of the local community * Alunorte’s output has run at 50 pct of capacity since March * Aluminium price was down 0.4 pct at $2256.5 per tonne on Tuesday

* Gainers: Nordic Nanovector ASA 11.86 pct and Norwegian Property ASA 1.54 pct * Biggest losers: Next Biometrics Group ASA -4.51 pct, Seadrill Ltd -4.23 pct and Idex ASA -4.07 pct * Abroad European shares fell -1.53 pct, Japan’s main share index Nikkei ended down -0.55 pct, while in China Shanghai index was down -0.47 pct and Dow Jones index in the United States -0.24 pct on Friday (Reporting by Ole Petter Skonnord, editing by Terje Solsvik)

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