An index for technology stocks traded on the Oslo Stock Exchange has jumped 80 percent since its lowest point last spring. Analysts think the trend will continue.
The market has bottomed out, claims Gudmundur Einarsson of Oslo-based Tandberg Data, which is one of the biggest local winners in terms of rising share values.
After crashing last year, Tandberg’s stock has risen from just NOK 1.80 on Dec 30 to NOK 13.50, its closing price at mid-week.
That’s an increase of 650 percent, and it’s encouraging Tandberg employees who have suffered through heavy layoffs and restructuring. Now the company is profitable again and management is optimistic.
Other tech firms also seem to be recovering, with the Oslo IT index rising from 36 in March to 63.3 as of Wednesday. Nera, Fast and Consorte are among those enjoying rising share prices in recent months.
It’s all part of an international trend, with Intel delivering solid results this week and other major tech stocks performing well also.