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    NRS   NO0010331838

NORWAY ROYAL SALMON AS

(NRS)
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European shares end higher on dovish Fed, Entra leads gains

08/27/2021 | 04:26am EDT

* Stocks extend gains after Powell indicates no near-term tapering

* French, Italian consumer confidence eases

* Commodity shares best weekly performers

Aug 27 (Reuters) - European stocks rose on Friday after Federal Reserve Chair Jerome Powell showed no signs the U.S. central bank will reduce a massive stimulus program, while real estate stocks were led higher by Norway's Entra after a major peer took a stake in the firm.

The pan-European STOXX 600 index closed 0.4% higher, with mining stocks up 1.9%, while real estate stocks added 1.5%.

The day's gains helped the STOXX 600 close 0.8% higher for the week, after trading flat for several days. Commodity-linked stocks were the best weekly performers, as they bounced back from steep losses.

Entra was the best performer on the STOXX 600, rising 4.6% as its peer Castellum bought 11.8% of shares in the firm from the government pension fund in Norway.

The STOXX 600 extended its gains after Powell's highly anticipated announcement, which reassured investors that programs which have flooded markets with liquidity for the past year will remain in place for the time being.

"Powell’s warning about the risks of premature tightening and repeated reference to “much ground to cover” to reach the Fed’s employment objective hint that the Fed may be on hold until Q4 at the earliest," said Matt Weller, global head of research at Forex.com.

U.S. stocks touched record highs after the announcement, while European stocks were less than a percent away from their peak, as investors looked past rising COVID-19 cases and concerns over slowing economic growth.

A survey showed French consumer confidence eased marginally in August, while morale amongst Italian businesses and consumers also fell this month.

The Delta variant of the coronavirus is only expected to have a limited impact on the euro zone economy, which remains on course for robust growth this year and next, European Central Bank Chief Economist Philip Lane said earlier this week.

Just Eat Takeaway.com, which owns GrubHub , fell 7.5% after the New York City Council approved legislation to license food-delivery apps and permanently cap commissions they can charge restaurants.

Just Eat was the biggest percentage loser on the STOXX 600 on Friday.

Norwegian fish farmer Salmar rose 2.5% after the company dropped plans to launch an 11.8 billion crowns ($1.29 billion) cash bid for rival Norway Royal Salmon (NRS). NRS shares fell 11.8%.

French auto parts maker Faurecia gained 2.7% to 42.07 euros after Citigroup hiked the price target on the company's stock to 56 euros from 41 euros. (Reporting by Sruthi Shankar and Ambar Warrick in Bengaluru; Editing by Shounak Dasgupta and Jonathan Oatis)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CASTELLUM AB (PUBL) 0.22% 226.5 Delayed Quote.8.29%
ENTRA ASA 0.00% 212 Real-time Quote.9.17%
FAURECIA SE 1.51% 42.97 Real-time Quote.2.53%
JUST EAT TAKEAWAY.COM N.V. 0.42% 66.98 Real-time Quote.-27.51%
NORWAY ROYAL SALMON AS -0.33% 181.4 Real-time Quote.-15.19%
SALMAR ASA 0.62% 645 Real-time Quote.27.28%
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Financials
Sales 2021 6 082 M 728 M 728 M
Net income 2021 708 M 84,6 M 84,6 M
Net Debt 2021 2 158 M 258 M 258 M
P/E ratio 2021 11,2x
Yield 2021 2,87%
Capitalization 7 868 M 941 M 941 M
EV / Sales 2021 1,65x
EV / Sales 2022 1,39x
Nbr of Employees 204
Free-Float 44,6%
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Mean consensus BUY
Number of Analysts 4
Last Close Price 181,40 NOK
Average target price 238,75 NOK
Spread / Average Target 31,6%
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Managers and Directors
Klaus Hatlebrekke Chief Executive Officer
Ola Loe Chief Financial Officer
Helge Gňs° Chairman
Trude Olafsen Director
Karl-Johan Bakken Director
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