The two percent fall in value for the krone against the euro came as a relief for the energy-focused Oslo Stock Exchange.
The country’s export-driven economy often earns euro while paying costs in kroner, and much of what is exported is high-capital industrial goods and raw materials. Currency and contract news lifted a diversity of shares out of the market’s state of loss: offshore construction shipping company Oceanteam Shipping was up 10 percent; offshore survey outfit Dolphin Group was up 4.8 percent and vitamins raw material provider NattoPharma was up 8.3 percent.
The instant volatility in the krone stilled the notion of a week ago that the krone was fast becoming a safe-haven currency. The euro had gained against the dollar, pound and krone by Tuesday morning.
By Tuesday morning, one euro was 7.75 kroner, erasing the gains of exactly a week ago, when investors nervous about the prospect of Switzerland buying foreign currency or printing money left the Swiss franc for the kroner in droves.