BUZZ-Frontline among best STOXX performers after new US sanctions on Iran

Reuters12-04
BUZZ-Frontline among best STOXX performers after new US sanctions on Iran

** Shares in Norwegian oil tanker group Frontline FRO.OL rise more than 5%, with analysts pointing to expanded U.S. sanctions on Iran

** The Biden administration on Tuesday ramped up its sanctions on Iran, targeting 35 entities and vessels that it said transported illicit Iranian petroleum to foreign markets

** "Moving all Iranian exports out of the black fleet and into the legitimate fleet implies about 3% higher fleet utilisation of the latter," ABG Sundal Collier says in a note

** Arctic Securities analysts say that despite the positive news, their view on stocks won't change without a greater chance of reduced Iranian volumes

** Frontline is among top performers on the pan-European STOXX 600 index .STOXX

(Reporting by Anna Chaberska)

((Anna.chaberska@thomsonreuters.com))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment