Mowi climbs to new high after solid trading update

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Mowi has never been priced higher.

The fish farming giant presented its second quarter trading update where it emerged that the company achieved an operating profit of EUR 208 million.

It was five per cent better than the analyst corps had estimated and expected.

On Tuesday, on an otherwise lazy day on the Oslo Stock Exchange, Mowi is rising to a new record share price. The share is last trading at NOK 218, up 1.3 per cent.

GRAPH: Infront

Mowi now has a market capitalisation of EUR 11.5 billion, following a 29.6 per cent increase over the past year.

Investment bank Nordea Markets believes, however, that the Mowi share has risen too much recently, and yesterday announced a downgrade of its recommendation – from buy to hold. Nordea Markets also lowered its recommendation on SalMar.