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Marine Harvest Gains as Supply Seen Boosting Prices: Oslo Mover

Marine Harvest ASA, the largest salmon farmer, advanced to an almost 2 1/2-year high in Oslo as slower supply growth in the next three years may boost prices.

The company rose as much as 4.3 percent to 6.62 kroner, the highest intraday level since May 9, 2011, and traded 3.3 percent higher by 1 p.m. in the city. It was the biggest climber on the 29-member Stoxx Europe 600 Food and Beverage index. Almost 25 million shares have been traded today, 35 percent more than the average daily volume during the past three months.

“We expect global supply growth to be 1 percent in 2013, 4 percent in 2014 and 3 percent in 2015, much below the historical global rate of 7 percent,” Marius Gaard, a Carnegie AB analyst, said in a note. The broker raised its salmon price estimate for 2013 to 38 kroner ($6.28) a kilogram (2.2 pounds) from 37 kroner and held its forecast at 38 kroner for both 2014 and 2015.

Salmon prices are down 25 percent since climbing to 46.06 kroner in the week ending July 21, the highest level this year, because of surging output from Norway and Chile, the two biggest producers, according to data on the website of Fish Pool ASA, a clearing house for financial contracts on salmon. The price rose to 34.62 kroner last week from 31.89 kroner in the previous seven days, Fish Pool said in a separate report this week.

Shares in Marine Harvest, 31 percent-owned by billionaire John Fredriksen, gained 37 percent in the past year, giving the company a market value of 24.6 billion kroner. Norway and Chile produce about 60 percent and 20 percent of global salmon volumes respectively, according to Pareto Securities ASA.

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