REC Extends Advances in Oslo Trading as Polysilicon Prices GainAlastair Reed
Renewable Energy Corp ASA, the polysilicon maker grappling with excess capacity, extended gains in Oslo trading on signs of improving demand and after researcher PV Insights said that prices jumped last week.
Shares in REC, based in Sandvika near Oslo, rose as much as 9.6 percent to 1.35 kroner, the highest intraday level since Jan. 10, and traded 8 percent higher as of 9:13 a.m. The stock yesterday jumped 28 percent, the most in more than four years, after PV Insights said photovoltaic-grade polysilicon rose 7.1 percent to an average of $18 a kilogram (2.2 pounds) last week.
REC is seeing stronger demand now than at the end of last year and has reason to believe that some Chinese competitors have shut down their plants recently, Finansavisen reported today, citing spokesman Mikkel Toerud.