Frontline drops after Israel-Hezbollah ceasefire, 'disappointing' Q3 print
** Shares in the Norwegian oil tanker group Frontline FRO.OL drop 11%, with an analyst pointing to Israel-Hezbollahceasefire deal and a "disappointing" Q3 report
** Its New York listed shares HF6.F fell around 5% following the news of the ceasefire, as investors believe it could be the first step of further de-escalation in the Middle East, says Carnegie analyst Kyrre Flesjå
** "The Q3 report was clearly disappointing, coming in below expectations across metrics, driven by lower achieved rates," the analyst adds
** Frontline's Q3 adjusted EBITDA of $229 million came in nearly 7% below the LSEG consensus
** Moreover, the Q4 bookings guidance and current spot rates implies "heavy" negative estimate revisions, but this should be expected by the market, Flesjå adds
** The stock is amongst the biggest fallers on the pan-European Stoxx 600 .STOXX index; if losses hold it will see its worst day in 4-1/2 years
Reporting by Agata Rybska
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