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Oil prices and possible rate hike boosts Norwegian ETFs
Shares of the Scandinavian nation were lifted by rising oil and gas prices and talks about interest rate hike.
By Rony Abboud
0
- Norway
- Oil & Gas
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The Norwegian market continues to trend upward today with OBX, Norway's flagship rising by almost +2.00% (3:17 PM GMT +2) since opening. Shares of the Scandinavian nation were lifted by rising oil and gas prices and talks about interest rate hike. Norway, with oil & gas representing almost a quarter of its GDP, benefits from higher prices. With a heavy weighting in the flagship index, shares of Norwegian petroleum giant Equinor rose after it was cleared to boost gas exports to the tight European market.
On the monetary side, Norway’s central bank is poised to raise its interest rate this week, in the first such post-pandemic tightening among nations with the world’s 10 most-traded currencies. Prospects of higher rates boosted banking stocks, with shares of the largest Norwegian bank DNB ASA trading green since today's opening session.
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ETFs with exposure to Norway have been tagging along, with DNB OBX ETF and XACT OBX ETF inching higher. Both funds track the OBX Total Return Index and hold large cap Norwegian equities.
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