XACT is now listing the world’s first ETF to be entirely focused on Nordic oil service companies. XACT Oil Service tracks the Oslo Børs OBX Oil Service Index (OBOSX), an index based on the performance of the largest stocks on the Oslo exchange that are linked to the oil service sector. ..…
Sign up for our weekly Newsletter and receive the latest ETF and ETC news.
Click here to register for your free copy
“With today’s rapidly rising oil prices, and with a rising proportion of oil reserves in wells that are difficult to extract, this is a very hot sector,” says Christian Dahl, head of XACT in Norway. He adds:
“We hope the unique XACT Oil Service will attract foreign investors to the Norwegian market, too.”
The Oslo stock exchange is the world’s second largest bourse for companies operating within oil service, in terms of both the number of listed companies in the sector and market capitalisation. In recent years the sector has performed strongly, and interest in the stocks has grown steadily.
In October 2010, the Oslo stock exchange launched the Oslo Børs OBX Oil Service Index (OBOSX), which tracks the stock market performance of the largest companies that provide oil extraction products or services. At present, these stocks are Aker Solution, SeaDrill, Subsea7, PGS, TGS-Nopec, Prosafe, Fred. Olsen Energy and Sevan Marine. The index is the only one of its type in Europe, and XACT Oil Service, which tracks the OBOSX, is the first ETF to provide an opportunity, cheaply and simply, to track the performance of the largest oil sector stocks that focus on oil extraction technology.
In conjunction with the listing of XACT Oil Service, we are cross-listing a further eight ETFs which are already listed on Nasdaq OMX Stockholm. With nine new listings, the number of ETFs on the Norwegian stock market jumps from six to fifteen.
“In Norway, we have seen very substantial, and growing, interest in ETFs. It is great that, with our Nordic provider profile, we can now carry out the first Nordic cross-listing,” says Henrik Norén,managing director of XACT Fonder.
The following nine ETFs are being listed on the Oslo stock exchange on 15 March:
XACT Oil Service (The largest Nordic oil service companies)
XACT Nordic 120 (The 120 largest and most traded Nordic companies)
XACT Bank (The largest Nordic banking and insurance companies)
XACT Materials (The largest Nordic materials companies)
XACT Construction & Real Estate (The largest Nordic construction and real estate companies)
XACT Energy (The largest Nordic energy companies)
XACT Consumer (The largest Nordic consumer goods companies)
XACT Health Care (The largest Nordic healthcare companies)
XACT Industrials (The largest Nordic industrial companies)
Source: ETFWorld – Xact