Nordic short report - Week 33 2016

NAS SI up 590bp last 2 months and adj. energy sector SI still in low end of 2Y band

Conclusion
Unweighted average Nordic short interest (SI) marginally up (+10bp) to 4.1%

Our analysis
• Short interest in Norway down this week
o SI in REC and TEL both fell more than 50bp
o … while SI in BWLPG and STL both rose >150bp last week. The latter due to dividend.

• Only minor changes in sector rankings as
o Three most shorted sectors:
 Energy: 9.1%
 Health care equip.: 8.5%
 Capital goods: 5.7%
o Three least shorted sectors:
 Diversified financials: 0,9%
 Software & Services: 0.7%
 Com. & Prof. Services: 0.5%

• SI in Norway up 34bp WoW to 6.4%, but mainly due to STL dividend
o Norway SI +34bp
o Sweden SI -7bp
o Denmark SI +1bp
o Finland SI -6bp


FULL REPORT 



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