Nordic short report - Week 40 2016

NAS short interest down 52bp to 15.8

Conclusion
Unweighted average Nordic short interest (SI) up 11bp WoW to 4.2%

• Our new quantitative SI trading model indicate three buys and one sell among OBX shares
• Energy sector SI remains in low end of two-year band

Our analysis

• Short interest in Norway down this week
o SI in NAS and FRO both fell more than 40-50bp bp last week
o … while SI in MHG, SUBC and TGS all rose more than 50bp

• Only minor changes in sector rankings as
o Three most shorted sectors:
 Energy: 8.7%
 Health care equip.: 8.2%
 Capital goods: 5.7%

o Three least shorted sectors:
 Diversified financials: 0,7%
 Software & Services: 0.9%
 Com. & Prof. Services: 0.7%

• SI in Norway up marginal 8bp WoW to 6.1%
o Norway SI +8bp
o Sweden SI +18bp
o Denmark SI +6bp
o Finland SI +9bp