Energy-focused Norway expands its horizons

Article Excerpt

An abundance of oil and natural gas resources has made Norway one of the wealthiest countries in the world. However, efforts are underway to diversify its economy beyond natural resources, and there are early signs of success. Time will tell how complete or successful that transition is. Meanwhile the country’s economy and stock market will likely remain heavily influenced by energy prices. Here is an ETF that provides exposure to many of Norway’s top companies. GLOBAL X MSCI NORWAY ETF $30.53 (New York symbol NORW; TSINetwork ETF Rating: Aggressive; Market cap: $92.0 million) tracks the performance of the largest publicly listed Norwegian companies. The ETF follows the MSCI Norway Index. The components of this index are weighted by market capitalization, but the weights are adjusted for companies that have a portion of their shares locked away by strategic shareholders such as government entities. Financials account for 22% of the ETF’s assets, while Energy (18%), Consumer Staples (18%), Communication Services (13%), Basic Materials (11%), and Industrials (10%) and…