Oslo Børs launches tradable shipping index

The Norway stock exchange has launched SHIPPING DNM, a tradable index based on the Oslo Børs Shipping Index, which consists of 13 company stocks with a total market value of $2.58 billion, the exchange said in a statement.    Oslo Børs, the Norwegian stock exchange, has launched a tradable shipping industry index, the exchange said in a statement.
   The tradable SHIPPING DNM is based on the Oslo Børs Shipping Index (OBSHX), which consists of 13 company stocks with a total market value of 20.6 billion Norwegian krone (U.S. $2.58 billion) as of the close of trading on Sept. 30, 2016.
   Calculated and distributed in real time, the OBSHX includes shipping companies listed on Oslo Børs in GICS sectors 10102040 (Oil & Gas Storage & Transportation) and 20303010 (Marine). To be included in the index, companies must meet a liquidity requirement of shares being traded on at least 90 percent of days in the last six months.
   Oslo Børs said it will revise the index twice a year and adjust it on a free-float basis, meaning a company’s weighting in the index will be determined by the number of free-floating shares it has in the market.
   The new index builds upon the exchange’s existing OSLSHX shipping index, which was only intended to be an indicator of the shipping sector’s performance on Oslo Børs and Oslo Axess, and therefore was not designed to be tradable and investable.