DnB NOR takes Norwegian REC in weekly "buy" portfolio

(ADPnews) - Sep 28, 2010 - DnB NOR Markets has included Norwegian solar group Renewable Energy Corporation ASA (OSL:REC), or REC, in its portfolio of recommended Oslo-listed stocks for this week, while dropping conglomerate Orkla ASA (OSL:ORK).

Orkla has some 40% in REC.

"Via Orkla's ownership in REC we indirectly had REC in the portfolio, but now we wish to increase the exposure. There is strong demand for solar energy now, and we do not rule out the possibility for value-adding structural changes," the broker said.

DnB NOR weekly portfolio also includes Norwegian oncology drug developer Algeta ASA (OSL:ALGETA), oil major Statoil ASA (OSL:STL), oil service contractor BW Offshore Ltd (OSL:BWO), construction company BWG Homes ASA (OSL:BWG), oil service group Fred Olsen Energy ASA (OSL:FOE) and Royal Caribbean Cruises Ltd (OSL:RCL), or RCCL.

DnB NOR Markets weekly portfolio lost 1.1% last week, while the Oslo benchmark index rose 0.9%. So far in 2010, the portfolio gained 8.8%, while the market was up 0.7%.

The stock in REC closed at NOK 19.60, down 0.10% on the day yesterday, while the stock in Orkla added 0.18% to NOK 54.20, on the Oslo Stock Exchange (OSE).

(NOK 1.0 = USD 0.169/EUR 0.126)

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