Recommended portfolio from DNB Carnegie

On this page you will find equity strategist Paul Harper's weekly top picks on the Oslo Stock Exchange.

Oslo Stock Exchange

WEEKLY PORTFOLIO: Equity strategist Paul Harper's portfolio of recommended shares from the Oslo Stock Exchange has outperformed the main index in 18 of the last 21 years. (Photo: DNB)

Weekly and daily recommendations

This week's recommendations from DNB Carnegie are updated, with certain exceptions, on this page every Monday. If you have access to DNB's equity trading service, you will receive the recommendations when logged in early Monday morning on our trading platform.

Daily buy and sell recommendations from our analysts are also available when logged in.

Daily Recommendations

Our analysts closely follow 600 companies and provide daily buy, sell or hold recommendations within DNB's equity trading service.

Portfolio week 40

(05.10.26) We are making no changes

The portfolio was up 0.8 per cent from Monday morning last week to Monday morning today. In the same period, OSEBX was down 1.3 per cent.

Shares out:

  • None

Shares in:

  • None

Report recommended week 41 (PDF, Norwegian)Open the file in a new tab

NOTE: The recommendations are given with certain reservations.Read disclaimer below.

Anbefalte-uke-41

Year to date: So far in 2026, the portfolio is up 2.6 per cent, whilst OSEBX is up 21.5 per cent.

Our comment

(05.10.26) This week we are making no changes

So far in 2026, the portfolio is up 2.6 per cent, whilst OSEBX is up 21.5 per cent.

The past week

Last week was

Kitron (+11.6%), Nordic Semiconductor (+4.8%) and Elkem (+2.4%) were the shares that contributed the strongest rate of return to the portfolio last week. On the weak side, B2 Impact (-2.9%), Aker BP (-2.5%) and Mowi (-2.2%) contributed most negatively. Looking at sector performance, technology and commodity shares contributed most positively, whilst energy and cyclical consumer shares had the weakest performance.

The week was characterised by long-term US and European interest rates rising to their highest levels in several decades. In Europe, the increase was particularly pronounced in France, where the ten-year rate rose to its highest level since 2002. On Friday, however, a weaker-than-expected US jobs report dampened fears of further interest rate rises from the Fed, resulting in a rise in the stock market going into the weekend.

This week

The most important macroeconomic figures this week are the ISM index for the services sector in the US, retail sales figures from the eurozone and Norwegian inflation figures. The ISM index is expected to indicate continued strong growth in the services sector. In the eurozone, retail sales are expected to pick up again after a fall in July. In Norway, both overall inflation and core inflation are expected to increase from 3.3% to 3.6% and from 3.0% to 3.1% respectively for September. The final result will be important for expectations regarding Norges Bank's interest rate path.

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You can find an archive of previous weeks when logged in to DNB's Share trading, under the "Insight" tab

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*The average annual rate of return on Paul Harper's recommended portfolio since inception (2005–end of 2023) is 20.7%; OSEBX returned an annual average of 10.7% over the same period. Over the past ten years (2013–2023), Harper's portfolio returned an annual average of 17.9%. The recommended portfolio outperformed the main index (OSEBX) in the following years: 2005–2007, 2009–2010, 2012–2021 and 2023–2024.

In our calculation of the rate of return, we base the entry and exit prices on the opening prices on Monday morning. The portfolio is equally weighted, and the week's rate of return therefore reflects an overall average of the price development for all the shares during the week. For companies on the OBX index, we use the average price up to 10:00 on Monday, whilst for other shares we use the average up to 12:00. The return for OSEBX is calculated from the price at 10:00 on Monday.

Investing in shares involves high risk.Future rate of return depends on market developments, the investor's skill, risk, and costs associated with purchase, maintenance and sale. The return may be negative.

Important information

The weekly recommendations are based on a report prepared by DNB Carnegie, a division of DNB Bank ASA. DNB Bank ASA is part of the DNB Group. This report is based on information obtained from public sources that DNB Carnegie believes to be reliable, but which DNB Carnegie has not independently verified. DNB Carnegie therefore provides no guarantees, representations or warranties as to accuracy or completeness. This report does not contain, and does not attempt to contain, all material information about the companies named.

All opinions expressed here on the page reflect DNB Carnegie's assessment at the time the report was prepared. Recommendations may change without notice.

Read the full disclaimer here.