All about shares and trading
You will find answers to most of your questions about shares and equity trading at this page.
What are shares and why should you invest?
What is a share?
A share is an ownership stake in a public limited company. Examples of well-known public limited companies are DNB, Equinor or Tesla. When you buy shares in a public limited company, you become one of the owners.
As an owner, you have the right to your share of the value created by the company. As a shareholder, you can also attend the Annual General Meeting and vote. If the company has a dividend policy, you may also receive an annual dividend for each share you own.
What is a 'cyclical share'?
A cyclical share is a share in a company that does well when the general economy does well. And vice versa. These shares normally increase in value in upturns and decrease in value in downturns.Read more about cyclical shares.
What are value shares and growth shares?
When investors and analysts talk, they often distinguish between 'value shares' and 'growth shares'.
Value shares are shares in companies that have turnover and profits that is of a high value today.
Growth shares are shares in companies that are priced high based on investors' expectations ofFutureTurnover and profits.
Read more about shares on Wikipedia.
Why invest in shares?
There are many reasons to invest in shares in a public limited company. Here are three common reasons:
1. Invest to make money
The most common reason for investing in shares is to earn money. Behind an investment is an expectation of a better return than what the bank can give you in the short or long term.
Shareholders* can earn money in two ways:
- By receiving an annual dividend if, or when, the company does well;
- By re-selling their shares for more than they bought them for.
A company that is well run will often create value which over time exceeds risk-free interest (bank interest). If the value of the company increases, the shares will normally also increase in value.
As a shareholder, you make a return from the increase in value when you sell the shares. During the ownership period you may also receive a return if the company has a dividend policy, which is when a company distributes parts of its profits to its shareholders, usually on an annual basis.
2. Invest to influence
Some people invest in a company to impact how the company is run. For example, a mutual fund might buy shares in a company to influence the company to move towards more sustainable and socially responsible operations.
3. Invest to help
Some people buy shares in a company to help a friend or a family member create their own workplace, or to expand/save their business.
*Shareholder = owner of shares of the company.
How do I know what shares I should buy?
There is no easy answer to this question. What share you should buy depends on who you are, the status of your finances and what risk you are willing to take.
One thing you need to be absolutely certain of, is that your choice should not be random. Get to know the different companies you are interested in, familiarise yourself with what they do and what their future prospects are.
Read our research reports!
If you are not entirely comfortable with reading financial figures and annual reports, use the research reports created by our experienced analysts.You can read our research reports and recommendations here.
Research is better than pure intuition.
What does high risk mean in relation to shares?
Many people associate the word risk with something dangerous, but the word 'risk' in the share market is just a way of saying that the values can fluctuate.
- High risk is a way of saying that the value of a share, or a market, can fluctuate a lot.
- Low risk is a way of saying that the value is more stable in normal circumstances.
High risk leads to a possibility of both higher returns and greater losses.
Knowledge gives you better predictability
If you understand why the value of a share, or why the overall market is fluctuating, you then have options to reduce the risk of losses.
One piece of advice is to research the shares you are considering buying. This way you understand what the company does and what it takes for it to earn money.
Another good piece of advice is to allocate your investments between different companies in various industries. This way you are not dependent on a singular company in a specific industry performing well.
Do you find it difficult to understand what a company does, and which companies are expected to perform or not? If so, you might prefer to hand over the investment job to a professional portfolio manager and start saving in an equity fund.
Why do companies issue shares?
Selling shares is one way a company can raise money – selling shares is a source of funding.
A company needs money in order to operate
An idea alone is rarely enough. Companies are in need of capital to start out and to operate. If owners don't have enough money on their own, they can raise capital by selling shares in their company. If they need further funds at a later stage they can market a subsequent share issue.
Multiple ownership is an alternative to borrowing money
Issuing shares and obtaining additional owners is therefore an alternative to borrowing money. Those who buy shares become co-owners, or 'shareholders', in the company. Obtaining multiple owners has its advantages and disadvantages. Owners have one voting right per share and in the General Meeting everyone has a chance to express their opinion on company operations.
The advantage of borrowing is that company founders retain control. The disadvantage of borrowing, if it is at all possible to get a loan, is the need to pay interest. Perhaps for years to come. Companies usually try to avoid such expenses.
What are dividends and buy-backs of shares?
Dividends, or dividend yield:
When you own shares in a company, you have the right to receive your portion of the company profits. If the company makes strong profits one year, a decision to pay out dividends will be made during the General Meeting. A dividend is a cash payment per share. Some may call this the dividend yield.
The number of shares you own determines the size of the potential dividend payment, and the number of votes you have at the General Meeting.
Share buy-backs
A company can also pay out parts of the profit by buying back shares. When the company buys back shares, the price will rise, and individually this will create a value increase per share equal to the share of the amount used for the buy-back.
In a neutral tax system, like Norway's, in principle it makes no difference whether the profit is paid out as a dividend or through a buy-back. The value increases for the shareholders either way.
Can't find the answer? Call customer service on 915 04800 and say you have questions about equity trading, or Interest rates and currency. (Photo: Stig B. Fiksdal)
About buying and selling shares and equity products
How do I buy and sell shares?
You buy and sell shares via an equity broker, such as DNB. Order access to the online equity trading service and get started.
What you need to do before you can buy a share
To place your first order, you must have funds in a trading account. You will receive a trading account when you become a customer. Make sure you have enough money for the purchase in your share savings account or share current account. If you have money in another DNB account, you can easily transfer it via the online bank.
Then select the share you want to trade and press 'Buy'. In the purchase screen that pops up, enter the number of shares and the limit. The limit is the maximum price you are willing to pay for a share. If you wish to change or delete an order, you can do this under the 'My Orders' tab in the 'Portfolios and Orders' tab.
On this page you can watch videos that show how to proceed (in Norwegian, with English subtitles)
Do you want to sell?
When selling, it is important to check that the number of shares you wish to sell matches that which is registered in your Norwegian Central Securities Depository account (VPS-account).
Please note that under the terms and conditions of the agreement, you are responsible for selling the number you actually own. If the number of shares in your VPS-account displays the wrong number, you must get in touch with us.
What does it cost to buy and sell?
The cost of placing the trade is called the brokerage fee. You can find our brokerage fees in our price list..
How quickly will I receive the money after a sale?
When you have sold shares, money from the sale will normally be available in your trading account immediately in order to potentially reinvest in new shares. If you wish to transfer the money to another bank account, you must wait until final settlement has taken place.
Share settlement is usually settled two trading days after a trade has been made, and only then will money from the sale be posted in your trading account. If you withdraw or transfer before this date, you risk incurring overdraft interest on the account.
Remember to set aside money for tax
When you sell shares at a profit from a normal trading account a tax basis is triggered. All profits throughout the year, minus losses, will be shown in the share statement you receive from the tax authorities the following year.
If you are a personal taxpayer, you can buy and sell via a share savings account and you will not incur tax on any gains until you withdraw money from the share savings account.
On the Norwegian Tax Administration's website, you will find help for calculating the correct tax
Please note: The settlement deadline for trading in US and Canadian securities will take place three trading days after a trade.
What does 'Limit' mean?
Limit is the maximum price you are willing to pay for a share you want to buy (your offer to a seller), and the minimum price for a share you are willing to sell for (counteroffer to a buyer).
Please note: There are restrictions on which limit can be placed on an order. As a rule, Oslo Stock Exchange does not approve orders with a limit that deviates more than 20 per cent from the last traded price. Orders with a limit that deviates more than 20 per cent from the last traded price can be cancelled by our exchange brokers. The same applies to Stop Loss orders. If the order's limit deviates more than 20 per cent from the Stop Loss price, the order will normally not be sent to the exchange.
What is a contract note?
The contract note is your receipt that the purchase has been made. If you are an online bank customer, you can choose to receive your contract notes either via the inbox in the online bank or ask to have it sent by regular post or email.
What is a 'Stop Loss' order?
A Stop Loss is an advanced order function that gives you the option to define conditions for your order to be placed in the market. This feature can be useful if you are not able to actively follow the market yourself, and you want to sell shares you own if the price should drop to a certain level.
You place a Stop Loss order as follows: Select the order type 'sell with stop loss'. Then select the Norwegian Central Securities Depository account where the shares are held, enter how many shares you want to sell in the quantity field and at which price in the limit field. In the stop loss field, enter the price that decides when the order should be activated. For sales, the value in the 'Stop Loss' field must be higher or equal to the value given as the 'Limit'. If the share then drops to the price you have entered in the 'Stop Loss' field, the order will be activated and sent to the exchange. Stop Loss orders can be regarded as inactive orders that get activated when your conditions are met.
NOTE! A Stop Loss order carries a significant risk in shares with limited liquidity. There are several examples of shares being 'involuntarily' sold significantly below the share price because the volume behind a Stop Loss order has created strong sales pressure. This is also the reason that barriers are placed on how far from the last traded price the limit on a Stop Loss order can be placed.
Also be aware that it is not possible to enter a Stop Loss order in shares that are traded outside the Nordic countries.
Example:
The market price of your share is around NOK 100. You decide that if the price falls to NOK 90, you will make your shares available to buy in the market.
You would then enter a sales order for the desired number of shares, enter NOK 90 in the Stop Loss field, and enter a limit below NOK 90, for example NOK 85. The order will then be sent to the exchange if a trade takes place at NOK 90 or lower. Your order will then behave like a completely normal limit order. In this example, your order will be sold at prices there is buying interest for until the volume is filled up.
What does open volume mean?
Open volume is used in cases where you do not want to show your whole order in the market. This can be a good idea if you have securities with less liquidity (low turnover), or if the total number of shares you wish to sell is greater than the orders normally traded in the share.
How to enter an open volume order:- Select the order type 'Buy/Sell with open volume';
- Enter how many shares you want to buy/sell in total in the 'Quantity' field;
- Enter the maximum price to buy at and the minimum price to sell at in the 'Limit' field;
- In the 'Open Volume' field, enter the number of shares you wish to show in the market.
Please note that you will lose your place in the queue every time new shares are shown from your order.
Example:- You want to sell 10,000 shares;
- You only want to show 2,000 shares at a time for sale out in the market;
- You enter 10,000 in the 'Number of Shares' heading;
- You enter 2,000 in the 'Open Volume' heading;
- When 2,000 shares are sold, the system will generate a new sales order for 2,000 shares and continue to do so until the order is filled.
Note: Oslo Stock Exchange has set a minimum limit for the use of open volume. This limit equals an order volume of around NOK 100,000.
What is an ETF?
ETF is an acronym for Exchange Traded Fund. In brief, this is a fund that is traded on exchanges. An ETF can consist of various securities in different asset classes, such as shares, commodities or a collection of several underlying asset classes.
As a rule, the management costs are lower than for traditional mutual funds.
The risk will vary depending on the different asset classes the ETFs are associated with, and on whether the investment is geared (borrowed) or not.
Find out more about ETFs on the Oslo Stock Exchange's website.
(Source Oslo Stock Exchange).
What is an ETN?
ETN is an acronym for Exchange Traded Note, i.e. a security traded on an exchange that is not pure shares. An ETN will often be related to a derivative strategy, i.e. a security that is tied to the changes in an underlying share, a share portfolio, a commodity or similar.
ETNs are normally issued by a financial institution and traded in the second-hand market in the same way private limited company (AS) shares.
Find out more about ETNs on the Oslo Stock Exchange's website.
What is Euronext Growth?
Euronext Growth is a multilateral marketplace that offers companies and their owners one of Europe's fastest admission processes. It can take around 1–2 weeks from the Stock Exchange receiving the application to the company being offered for sale. Both the admission requirements and the ongoing reporting obligations after the admission are simpler and less extensive than on the Oslo Stock Exchange and Oslo Axess, since this trading venue is a so-called MTF (Multilateral Trading Facility).
Read more about the different markets on the Oslo Stock Exchange website.
Nordic Growth Market is a multilateral trading facility
Nordic Growth Market is a so-called multilateral trading facility, or trading venue. It means that the admission requirements for the companies listed on Nordic Growth Market are less stringent than for the main listings on the Oslo Stock Exchange.
Nordic Growth Market is an offering for smaller companies who want access to the capital market but who do not meet the requirements to be listed on a regulated market.
Less information and poorer liquidity leads to higher risk
Note that for companies listed on Nordic Growth Market, the information requirements are less extensive than for companies on the main listings. There is also a lower minimum market capitalisation requirement to be listed on Nordic Growth Market. The liquidity in such companies is also very poor due to the lower requirement for distribution of shares and the number of shareholders in the company. These factors lead to an increased risk related to trading shares listed on Nordic Growth Market.
Currency fluctuations produce additional risk
When you trade in international securities, you must also be aware of the possible currency risk. That is to say, what may appear as a positive return can be reduced, be lost or turn negative. These factors lead to an increased risk when trading in shares listed on Nordic Growth Market
Spotlight Market is a so-called multilateral trading facility
The acceptance requirements for companies who want to be listed in a multilateral trading venue like Spotlight Market are less stringent than for the main listings on the Oslo Stock Exchange.
Less extensive information and market capitalisation requirements
Spotlight Market is an offering for smaller companies who want access to the capital market but do not meet the requirements for being listed on a regulated market. Please note that for companies listed on Spotlight Market, the information requirements are less extensive than for companies on the main listings. There is also a lower minimum market capitalisation requirement to be listed on Spotlight Market. The liquidity in such companies is also very poor due to the lower requirement for distribution of shares and the number of shareholders in the company.
These factors lead to an increased risk related to trading shares listed on Spotlight Market.
Currency fluctuations lead to increased risk
When you trade in international securities, you must also be aware of the possible currency risk. That is to say, what may appear as a positive return can be reduced, be lost or turn negative. These factors lead to an increased risk when trading in shares listed on Spotlight Market
Why can I not trade on Euronext Growth with a share savings account?
Euronext Growth is not an approved marketplace for share savings accounts. In order to trade shares in this marketplace, you must use your regular equity trading account.
A regular equity trading account is called a share current account in the online bank and can be ordered via 'My profile' in our online equity trading service.
Can I trade unlisted shares online?
Through DNB's online equity trading service, you can trade all unlisted shares on the Norwegian Securities Dealers Association's list of unlisted shares, called the NOTC list*.
Note! It is not possible to change an active NOTC order during the trading period, i.e. between the hours of 09:00 and 16:30. It is only possible to enter a new order. To change an active NOTC order during the trading period, you need to call 915 04800.
Read more about unlisted shares here.
*NOTC stands for Norwegian Over the Counter, a list of unlisted shares that can only be traded via approved brokers.
Can I trade unlisted shares online?
Transfers between your own Norwegian Central Securities Depository accounts in DNB can be made free of charge via Investor Services in the online bank.
As a non-professional, you can transfer between your VPS accounts. Please note that this does not apply to transfers of gifts or inheritances.
If you want to transfer your holdings from a VPS account in another bank to a VPS account in DNB, you can fill out and sign This transfer authorisation (PDF, Norwegian).
Companies must submit a written request.
Where will I find the annual statement for my Norwegian central securities depository account (VPS-account)?
Annual statements are now only available electronically in Investor Services.
You will find messages in the inbox in Investor Services by logging in to the online bank. Investor Services appears as a separate option under the menu 'Saving and Investing'.
Alternatively you can log in to Euronext Securities Oslo (VPS) with BankID
If you do not have access to the online bank in DNB or you are a corporate customer You can order the service here
Ask questions and get answers at our webinar for beginners in the stock market.
Join our beginner course from home!
Would you like to get started with fund savings and share trading, or do you want to learn more about investing? At our beginner course, you will get answers to everything you are wondering about share savings accounts, funds and shares.
How to get started trading shares
How can I become an equity trading customer?
If you have BankID, you can easily order equity trading with DNB, whether you want to trade privately or on behalf of a business.Go to the order page.
Specific information for businesses
If you are trading on behalf of a business, you must first order a Legal Entity Identifier (an LEI number) in order to trade.You can read more about LEI here.
It does not cost anything to set up the DNB online equity trading service, but you pay brokerage fees when you buy and sell shares.
It does not cost anything to set up or have access to equity trading with DNB. However, when you trade, you must pay a fee to have the transaction executed.
A trading account is a bank account that is used to buy and sell securities.
A trading account is a bank account used exclusively for buying and selling securities. You cannot use a regular current account or savings account for this purpose.
There are two types: share savings account and regular, or ordinary, trading account.
Read more about the differences below.
You must have money in your trading account in order to buy
For example, when you trade shares in the online bank or through Spare, payment for the bought securities will be drawn from the trading account, and when you sell, the settlement for the sold securities will also be paid into that account.
Before you enter an order in the online equity trading service, you must ensure you have enough money available in your trading account..
You transfer your money to a private limited company (AS) as usual in the online bank.
Two types of trading accounts
When the share savings account was introduced, it was decided that the share savings account could be used as a trading account for equity trading
When you buy securities, you must therefore decide which trading account you want to use:
- Ordinary trading account (share current account), or
- Equity trading account.
You can have both, but you do need to make sure that there is money in the account you choose to use. There are also
There are Some important differences on the two account types that you should familiarise yourself with.
The main difference is that an equity savings account (ASK) has certain tax advantages, but this account type can only be used to buy shares within the EU/EEA and on regulated exchanges.
An ordinary, or standard trading account, has no restrictions when it comes to which shares you can buy and sell, or where. This account type can be used for all the marketplaces we offer, both regulated and unregulated, in all countries.
Watch our short demo videos to help you make the right choice! (Only in Norwegian)
P.S.! A trading account is not a Norwegian Central Securities Depository account. Read about what a Norwegian Central Securities Depository account is under the question 'What is a Norwegian Central Securities Depository account?'.
In simple terms, a Norwegian Central Securities Depository account is an account for storing securities, not money.
In simple terms, a VPS account is an account for storing securities, not money.
In addition to a Norwegian Central Securities Depository account, you must have a trading account – a trading account is for money.
Everyone who wants to buy or own securities registered at Euronext Securities Oslo (VPS) must have a Norwegian Central Securities Depository account.
If you become an online equity trading customer, you will automatically have a Norwegian Central Securities Depository account (VPS-account) opened. A VPS-account number contains 12 digits and always starts with the number 0. You will find a summary of your existing VPS-accounts
A VPS account contains 12 digits and always starts with the number 0 in the account number. You will find a summary of your existing VPS accountsOn Euronext's VPS page.
We provide more information on VPS accounts and show you how to open one in our Equity trading demo videos (in Norwegian only)..
Non-professionals aged 18 years or over.
Private individuals with Norwegian citizenship who are of legal age and have turned 18 years can gain access to our equity trading.
All companies with an organisation number.
Yes, you'll find lots of
Yes, you'll find lots ofGood tips and advice for beginners on investing here.
Every month we also put on free webinars for beginners. You can sign up to the Investment School here.
We have also produced a number of short instruction videos (in Norwegian only) where we take you through our equity trading service step by step.
You can enter your orders 24 hours a day, but they will only be executed during the stock exchange's opening hours.
You can place your order 24 hours a day, but execution will only take place during the opening hours of the various stock exchanges.
For the Oslo Stock Exchange, this is Monday to Friday 09:00 to 16:25. The other stock exchanges where we offer trading have other opening hours.
You can transfer money into your trading account by clicking on the option 'Transfer between accounts', which you will find under the menu for Everyday banking and Loans on the online bank's pages when you have logged in.
You can transfer money to your trading account by clicking on 'Transfer between own accounts', which you will find under the menu for Everyday banking and Loans on the logged-in pages of DNB's online bank.
If the account is not displayed, go to 'Own account settings' under settings in the top right-hand corner of the online bank to make it visible on the front page.
Each film lasts one or two minutes and quickly shows you how to trade shares.
Short demo films
We have created a series of eight short videos that simply show you everything you need to know about different trading accounts and how to trade step by step in our share trading platform:
- Share savings account or standard trading account?
- How to open a share trading account?
- How to open a standard trading account?
- What is the difference between a VPS account and a trading account?
- How to buy shares?
- How to sell shares?
- How to trade with open volume?
- How to change an active order?
Alle demovideos are with Norwegian audio and English subtitles.
Financial terminology explained!
The financial markets abound with abbreviations, acronyms and jargon. We have compiled a list of definitions on our terms and conditions pages.
Questions about share prices
What is a share price?
A share price is the price of a share in a company. The price will depend on what the buyer is willing to pay for the share and at what price the seller is willing to sell.
Why are share prices often delayed by 15 minutes?
Delayed share prices are provided free of charge by the Nordic stock exchanges. Real time prices come at a small cost.
As a retail customer we give you free real-time prices from the Oslo Stock Exchange when you are logged in to our equity trading service. Corporate customers, however, must pay a subscription fee for real-time prices, due to stock exchange regulations.
How do I obtain real-time price information?
Real-time data (with or without order depth) is activated in our online equity trading service and is free for all retail customers.
Corporate customers order the paid subscription plan for real-time prices under 'My profile' in our online equity trading service.
What does 'Tick size' mean?
A share's Tick Size specifies whether a share is traded at, for example, a one øre or a ten øre level. One set of Tick Size rules applies for the OBX segment, whereas another set applies to the other segments. A share's Tick Size will vary and depend on the price level of the share.
Levi asks, Sindre explains
Brokerage, Real-time, SOR… what does it all mean? Levi from DNB UNG asks Sindre from DNB Carnegie about shares and equity trading. Sindre provides his best possible answers.
On equity offerings, subscription rights and company events
What is an equity offering?
If a public limited company needs more money, they can decide to sell more shares in the company.
New shares are issued and put up for sale at a pre-determined price. This is called an equity or share offering, or issue.
Public vs. private placement
APublic issueLets anyone buy the new shares (i.e. participate in the new subscription).
A Private placement Also called A preferential right issue, Is a share offering where only a selection of investors may buy the new shares, usually those who already have shares in the company from before.
An equity offering in a private limited company (AS) - as a secondary offering
An equity offering can also be done in a private limited company (AS) as a secondary offering, I.e. a resale of a large shareholding to several smaller investors. This kind of sale does not involve an increase of the share capital, and these become 'second-hand shares'. For private investors, there are few practical differences between share issues and secondary offerings. For them, they both mean the opportunity to buy shares in the company.
Why carry out an equity offering?
A share offering gives the company in question fresh capital for further growth and investments. Those who take part in the share offering by buying shares get, in return, ownership interests that give them the right to dividends from the company. They can also choose to resell the shares on the stock exchange private limited company (AS) as second-hand shares.
If someone wants to subscribe for or buy shares private limited company (AS) part of a share issue or a secondary offering, they must notify the facilitator of the transaction how many shares they wish to subscribe for/buy by the acceptance deadline the company has given.
At the end of the acceptance period, the shares will be distributed to those who have reported their interest to buy. If the demand is greater than the number of shares being issued for sale, the shares are distributed according to a key determined by the company.
In order to take part in the equity issues and secondary offerings online, you must be over 18 years old and have an account in a Norwegian bank.
Can I buy shares in an equity offering?
Yes, if there is a public equity offering, anyone can subscribe for shares. If there is a so-called private placement, you will normally be offered to subscribe if you already have shares in the company. Read more about this under the question 'What is a share offering?'.
How to find the equity offering in the online bank:
When the option to subscribe for new shares in an equity offering is opened up, as a non-professional investor, you can order shares via Investor Services in the online bank.
You'll find Investor Services in the main menu when logged in to the online bank*.
Read more about IPOs, equity offerings and subscription rights on our 'Share offerings and IPOs' page,Click here.
*To use our Investor Services you will need to accept the Investor Services agreement the first time you visit the page.
What is a subscription right?
For share offerings, existing shareholders often get a preferential right to buy new shares in the company. This is called a subscription right.
Only applies for a short period
What is important to remember is that subscription rights only last for a fixed time period. The length of time for a subscription period can vary, but the most common period is two weeks. If the subscription rights are not used in this period, they lose their value. It is therefore very important to keep track to ensure the values are not lost.
Preferential right issue
Everyone registered as a shareholder in a private limited company (AS) at a specific time will automatically be assigned subscription rights when there is a preferential rights issue. The share issue documentation will state how many existing shares give one subscription right.
To use a subscription right, you can log in to Investor Services in the online bank. Click on events and then on subscriptions.
Can I buy or sell subscription rights?
Within the subscription period, the subscription rights will (normally) be listed on the Oslo Stock Exchange. If you have been assigned subscription rights, you can buy or sell these by using the online equity trading solution in DNB.
How can I buy subscription rights?
Log in, go to online equity trading and search for the subscription right you are looking for. The subscription rights' ticker usually have a stock exchange ticker with an additional T at the end. For example, subscription rights in Norwegian Air Shuttle ASA, where the share has the ticker NAS, would have a subscription right ticker NAST.
Search, bring it up, and buy it like you would buy shares.
Sell subscription rights?
If you have been assigned subscription rights in a share issue, these will be visible in your portfolio summary in the online equity trading service.
Log in, go to online equity trading, click on the 'Portfolio and Orders' tab. Then find the subscription rights in the summary and click on the 'S' (for sell) on the small red button. Then do the same thing as you would when selling shares.
You will find price lists for buying or selling subscription rights here
How do I pay for shares bought in an equity offering?
When you order new shares either online, or by using a physical subscription form, you will need to specify the account that is to be charged. This must be a Norwegian bank account. The specified bank account will be charged on a fixed date specified in the prospectus and on the subscription form.
Can I withdraw from a subscription after it has been submitted?
No, the subscription is a binding agreement of purchase.
What does oversubscription mean?
If permission for 'oversubscription' is granted, you can subscribe for more shares than you have subscription rights to at the outset. However, you will only be guaranteed an allocation of the number of shares covered by the subscription rights you have at the end of the subscription period.
You may also buy more subscription rights on the Oslo Stock Exchange, provided that they can be bought on the stock exchange. These normally give the right to subscribe for one additional share per purchased subscription right, although sometimes more subscription rights are required in order to subscribe for one new share.
What is a share split?
A share split is when a limited company chooses to divide the value of a share. For example, let's say you own a share which is worth NOK 100. Then a split occurs which halves the value. After the split you still own the same value, NOK 100, but now you have two shares worth NOK 50 each.
Share splits are often done when a share has risen so much in value that it becomes more difficult to sell. Let's say that shares in a company have increased in value to NOK 10 000 each. The company may then decide to split the value by 100 to get each share down to NOK 100. More people can afford to invest in a share that costs NOK 100.
Example:Tesla split the value of its shares on 30 August 2020 by dividing the share price by five. The announcement of the share split came after Tesla had risen sharply in market value. The company said they hoped more people would consider investing in the company after the split. The price rose 6 per cent after the announcement. (ref.article in E24))
What is a reverse share split?
A reverse share split is a consolidation of share values.
Let's say a share has dropped so sharply in value that it's only worth a few pence. By doing a reverse share split, the share can be brought back up to a more "normal" share price, so it can be traded in pounds again and not pence.
Example: The airline Norwegian's share price was down to a value of 0.64 NOK each on Wednesday 16 December 2020. After a general meeting, they decided to reverse split the shares 100 to one. So after the reverse share split, the value of one Norwegian share was NOK 64.
Questions about portfolios and orders
In finance, a portfolio is a term for an overall holding of securities.
When the word is used about an individual’s savings, the portfolio is the individual’s total financial savings. Shares, mutual funds, bonds, primary capital certificates, bank deposits and pure endowment insurance are examples of financial instruments in a portfolio.
When portfolio is used in relation to mutual funds and investment fund management, the word is used to describe which shares, bonds or other securities the mutual fund is currently invested in.
You can change the cost price of a share you own by clicking on ‘Select Multiple’, which you will find under the tab for portfolio and orders in the online equity trading service.
Note! You can change the cost price of shares that have been transferred/moved into your VPS account. The cost price of shares that are traded in the market cannot be changed.
If you are not able to find a share that you want to trade, we may not offer electronic trading in that marketplace. In most cases, our equity brokers will be able to trade the share on your behalf.
Contact us by phone on 915 04800.04800@dnb.no
A sell or buy order will not be placed (or executed) until the limit requirement is fulfilled. So, as long as there are counter orders (meaning someone has entered the equivalent number of orders to sell/buy), there is a high chance that the order will be placed.
Other reasons for an order not being executed may be that the share was not traded that day, or that the deviation between the bid price and asking price was too large. In other words, no one was willing to sell the share at the price you were willing to buy.
NOTE! On the Oslo Stock Exchange, the ‘first come, first served’ principle applies. This means that if there are multiple orders with the same limit, the time at which the orders were placed determines which orders are executed. Whichever order was placed gets executed first.
A liquid share is a share that usually has plenty of buyers and sellers. You should be able to trade whenever you want.
If a share is illiquid, there is probably not enough buyers and sellers in the market.
When you trade shares through our online equity trading service, the order will be placed as a so-called ‘Fill any’ order. The trading platform will then try to fill as much of the order as possible.
In the rarest of cases, the trading platform will place an order for only one share, as only one share is available for the specified time period. In such cases it may be appropriate to extend the order period to grant the trading platform more time to trade the desired number of shares.
Which type of bank account is eligible for trading shares?
You can use several types of equity trading accounts:
Regular equity trading account
Known as a share current account in the online bank. This is a regular user account, created in conjunction with the creation of the regular equity trading account.
Read more about trading account here.
Share savings account
Called the Share savings account (ASK) in the online bank. In order to trade shares with this account, you need both a share savings account and a VPS account. Read more about ASK here.
Investment account
You can read more about Investment Accounts here.
Securities financing
A scheme that lets you finance share investing with a loan, also known as Gearing. Read more about Securities financing here.
Questions about international equity trading
How can I trade international shares online?
To trade on international markets, you need to have signed an agreement on using the online equity trading service through DNB, and also signed an agreement on setting up a Foreign Securities Account.
You can easily enter an agreement for a Foreign Securities Account electronically in our equity trading service (while logged in) under the 'My profile' tab.
Yes, but as a rule you can only trade international shares on marketplaces within the EEA* with a share savings account.
To trade shares in, for example, the US or Canada, you must use an ordinary equity trading account. If you do not have this account type, it can be ordered under 'My Page' in the online equity trading solution (while logged in).
Remember that you must also enter an International Shares agreement once the account is open.
*The company must also have its head office within the EEA.
The following stock exchanges are currently available for trading via our online equity trading solution:
- Stockholm Stock Exchange, Sweden
- Copenhagen Stock Exchange, Denmark
- Helsinki Stock Exchange, Finland
- NYSE, AMEX and NASDAQ, USA
- London Stock Exchange, UK
- Frankfurt Stock Exchange, Germany
- Euronext Brussels, Belgium
- Euronext Paris, France
- Euronext Amsterdam, Netherlands
- Swiss Exchanges, Switzerland
- Madrid Stock Exchange, Spain
- Toronto Stock Exchange, Canada (1)
(1) Trading on the TSX Venture Exchange is not possible.
We offer real-time prices for the Nordic countries (OMX) and for the American stock market (USA). Real-time prices can be ordered under 'My Page' when logged in to the online equity trading solution.
For the other stock exchanges, you can check 15-minute delayed prices or closing prices from the previous stock exchange day in our online equity trading solution. If you know the name of the stock exchange or index, you can easily google the prices (see names in previous answer).
Closing times Norwegian time are 17:30 in most countries in Europe. Denmark closes at 17:00.
Closing time in the USA and Canada (Norwegian time) is at 22:00.
NB! Changes may occur, please check the individual stock exchanges' websites for updated opening hours.
As our customer, settlement works in the same way as for trading Norwegian shares. The same trading account is used to debit or credit the trading amount and the brokerage fee.
The settlement period is two working days after the trade date (T+2). Remember that the settlement period takes into account holidays in the country where the trade is executed.
It is only possible to enter Limit orders that are valid until the end of the trading day. If you enter an order after the relevant stock exchange is closed, the order will be valid for the duration of the following trading day.
To sell international shares that you have bought through other channels, e.g. over the sales desk, you need to have the shares transferred to an online foreign depository. You can do this by contacting the Global Custody department With the following information:
- Security number (ISIN)
- Number of shares
- Counterparty details (SSI of receiving/sending bank)
- Contact information of the counterparty
- Acquisition value of securities in to DNB
If you want to transfer a holding of foreign securities, a transfer authorisation must be filled out and sent to us and to the current account manager. It will only be possible to move shares to a Foreign Securities Account with us if the shares are traded on one of the stock exchanges on which we offer electronic trading.
We store international shares in a client account in a central securities depository where DNB is a member, or in a client account through an agent bank in markets where DNB is not itself a member of the central securities depository.
Your shares are stored separately from DNB's or any agent bank's own funds. The shares will not be included in a potential estate in bankruptcy. All shares are stored and moved in electronic form according to the rules of the local market.
You will find information for holders of shares in the US here
No, neither DNB nor DNB's agent banks lends shares belonging to DNB's customers without explicit instructions from the customer.
No, since the shares are stored in a client account, it is DNB's client account or DNB's agent bank's client account that appears in the shareholder register, depending on the registration format in the local market. The holdings are then marked as client funds in the shareholder register. For example, the term 'street name' is used in the US to describe shares that are stored as client funds through an agent bank.
This is a tax to the English government. Stamp Duty does not appear as part of the order when you enter a buy order but will be deducted from the bank account on the settlement date.
When you buy shares on the London Stock Exchange, you will be charged 0.50 per cent of the trade amount in addition to the brokerage fees. If the share is registered in Ireland, however, Stamp Duty will be 1 per cent. Please note that Stamp Duty is only paid in connection with buying and not with selling.
DNB Carnegie halted all trading with Russia following the invasion of Ukraine in 2022. This includes trading in shares of Russian companies and instruments with underlying exposure to Russian companies listed on exchanges in Europe and the USA. This occurred as a result of the extensive sanctions imposed on Russia.
For buy orders up to NOK 5 million, we will normally convert the currency automatically, immediately after the order is executed, so the correct amount is deducted in Norwegian kroner. For orders greater than NOK 5 million, however, the exchange will be made no later than the following trading day. For sales, we exchange to Norwegian kroner and credit the trading account for the sales amount either immediately, or no later than the next trading day, depending on the size of the amount.
For share purchases, an estimated exchanged amount will be reserved out of the bank account, while for sales, the amount will not be reserved into the bank account until the exchange has taken place.
If you are a DNB customer and own shares traded and stored in the US, you can take part in most general meetings there. Read more about how to do this here.
Questions and answers about ETF
What is an exchange-traded fund, an ETF?
Exchange Traded Fund (ETF) is a fund you can trade on the stock exchange. These funds can consist of shares or other securities that track the price of an underlying index.
By trading ETFs, you can gain exposure to shares, indices, currencies and commodities as easily as you trade a share.
Some of the products offer opportunities for both short and long exposure in the underlying assets, as well as increased exposure through leverage.
What is the difference between an ETF and a mutual fund?
Ordinary funds, or mutual funds, can be purchased directly from your bank or from a fund provider. An ETF, on the other hand, is traded on the stock exchange, like a security. With us, you can trade ETFs in share trading within online banking.
No management in ETFs
Mutual funds are managed either passively (index funds) or actively, by a professional manager. An ETF is normally not managed*, as a rule it is a ready-made "package" of predefined shares or securities. An example of an ETF isDNB OBXwhich consists of all the shares in the main index on the Oslo Stock Exchange.
Even index funds that are passively managed will often have a small element of management in them: for example, unethical and environmentally harmful companies will be excluded. Therefore, an index fund is not entirely identical to the index it tracks, but somewhat adapted. An ETF that invests in an index, on the other hand, will contain all the companies in the index; no companies are excluded.
An ETF is often somewhat cheaper
Because an ETF is most often a completely passive reflection of a stock market index or price index, such a fund will also generally be cheaper than a mutual fund.
*There are some actively managed ETFs; these typically charge an ongoing basis fee in addition to brokerage. Always read the KID for the products you invest in
Where can I find the ETFs that DNB offers?
The range of Norwegian and international ETFs can be found in the equity trading solution. Once you are logged in, click through to the overview page in share trading and then to 'Market and prices'.
Several of the ETFs are listed on foreign exchanges. To be able to trade on the international exchanges, you must have entered into an agreement for a foreign securities account.
This agreement can be set up by clicking on 'My profile' and selecting 'VP-utland'.
How high is the risk in an ETF?
The risk will vary, from low to high. This is because the different ETFs are linked to different markets and underlying products. The risk of the underlying securities can also vary over time. We therefore recommend that you familiarise yourself with the characteristics of the specific product you are interested in before you trade.
What does it cost to buy and sell ETFs?
To buy and sell ETFs, you only pay fees* for the actual transaction on the stock exchange. Brokerage fees for units in an ETF is the same as what you pay when you trade shares.
NOTE: Brokerage may vary slightly across different marketplaces and stock exchanges in different countries.
*There are some actively managed ETFs; these typically charge an ongoing fee in addition to brokerage. Always read the KID for the products you invest in
Is there a minimum amount for purchasing an ETF?
The minimum amount for trading an ETF is the price for one unit in the relevant ETF. If the ETF is traded at NOK 67, for example, the minimum amount will be the same.
What is a commodity ETF?
A commodity ETF has commodities as its underlying index, which could be, for example, oil, electricity or gold.
If you believe commodity prices will rise or fall, you can buy a commodity ETF that is invested in the commodity you want. The value of the ETF will vary with the price development of the commodity the fund has invested in.
What types of commodity ETFs can I buy through you?
You can find an overview by clicking through to the overview page in share trading and then selecting 'markets and prices'. Here you can use the search function to find the relevant products.
How can I follow the value development?
Under the 'portfolio and orders' tab you will be able to follow the price development of the ETFs.
How do I buy and sell ETFs?
ETFs are traded in share trading in online banking, in exactly the same way as a share.
Can I buy and sell ETFs around the clock?
You can place your order 24 hours a day, but execution will only take place during the exchange's opening hours, which are from 09:00 to 16:25 Monday to Friday (applies to Oslo Stock Exchange).
The opening hours for the other exchanges we offer trading on can be found underForeign shares.
Questions and answers about short selling, arbitrage and hedging
Shorting, or short selling, is when you sell shares you do not own, but shares you have borrowed.
How short selling works:
You borrow a certain number of shares (by paying an interest rate/rent). You then sell the borrowed shares at that day's share price. You do this because you believe the share price is higher now than what it will be when you have to give them back.
If you are correct, and the price drops before you have to give the shares back, you can buy the same quantity cheaper than what you sold them for before returning them. You thereby profit from the price reduction.
Shorting example
You borrow 100 shares and sell them immediately at that day's share price of NOK 50. In total you receive NOK 5,000.
You have an agreement to return the 100 shares within 14 days.
After 10 days, the price of the shares you borrowed has gone down to NOK 40. You then buy 100 shares for NOK 4,000 and give them back before the deadline.
After your short sale you're NOK 1,000 in profit (minus the borrowing costs)
If you guessed incorrectly about the share's price movement, the result would have been the complete opposite.
Read about risk in the next question.
When short selling, you can lose unlimited sums
The reason we say 'unlimited sums' is because, in theory, the price of the share you have borrowed can rise infinitely before you are able to buy back the number you have borrowed. Changes can happen quickly in the stock market!
The risk involved in short selling is much higher than with traditional equity trading. You should know what you are doing.
With normal equity trading, where you buy a security and bet on a price increase over a longer period, you only risk losing the amount you have actually invested (if the price falls to 0). This is a risk that is easy to relate to.
Short selling is riskier. Read below:
Short selling example
An investor borrows 10,000 shares from DNB Carnegie. The price per share is NOK 10, but the investor thinks the price will drop substantially in the coming days. He therefore borrows and sells in the market at that day's price, NOK 10 per share. He receives NOK 100,000.
His 'bet' is that the share price will drop to around NOK 5 in the coming days, he can then buy the same amount for NOK 50,000 before the shares need to be given back.
Suddenly, new information reaches the markets causing the price of the share to rise significantly. Over the course of a couple of hours, the share price rises to NOK 30! The investor is now nervous that the loss will become even greater. He rushes to buy 10,000 shares for NOK 300,000 in order to return the 10,000 shares in time. This is called 'closing a short position'.
His loss is NOK 200,000. Four times the profit he expected to make.
We make a key distinction between two types of short selling, covered and naked. The former is when an investor selling shares actually has access to them at the time of the sale. In the securities market, this usually means that the investor has borrowed the securities from another investor before he sells or has a secure agreement about being able to borrow them. In this way, covered short selling will guarantee that the investor actually can deliver the securities he's selling.
In Norway, it is only legal to do covered short selling. Ref. Norwegian Securities Trading Act Section 3-14.
Naked short selling is when the investor does not have access to the securities at the time of the sale but plans to obtain these at a later stage before returning them. This can be done in all markets where the delivery date for the asset is later than the date of the sale. For the stock market, the delivery of the shares (also called 'settlement') is often two days after the sale. The investor must buy or borrow the shares, so he has them ready for delivery for the sale he first made. Should the investor have sold shares he fails to deliver, he can be held financially and legally liable.
The lender is often a broker, a bank or large institutional investors.
Loans can also be organised through loan pools to streamline the market through lenders and borrowers.
The lender must be aware that there are some disadvantages to lending his shares. Depending on the conditions of the loan, the lender may be limited in how quickly he can demand to have the loan repaid. In the meantime it is not possible to sell the shares or vote with them. Any dividend will be paid to the holder of the shares, but the lender will be compensated for this. The lender may also have a counterparty risk with borrowers that go bankrupt and cannot give back the securities. To compensate for these disadvantages, the borrower must pay interest to the lender.
DNB Carnegie share lending.
In finance, the term 'hedging' means investing with the objective of removing or minimising the risk of another investment. In simple terms, hedging works as insurance for the investor.
So hedging reduces the overall risk in a portfolio. At the same time, hedging means that you earn less. You can compare this with insuring your car. The actual insurance policy will cost a little, but you may consider this worthwhile if the car is stolen or you crash it.
Simple example of hedging
You invest in Tesla. The car industry is cyclical, which means that Tesla sells more cars in economic uptrends and fewer when times are bad.
A way of hedging here would be to buy shares in something that does well when the economy is generally going down. The groceries industry is such an industry. If the investor in Tesla also buys shares in groceries, the average value of the portfolio will be better maintained through downturns as well.
Arbitrage is using price differences for the same product or security in different markets. Arbitrage involves selling in a market where the price is high and buying where it is low.
Arbitrage trading normally leads to price differences being settled. When you buy where the price is low and sell where it is high, the price will fall where it is high and rise where it is low. Modern financial theory therefore usually assumes the absence of arbitrage opportunities.
For arbitrage to be possible, one of three conditions must be met:
- The same product cannot be traded at the same price in all markets ('the law of one price').
- Two products with identical cash flow cannot be traded at the same price.
- A product with a known future price cannot be traded today at its future price discounted by the risk-free interest rate (or the product has significant storage costs; this condition applies to corn but not for securities).
The transactions must take place at the same time to avoid being exposed to market risk, or the risk that the prices may change in one of the markets before both transactions are complete. In practice, this is only possible for securities and other financial products that can be traded electronically.
Questions and answers about Bull and Bear products (ETNs)
ETN is an acronym for Exchange Traded Notes, i.e. a security traded on a stock exchange.
An ETN gives you a return on an underlying market
An ETN is a so-called Financial instrument which is constructed to give you a return related to the growth of an underlying market such as the oil market*. This way you can invest in the increase in value of the oil market without buying physical oil.
An ETN can be geared
An ETN can be set up to have a geared exposure against the market. Geared means borrowed. If you invest in a geared product, you borrow money simultaneously, resulting in greater exposure than if you were to invest solely the money you currently have available.
Can be affected by foreign exchange rates
Some ETNs also involve exposure to foreign currency as well as to the underlying market. An ETN does not pay out a regular coupon and is not capital protected.
NOTE! The risk is very high, so you must not invest more than you can afford to lose..
*The return will deviate slightly from the underlying market due to an administration fee that will be deducted.
We offer a number of ETNs listed on the Oslo Stock Exchange. These are bought and sold in the same way as a share in our online equity trading solution. You can purchase the products at the applicable market price during the exchange's opening hours.
When buying or selling on the stock exchange, the regular brokerage fee is paid to your broker. If you choose to realise your profit/loss by redeeming the shares against DNB Bank ASA outside of the stock exchange, a redemption fee will be calculated on the basis of the daily market value.
An investment in an ETN requires you to have a Norwegian Central Securities Depository account (VPS-account). A fee for the VPS account(s) will incur depending on the total holding for one national identity number or one registration number.
Yes, you must have a trading account (for money) and a Norwegian Central Securities Depository account (for securities) in order to trade on the stock exchange.
Gearing means borrowed. If you buy a product with gearing of x2, you can borrow the same amount as you are investing. This doubles your potential profits, and doubles potential losses.
You can read more about gearing here.
Example:
If you have a gearing factor of 2 (=200%), for every hundred kroner you invest, you could make profits as if you had invested two hundred kroner. But, if the market drops, you could double your losses.
The gearing factor is usually set on a daily basis. This is an important factor to consider as the return over time can deviate considerably from the gearing factor multiplied by the underlying return.
Daily adjustment of the exposure is necessary in order to maintain a fixed daily gearing factor.
NOTE! A high gearing ratio results in high risk. You must be prepared to possibly lose your entire invested amount.
There are certain factors that investors need to be aware of where commodities are the underlying asset of the ETN.
In contrast to shares, which are perpetual physical ownership interests in a company, commodities are traded as time-limited contracts.
Forward and futures
The contracts traded are called forward or futures contracts. Commodities are traded in the market as an agreement for a physical delivery (forward) or a cash settlement (future) on a defined date in the future. This is by far the most common method for trading commodities in the market.
Rolling
This involves an ETN obtaining its exposure from commodities having to switch the underlying contract at regular intervals, because they will eventually expire. This switch, where the old contract is sold and the new one bought, is called a roll. A roll can comprise a new contract where each unit is more costly than the old (contango in the forward curve). A roll can also comprise the new contract costing less per unit than the old (backwardation in the forward curve).
Renewing contracts
When discussing the 'electricity price' or 'oil price', we usually debate the spot price or the commodity contract with the shortest delivery time. When the 'electricity price' (over a longer time period) has changed by x per cent or the 'oil price' (over a longer time period) has changed by y per cent, this does not generally indicate a return that is achievable for an investor. The contracts will eventually expire and need to be replaced with new contracts with a longer duration, where the unit price may differ. However, this will not affect the value of the product itself.
Rebalanced every day to maintain the gearing factor
In the same way as ETNs based on shares or share indices, commodity-based products must also be rebalanced every day in order to maintain the gearing factor. In addition, ETNs with commodities as the underlying asset carry a currency risk, since the underlying commodity contract is often traded in currencies other than NOK.
Below is a general description of tax conditions that apply when buying, holding and realising an ETN for investors residing or domiciled in Norway. The description is a general overview, based on applicable Norwegian tax legislation. The description is not an attempt to provide exhaustive legal or tax advice directed at the individual investor. Potential investors should therefore consult their own professional adviser.
DNB takes no responsibility for any errors or omissions in this tax description or decisions that are wholly or partly based on the description.
Tax on investors that are not limited companies
For non-professionals and other investors that are not limited companies or equivalent companies, capital returns resulting from sales or redemption of shares in an ETN will be taxable in relation to the shareholder's holdings. Equally, deductions will be given for losses from selling or redeeming such shares.
Costs that the shareholder has incurred to acquire the shares (brokerage fees) will be included in the cost price and reduce any possible return as a result of the realisation.
The value of shares in ETNs are included in the basis for wealth tax.
Limited companies and equivalent companies
The tax exemption model applies for financial derivatives which generally derive their value from underlying shares etc. which themselves fall under the tax exemption model. When the tax exemption model comes into use, gains from realising the derivative are tax-free, while any losses give a deduction right. Outside of the tax exemption model, profits are taxed at 37.84 per cent (22 per cent x 1.72 in upward adjustment factor)*, while losses give an equivalent deduction right.
Commodities will not fall in under the tax exemption model.Shares domiciled outside the EEA also typically fall outside of the tax exemption model. ETNs with these underlying assets will therefore typically fall outside of the tax exemption model. ETNs with underlying shares domiciled within the EEA will likely fall under the tax exemption model (where the share itself is also subject to the tax exemption model). But since the relevant rules and legislation are based on criteria that involves valuation and which can also change over time, there is no guarantee that this understanding will be used as a basis for the equation.
Shareholders that are Norwegian limited companies are not obliged to pay wealth tax.
*Tax year 2026
In geared products, the number of shares to be shorted must be borrowed. A borrowing cost will normally be added to a share loan measured in per cent p.a. of the shares' value. This cost is therefore also reflected in products that give a short exposure to shares or share indices.
Note that the borrowing cost will depend on the number of times the shares in question are shorted. For a x2 product, for example, the borrowing costs will be calculated twice (since shares are being shorted for double the amount of the actual product), for a x3 product, the borrowing costs are calculated three times etc.
Different securities carry different levels of risk
If you are relatively new to buying or selling in the financial markets, you should read up on how different financial instruments work and what risks they carry. In particular, you should familiarise yourself with the terms and conditions for trading.