Week Ending: 28 August 2026

Norway NO Sector

Basic Materials

For the week ending 28 August 2026, Basic Materials declined 1.73% with 4 advancing, 9 declining, and 1 unchanged constituents. The index is equal weighted and built from country-listed equities.

Current architecture Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

35 technical evidence
Index790.32 1 week-1.73% Breadth29% Members14
Country 🇳🇴 Norway · NO
Universe country-listed
Price basis Adjusted weekly close

Trend architecture

Index, activity fan and structural anchors

Rolling 156-week evidence. Trend Signal points mark weeks when price, trend and the activity fan confirmed together.

Index Value Trend Line Fair Value Activity Lines Constructive architecture Transitional architecture Defensive architecture
Current architecture Unresolved 2 completed weeks in this state
Trend acceptance -7.3% Index versus Trend Line
Persistence 100% Negative across every horizon
Participation 29% 4 advancing, 9 declining

Investor positioning lens

Is the evidence ready for capital?

A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.

Current posture Reduce exposure into strength

Counter-trend rallies may occur, but primary structure and persistence do not yet support adding risk.

35 technical evidence
out of 100
Evidence balance

Five-pillar map

Reduce
Trend
28
Breadth
24
Persistence
60
Relative
2
Risk quality
81
What supports the view
  • Constituent trends show positive multi-horizon persistence.
What restrains conviction
  • Index trend architecture has not delivered a durable upward expansion.
  • Breadth remains too narrow or inconsistent for a high-conviction position.
  • The group is not yet delivering dependable relative outperformance.
  • Stage 4 declining constituents exceed Stage 2 advancing constituents by 25 percentage points.
  • Positive contribution is concentrated in a small leadership cohort.
Independent sentiment overlay Sentiment held separate

Qualified news coverage is too thin to alter the technical positioning view.

Evidence that would change the view
  1. A completed weekly reclaim of 910.90, the higher of Trend Line and Fair Value, would improve the structural case.
  2. Breadth holding above 55% for several completed weeks would show that repair is spreading.
  3. Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.

This is a weekly research classification, not personal investment advice. Sentiment is reported as an independent confirmation layer and does not alter the technical score.

Trend state and durability

Architecture, persistence and constituent regimes

The index path is tested against the underlying security-level trend evidence.

Index architecture Unresolved

The Activity Lines, Trend Line and price acceptance remain genuinely mixed.

State age2 weeks
Trend gateDown
Fan width4.67%
Fast versus slow change1.25 pts
Above 0% Below 50%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence

Negative across every horizon

100% agreement

The 13, 26, 39 and 52-week trends all point downward, confirming persistent contraction.

13-week
-11.4%
26-week
-8.1%
39-week
-5.3%
52-week
-8.7%
Regime age12 weeks 52-week flips10 52-week boundary865.78
Constituent trend persistence

Is the index move broadly durable?

86% coverage
Coherent positive33%
Coherent negative17%
Average horizon agreement81%
Positive horizon share56%
Weakening positives2
Repairing negatives2

12 constituents measured as of 28 Aug 2026. Median trend age is 41 weeks.

Custom stage map

Where constituents sit in the cycle

86% coverage
Stage 1 · Basing0%0 securities
Stage 2 · Advancing33%4 securities
Stage 3 · Distribution8%1 securities
Stage 4 · Declining58%7 securities
Re-acceleration watch0 Transition watch2 Relative strength leaders17% Fair Value repairs0

Measured as of 28 Aug 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.

Architecture breadth

How market energy is distributed

75/100 mean confidence
Upward expansion
25% 3
Rotation up
8% 1
Deceleration
8% 1
Balance
33% 4
Rotation down
0% 0
Downward expansion
25% 3
Unresolved
0% 0

Architecture breadth shows the distribution of expanding, rotating, balancing and contracting securities. It is diagnostic context and is not added as a second vote in the positioning score.

Capital rotation

Performance relative to NO Market Structure

Weakening
Relative index 13-week relative trend Starting level
Rotation dashboard Weakening

A rising relative line means this group is compounding faster than NO Market Structure. A falling line means capital has done better in the parent benchmark.

Relative index70.7
13-week trend75.4
4-week trend change-1.96%
Weekly peer rank11 of 11
1 week
-2.1 pts relative
4 weeks
-3.4 pts relative
13 weeks
-10.5 pts relative
26 weeks
-10.0 pts relative
52 weeks
-13.7 pts relative

Market internals

Participation, dispersion and path risk

Equal-weight index evidence with constituent-level breadth and dispersion.

Breadth

Participation quality

Narrow
Advancing
4
Declining
9
Unchanged
1
4-week average 52%
13-week average 43%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility17.7%
Drawdown from 52-week high-14.6%
Positive weeks, last 1346%
Current directional run2 weeks
Turnover versus 13-week norm274%
Breadth impulse-15.5 pts
Cross-section

Return distribution

14 measured
Q1 -2.3% Median -0.7% Q3 0.6%
Average winner2.7%
Average loser-3.9%
Dispersion5.9 pts
Top-five upside share100%
Top-five capital share99%
Capital data coverage100%

Dispersion describes how far constituent outcomes are spreading apart. Capital concentration is contextual only; the index itself is equal weighted.

Momentum cycle

30-week persistence

Positive readings show expansion. Negative readings show contraction.

Breadth cycle

Net participation

Advancers less decliners as a percentage of measured constituents.

Industry map

Where sector leadership is forming

Performance, breadth and trend acceptance across every qualified industry.

0/2 positive
Above Trend Line1/250% of industries
Constructive breadth0/2At least half advancing
Median industry-4.73%2.52 pts dispersion
#1 Narrowing

Specialty Chemicals

-2.21%
Participation0% vs Trend10.3% vs Fair Value9.7% Members4
#2 Contracting

Other Industrial Metals & Mining

-7.25%
Participation0% vs Trend-35.8% vs Fair Value-69.5% Members3

News and narrative

Does company news confirm the market tape?

Open Sentiment Intelligence
Sentiment evidence is still developing

Qualified company-level news coverage is not yet broad enough to influence the group view.

0 qualified records across 14 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 DSRTDesert Control AS
6.98% 2 NSKOGNorske Skog ASA
1.92% 3 BORBorgestad ASA
0.91% 4 NHYNorsk Hydro ASA
0.85% 5 POLARPOLAR RESOURCES AS
0.00%

Weakest edge

14 NOMNordic Mining ASA
-20.99% 13 BCSBergen Carbon Solutions AS
-4.15% 12 TEKNATekna Holding ASA
-3.14% 11 GOLDRGold Road International p.l.c.
-2.54% 10 BRGBorregaard ASA
-1.38%

Constituent ledger

Sector constituents

All 14 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 DSRT Desert Control AS OSL 64.11M 0.322 0.50 pts
6.98%
2 NSKOG Norske Skog ASA OSL 4.00B 47.80 0.14 pts
1.92%
3 BOR Borgestad ASA OSL 575.55M 16.70 0.06 pts
0.91%
4 NHY Norsk Hydro ASA OSL 183.76B 92.76 0.06 pts
0.85%
5 POLAR POLAR RESOURCES AS OSL 70.54M 4.95 0.00 pts
0.00%
6 ELK Elkem ASA OSL 11.96B 33.40 -0.01 pts
-0.18%
7 AKOBO Akobo Minerals AB (publ) OSL 370.67M 1.64 -0.04 pts
-0.61%
8 GEM Green Minerals AS OSL 26.26M 1.29 -0.05 pts
-0.77%
9 YAR Yara International ASA OSL 113.56B 445.00 -0.08 pts
-1.13%
10 BRG Borregaard ASA OSL 15.58B 157.40 -0.10 pts
-1.38%
11 GOLDR Gold Road International p.l.c. OSL 511.34M 7.66 -0.18 pts
-2.54%
12 TEKNA Tekna Holding ASA OSL 1.27B 5.56 -0.22 pts
-3.14%
13 BCS Bergen Carbon Solutions AS OSL 251.82M 6.00 -0.30 pts
-4.15%
14 NOM Nordic Mining ASA OSL 245.15M 1.92 -1.50 pts
-20.99%

The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.

Evidence context