The Morningstar Norway Index rose 12.44% in the third quarter amid a rally in the industrials sector. The index tracks the performance of the top 97% of the Norwegian investable universe by market cap, and each quarter, we screen it for the best- and worst-performing companies. Data in this article is sourced from Morningstar Direct.
The Best-Performing Stocks of Q3 2026
- Okeanis Eco Tankers OET
- Wallenius Wilhelmsen WAWI
- Capital Tankers CAPT
- Wilh. Wilhelmsen Holding WWI
- Odfjell ODF
The Worst-Performing Stocks of Q3 2026
- Norwegian Air Shuttle NAS
- Public Property Invest PUBLI
- Vend Marketplaces VEND
- Orkla ORK
- Protector Forsikring PROT
Metrics for the Best-Performing Stocks
Okeanis Eco Tankers OET
- Sector: Industrials
- Industry: Marine Shipping
- Economic Moat: Not Rated
Okeanis Eco Tankers soared 80.04% in the third quarter, leaving the stock up 239.31% for the past year. The company’s stock has a quantitative Morningstar Rating of 1 star.
Wallenius Wilhelmsen WAWI
- Sector: Industrials
- Industry: Marine Shipping
- Economic Moat: Not Rated
Wallenius Wilhelmsen surged 49.80% in the third quarter, leaving the stock up 147.76% for the past year. The company’s stock has a quantitative Morningstar Rating of 3 stars.
Capital Tankers CAPT
- Sector: Industrials
- Industry: Marine Shipping
- Economic Moat: Not Rated
Capital Tankers soared 46.92% in the third quarter. The company’s stock has a quantitative Morningstar Rating of 2 stars. Capital Tankers listed on the Oslo Børs on March 17, 2026.
Wilh. Wilhelmsen Holding WWI
- Sector: Industrials
- Industry: Marine Shipping
- Economic Moat: Not Rated
Wilh. Wilhelmsen Holding climbed 43.36% in the third quarter, leaving shares up 111.01% for the past year. Wilh. Wilhelmsen Holding has a quantitative Morningstar Rating of 2 stars.
Odfjell ODF
- Sector: Industrials
- Industry: Marine Shipping
- Economic Moat: Not Rated
Odfjell surged 38.86% in the third quarter, leaving the stock up 27.09% for the past year. The company’s stock has a quantitative Morningstar Rating of 5 stars.
Metrics for the Worst-Performing Stocks
Norwegian Air Shuttle NAS
- Sector: Industrials
- Industry: Airlines
- Economic Moat: Not Rated
Norwegian Air Shuttle dropped 14.68% in the third quarter, leaving the stock down 13.62% for the past year. Shares were 33.03% lower than their last high on Dec. 16, 2025. The company’s stock has a quantitative Morningstar Rating of 5 stars.
Public Property Invest PUBLI
- Sector: Real Estate
- Industry: Real Estate Services
- Economic Moat: Not Rated
Public Property Invest slid 14.11% in the third quarter. Shares were 23.48% below their last high on July 9, 2026. The company’s stock has a quantitative Morningstar Rating of 3 stars. It listed on the Nasdaq Stockholm Ab on May 20, 2026.
Vend Marketplaces VEND
- Sector: Communication Services
- Industry: Internet Content & Information
- Economic Moat: Not Rated
Vend Marketplaces fell 7.63% in the third quarter, leaving the stock down 31.42% for the past year. Shares were 40.09% lower than their last high on Oct. 9, 2025. The company’s stock has a quantitative Morningstar Rating of 3 stars.
Orkla ORK
- Sector: Consumer Defensive
- Industry: Packaged Foods
- Economic Moat: Not Rated
Orkla fell 7.47% in the third quarter, but shares were flat for the year, having risen only 0.93%. Shares were 29.27% below their last high on Feb. 24, 2026. The company’s stock has a quantitative Morningstar Rating of 5 stars.
Protector Forsikring PROT
- Sector: Financial Services
- Industry: Insurance - Property & Casualty
- Economic Moat: Not Rated
Protector Forsikring decreased 6.77% in the third quarter, leaving shares down 2.78% for the past year. Stocks in the company were 23.86% below the last high on Jan. 22, 2026. Protector Forsikring has a quantitative Morningstar Rating of 3 stars.
Companies not formally covered by a Morningstar analyst are statistically matched to analyst-rated companies, allowing our models to calculate a quantitative star rating.
