In the first half of the year, the Oil Fund had a return of NOK 1,478 billion. This is shown in the Oil Fund’s half-yearly report, which was published on Wednesday morning. – The equity investments have given a very good return in the first half of the year. The result is particularly driven by the technology shares, primarily due to increased demand for new solutions within artificial intelligence, says oil fund manager Nicolai Tangen in a press release. The fund received NOK 188 billion from the state. The krone exchange rate also weakened against several of the main currencies during the six months. This helped to increase the fund’s value by NOK 315 billion. The total value of the fund at the end of the half year was NOK 17,745 billion. 72 percent of the fund was invested in shares, 26.1 percent in interest-bearing securities, 1.7 percent in unlisted property and 0.1 percent was invested in unlisted infrastructure for renewable energy. Passed 18,000 billion The oil fund has grown by several billion so far this year. At the end of last year, the fund had a value of NOK 15,765 billion. Earlier this summer, the value passed NOK 18,000 billion. This is primarily due to the rise in the stock market, especially in the record-breaking US market where the Oil Fund has invested a lot of money. Because the entire fund is invested abroad, the weak Norwegian krone also means that the values are higher than they would otherwise be. Earlier in August, however, the stock markets began to tremble. The violent turmoil in the American market spread to both Asia and Europe. It helped shave NOK 900 billion off the Oil Fund in two weeks, wrote E24. Published 14.08.2024, at 09.02 Updated 14.08.2024, at 10.14
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The oil fund’s half-year report – news Norway – Overview of news from different parts of the country
