12 March 2020 will go down in history as one of the most dramatic days both in Norwegian history and on the Oslo Stock Exchange. The government’s corona measures led to empty buses and streets within a few hours. The stock market plunged during the day by 9 percent. This is what the front page of news.no looked like on the afternoon of 12 March 2020. The overview of Sindre Finnes’ share trades shows that on this day he sells shares and funds in five different transactions. Finnes sells 400 Yara shares for approximately NOK 120,000 and Hydro shares for approximately NOK 24,000. In the share overview, it also appears that on that day he sells 1,700 shares in the fund Bull OBX X10 ND, which is a fund that speculates on a stock market rise with a leverage of 10 times the initial value. Photo: Lise Åserud – It’s a fund that gives a very high return when the stock market rises, and when it goes crazy you lose all the money within a short time, says chief economist Harald Magnus Andreassen Sparebank1 Markets. – It is an extremely speculative instrument, and a little simple matter and it multiplies the effort tenfold. If the stock market goes up 10%, you have multiplied your money tenfold and if it goes down 10%, you have technically lost most of your money. According to Finnes, that is exactly what happened – that he lost the bet. – The trade that was made on 12 March 2020 was a manual deletion of 1,700 shares of the security Bull OBX X10 ND made by the administrator on my share trading account in Sbanken as the paper no longer had any value. The value of the trade is zero. The security was deleted from my VPS account on 13 March 2020 at 20:08:10, writes Finnes in an e-mail to news. DELETE: Sindre Finnes writes that one of his funds went to zero on 12 March 2020, and was thus deleted by his manager. Photo: Marit Hommedal / NTB news has also asked Finnes a number of questions about the sales of shares in Yara and Hydro on 12 March 2020, including the exact time he sold shares, and whether it happened before or after Erna Solberg’s press conference that day. Finnes writes that he is unable to answer all these questions now. – We saw where the hen kicked Andreassen does not think Finnes would have had a great advantage from any prior knowledge of the Norwegian corona measures in the days and hours before his spouse took the podium at 2 pm in the afternoon on March 12, and closed Norway. – In principle, one could imagine that, but when I look at the days beforehand, this was a global stock market crash. The exchanges we usually trade with suffered exactly the same fate. – It was not Norwegian circumstances that influenced the stock market fall, not even on the 12th. So I doubt that it would have been particularly useful to know when the meetings were or what to do. – How do you think it looks that the prime minister’s husband sits and releases shares while she closes the country? – There is nothing else to say about it other than that it doesn’t look pretty, and no one thought it was possible to do it in his position. – If he sold widely in many shares, it is difficult to have an insider’s assessment. It takes an awful lot. It is the same inside information everywhere in the world at the same time. – We understood where the hen kicked, says Andreassen.
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Sindre Finnes dumped shares while his wife shut down the country – news Norway – Overview of news from different parts of the country
