Norway oil fund pump great money into Stockholm Stock ExchangeTuesday, 29 November 2011
Despite an extremely black market, the Norwegian oil fund in Swedish investment portfolio increased by 2.2 billion in value.
The explanation is that the Norwegians have bought large stocks of these Swedish portfolios in the market.
The Swedish business daily, Dagens Industri reports that Stockholm stock exchange has lostmore than a fifth of its value in 2011. However, this has not deterred the Norwegian state oil fund, State Pensjonsfond abroad, from pumping money into the Swedish stocks.
AdvertisementSince the last year, Norwegian equities on the Stockholm Stock Exchange rose by 4.8 percent in value. This is not due to that the Norwegians have found stocks that have done pretty well but because they want to invest the oil fund in big portfolios in Swedish stocks during the year. Their portfolio investment now in Sweden is worth Skr50.1 billion.
In particular, the oil fund has been stuffed into ABB. The Norwegians have gone from holding zero shares in the company to a record worth Skr 6.1 billion. The oil fund has also bought into Forestry Company SCA and automotive giant Volvo. Also there has been a large interest in two of the Exchange's poor performers in 2012: exploration company PA Resources and outdoor equipment company Husqvarna, writes the paper.
Norway's ten largest holdings in Sweden:
In order of importance: ABB, SCA, Ericsson, Volvo, Nordea, Sandvik, Tele2, Atlas Copco, H & M, SEB…
By Scancomark.se Team
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