On Tuesday afternoon, Norway’s Oil Fund surpassed a market value of NOK 12,000 billion for the first time.
The Oil Fund’s value has increased by more than NOK 1,000 billion since the beginning of the year, the newspaper E24 reports.
On Tuesday afternoon, the unofficial value counter on the fund’s website showed that a new milestone for the fund’s value had been reached.
Shortly afterward, however, the fund’s value fell below the milestone and continued to move downwards. Chief economist Harald Magnus Andreassen in Sparebank 1 Markets still believes that a milestone has been reached.
He pointed out that the high value is the result of large fluctuations, both in the stock market, the krone exchange rate, and the bond market, adding that the Oil Fund now has a value that is 40% higher than the average over the last ten years.
“We should take the value of the fund in a normal situation as the starting point,” Magnussen noted.
Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance
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