Stock market turmoil pushes Norway's oil fund to loss

COPENHAGEN, Denmark — Volatility in stock markets last year pushed Norway's sovereign wealth fund, the world's largest of its kind, to report a loss of 485 billion kroner ($56.4 billion) for 2018.

Fund manager Norges Bank Investment Management says the fund's worst-performing investments in 2018 were in the German pharmaceuticals maker Bayer AG, Facebook Inc. and brewer Anheuser-Busch InBev. The fund's return was a negative 6.1 percent.

Chairman and Norwegian Central Bank Governor Oeystein Olsen says the results were "weak" and blamed fragile stock markets in the first and fourth quarters of 2018.

Norway first deposited oil and gas profits into the fund in 1996. The fund invests oil and gas proceeds mainly into stocks but also bonds and property worldwide to secure wealth for the Nordic nation's 5.3 million people.

Similar News

Rugby couple put respect in front and center in Olympics

Aug 10, 2016

Isadora Cerullo has become a celebrity around Rio, more for what happened on the sidelines of the Olympic rugby stadium than for her performances on the pitch

Ali tribute book to be released by Jeter imprint

Aug 11, 2016

A very great athlete will help pay tribute to "The Greatest": Derek Jeter's publishing imprint is set to release "Muhammad Ali Unfiltered." Publication is scheduled for October

Arianna Huffington signs off at The Huffington Post

Aug 11, 2016

Arianna Huffington is signing off at The Huffington Post

Broaden