Securities registered with the Norwegian Central Securities Depository, Q3 2011

For the second consecutive quarter, the value of the VPS-registered enterprises fell in value. The overall decline in value of quoted and unquoted shares in the third quarter was 13 per cent, which is about twice as high as the fall in the previous quarter. The prevailing uncertainty surrounding the economic development of the global economy has affected the financial markets negatively, which in turn has contributed to the decline in value.

The All Share Index on the Oslo Stock Exchange (OSEAX) fell in the third quarter by about 16 per cent. The value of listed shares registered in the VPS also fell by 16 per cent, to NOK 1 359 billion in the same period. The value of the unlisted shares registered was virtually unchanged from the previous quarter and is estimated at NOK 424 billion at the end of the third quarter.

At the end of the third quarter, foreign investors were the largest owners of shares, with a stake of 33 per cent. This includes shares issued by both Norwegian and foreign enterprises. Central government was the second largest shareholder in the VPS-registered enterprises, with a stake of 28 per cent.

Financial enterprises sell shares

The financial enterprises net sold shares for NOK 5 billion in the 3rd quarter. Of this, life insurance companies and mutual funds accounted for the largest net sales, with net sales of approximately NOK 2 billion each. The remainder of the financial institutions' net sales were made by finance companies and financial auxiliaries.

Foreigners net invest in shares

Foreign investors’ net purchases of shares amounted to NOK 4 billion in the third quarter. These investments are significantly lower than in previous quarters when purchases in share issues, mainly in rig companies, affected foreign net purchases significantly. More than NOK 2 billion of the foreign investors' net purchases of equities was invested in shares issued by the domestically registered enterprises.

Private companies with acquisitions

Also, the private non-financial enterprises were net buyers of shares in the 3rd quarter of 2011. These companies' net purchases of equities amounted to nearly NOK 8 billion in the third quarter. A significant proportion of this amount is however linked to Transocean Services AS' acquisition of Aker Drilling ASA, which was completed in October 2011. The acquisition will appear in the statistics as private non-financial corporations' net purchases of shares issued by other private non-financial enterprises.

Increased stocks of long-term debt securities

Stocks of debt securities registered with the Norwegian Central Securities Depository increased in value in the third quarter of 2011.The stock of bonds increased to NOK 1 318 billion. Stocks of short-term debt securities fell by about 4 per cent, to NOK 290 billion, during the same period.