Iceland’s Selected Share Index Plummets Again Skip to content

Iceland’s Selected Share Index Plummets Again

The selected share index of the OMX Nordic Stock Exchange in Iceland dropped by 4.5 percent yesterday, the third highest fall in one day in the history of the Stock Exchange. The index has plummeted by 20.1 percent since January 1, 2008.

Since January 1, the market value of companies included in the selected share index has decreased by ISK 463 billion (USD 6.9 billion, EUR 4.7 billion), Morgunbladid reports.

Exista’s stocks lost the most value, 11 percent, likely a result of a negative analysis report issued by Swedish bank SEB Enskilda. Managing director of Exista’s communication department, Sigurdur Nordal, said the report is poorly written and that it includes some obvious mistakes.

Glitnir Bank’s analysis department agrees with Nordal, yet stating that Exista’s equity ratio has become so low that the company is in a tough spot. According to Glitnir Bank, Exista cannot handle a much higher drop in value of its core assets, i.e. Kaupthing Bank and Sampo.

The market value of Kaupthing Bank dropped by 4.9 percent yesterday.

Click here to read more about Iceland’s economy.

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