Iceland’s Stock Market in Free Fall Skip to content

Iceland’s Stock Market in Free Fall

The value of shares plummeted on stock markets around the world yesterday in response to the housing crisis in the US, and the selected share index on the OMX Nordic Stock Exchange in Iceland dropped by 3.65 percent in one day.

The Icelandic selected share index lost the most value yesterday compared to the other Nordic countries and this is the index’ second highest fall in one day this year, Morgunbladid reports.

The Icelandic index now measures less than 7,000 points and has not been lower since the end of January 2007.

The index has plummeted by 23 percent since mid-July, 2007, when it peaked. The value of shares in both FL Group and Straumur-Burdarás is lower now than it was at the beginning of the year.

The value of SPRON shares, which was only listed on the OMX Nordic Stock Exchange in Iceland about one month ago, has dropped by nearly 28 percent.

The US housing crisis has the most impact on investment companies, which are very prominent on the Icelandic stock market; nearly 90 percent of the selected share index.

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