The main stock market index (OMX) in the Iceland Stock Exchange (ICEX) reached an all time high yesterday with a value of 6,930 points.
According to Morgunbladid, yesterday marked an end to the collapse of the stock market in Iceland in 2006. It took the market almost a year to recover. On February 15 2006 the value of the OMX was 6,925 points and went downhill from there.
In early 2006 foreign financial conglomerates and estimation companies criticized the Icelandic banks and economic system, causing a collapse of the Icelandic currency and the value of Icelandic stocks.
Now the investment banks predict that the OMX will increase by 20-25 percent in 2007 and possibly surpass 8,000 points. The OMX has already risen by 8.5 percent this year.
The value of the stocks of FL Group, Teymi, Actavis and Kaupthing Bank has increased the most compared to the value of other Icelandic stocks, by over ten percent.