Optimism Rekindled on Iceland’s Stock Market Skip to content

Optimism Rekindled on Iceland’s Stock Market

Stock markets in Iceland and abroad took an upswing yesterday following the decision of US authorities to take over the loan funds Fannie Mae and Freddie Mac.

The selected shares index of the OMX-NASDAQ Nordic Stock Exchange in Iceland rose by 1.35 percent.

The value of all companies registered to the stock exchange increased in value except for shipping company Eimskip, which shares dropped by 16.5 percent, Morgunbladid reports.

According to Morgunbladid, investors are worried that the company’s sale of XL Leisure Group will not be finalized. Emskip has allegedly not been able to fund an USD 280 million (EUR 198) loan which the company took to finance the purchase of XL Leisure Group.

If Eimskip does not succeed there will possibly be an increase in share capitalization which will affect the company’s currency rate.

The co-Nordic OMX selected shares index swung up by 2.77 percent yesterday, the British FTSE by 3.92 percent and the American Dow Jones by 2.59 percent.

Click here to read about the economic situation in Iceland last weekend.

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