About the Nasdaq Iceland Stock Exchange
The Nasdaq Iceland (formerly known as the Iceland Stock Exchange), was first established in 1985 by several banks and brokerage firms who came together to create a formalised stock exchange. A wide variety of firms are listed on the exchange, many of which are relatively small, as befits the size of the Icelandic economy.
On this page, we’ll take you through a brief history of the Nasdaq Iceland, let you know the main indices that track the performance of the companies listed on it, and run you through what type of companies those are.
When the Iceland Stock Exchange (ICEX) officially began trading in 1986, it initially specialised in Icelandic government bonds. This changed in 1991 when the exchange switched much of its focus towards equities. It had long operated as a private company, owned by both the listed companies on the Exchange and the Central Bank of Iceland – but small member funds and the Association of Small Investors also had ownership shares. The current president of ICEX, Páll Harðarson, agreed to a takeover by their larger rival, OXM Nordic Exchange in 2006, and a year later, they were acquired by Nasdaq to become Nasdaq Iceland.
The OMX Iceland 10 Index is the main index on the Nasdaq Iceland and consists of the ten most liquid shares on the exchange. This has replaced the previously used OMX Iceland 8 to reflect the progress the Exchange has made on the market in recent years. It is based on free float-adjusted market value so only part of the share capital used for trading is included on the index.
There are currently 20 listed companies on the Nasdaq Iceland with a domestic market capitalisation of $7864 million. Among the listings, there are such prominent companies as Hagar, Reginn, Marel, N1, and the Icelandair Group, alongside a few smaller companies that may be unknown to those outside of Iceland.
For those looking to diversify their portfolios, there are a wide range number of sectors covered within the relatively small number of companies on the Nasdaq Iceland. Finance is the biggest, but the retail trade, manufacturing, and communication sectors also offer promising stocks. Within the companies currently listed, distribution, energy, processing, technology, and transportation are among the other sectors for those looking to diversify.
For up to date facts and figures, it is wise to use your current trading platform to find out more, alongside statistics provided by the Nasdaq Iceland themselves.