Those 15 companies with the highest market capitalisation, from among the 20 companies on the Iceland Main List most actively traded during the past 12-month period, comprise the ICEX-15 index for the subsequent six months. This selection excludes equity funds, however. The period from 1 December 2002 to 30 November 2003 determines the choice of companies for the period from 1 January 2004 to 31 March 2003.
It is worth noting that this selection of companies does apply for the first three-month period of next year. The reason is that ICEX will adopt new methodology in selecting companies for the ICEX-15 Index which will come into effect 1 April 2004. A description of the new methodolgy is to be found at the ICEX website at: http://news.icex.is/attachments/other/hlutabrefavisitolur_ENSKA.pdf.
The following is a list of companies included in ICEX-15 for the upcoming period, including information on their weighting in the index (based on market capitalisation as of 30 November 2003) and the proportion of each company in the aggregate turnover for all the companies. In addition, the average end-of-day spread is given for the period from 1 August to 30 November 2003.
| Listed company | Sector (Sectoral index) | Market value ISK million | % of index | Turnover ISK million (last 12 months) | % turnover of ICEX-15 companies | End of day spread in % (Aug.-Nov.) |
| Pharmaco hf. | Pharmaceutical | 106.579 | 22,2% | 15.076 | 20,2% | 0,77% |
| Kaupthing Bunadarbanki hf. | Finance and insurance | 89.985 | 18,8% | 12.724 | 17,1% | 0,68% |
| Islandsbanki hf. | Finance and insurance | 69.300 | 14,5% | 13.429 | 18,0% | 1,17% |
| Landsbanki Islands hf. | Finance and insurance | 44.250 | 9,2% | 7.435 | 10,0% | 1,06% |
| Hf. Eimskipafelag Islands | Transport | 30.414 | 6,3% | 9.041 | 12,1% | 1,11% |
| Bakkavor Group hf. | Industry and manufacturing | 27.835 | 5,8% | 5.464 | 7,3% | 1,17% |
| Fjarfestingarfelagid Straumur hf. | Investment companies | 20.125 | 4,2% | 1.160 | 1,6% | 1,21% |
| Samherji hf. | Fisheries | 14.774 | 3,1% | 1.455 | 2,0% | 2,11% |
| Ossur hf. | Industry and manufacturing | 14.517 | 3,0% | 4.253 | 5,7% | 0,88% |
| Icelandair | Transport | 13.611 | 2,8% | 980 | 1,3% | 3,48% |
| Tryggingamidstodin hf. | Finance and insurance | 12.214 | 2,5% | 492 | 0,7% | 3,66% |
| Grandi hf. | Fisheries | 10.057 | 2,1% | 662 | 0,9% | 2,55% |
| Og fjarskipti hf. | Information technology | 10.017 | 2,1% | 1.480 | 2,0% | 1,12% |
| Solumidstod Hradfrystihusanna hf. | Fisheries | 8.380 | 1,7% | 591 | 0,8% | 1,68% |
| Kaldbakur hf. | Investment companies | 7.456 | 1,6% | 216 | 0,3% | 2,22% |
| 479.514 | 100,0% | 74.459 | 100,0% |
Two new companies are added to the index: Tryggingamidstodin (insurance company) and Kaldbakur hf. (investment company). The shares of Kaldbakur, which were listed on 23 December last year, are included in the index for the first time. Shares of Tryggingamidstodin were last time selected for the first half of 2003. Currently the ICEX-15 Index comprises only 13 companies as the shares of Sjova-Almennar tryggingar (insurance company) and Skeljungur (oil distribution) have been delisted during the period.
According to the new methodology, which comes into effect 1 April next year, the average end-of-day spread of companies that are included in the index must not exceed 1.5%. There are nine companies in the upcoming period that fulfil this criteria. One company of those ranked from 16-20 in terms of turnover meets the spread criteria, which means that it would be included in the ICEX-15 Index if the selection was based on the new methodology, replacing that company which does not meet the criteria and is smallest in terms of free-float adjusted market value.
For the first time since the year 2000 no company of the oil distribution sector is included in the index as all companies that belonged to that sector have been delisted. The table below shows the weighting of each sector in the ICEX-15 index based on market capitalisation at the end of last month, as well as their proportion in the total turnover of those companies.
| Sector (Sectoral index) | Number of companies | Market value | % of ICEX-15 companies | Turnover ISK |
%
of ICEX-15 companies |
| ISK million | Market value | million | Turnover | ||
| Finance and insurance | 4 | 215.749 | 45,0% | 34.080 | 45,8% |
| Industry and manufacturing | 2 | 42.352 | 8,8% | 9.718 | 13,1% |
| Pharmaceutical | 1 | 106.579 | 22,2% | 15.076 | 20,2% |
| Transport | 2 | 44.025 | 9,2% | 10.021 | 13,5% |
| Fisheries | 3 | 33.211 | 6,9% | 2.709 | 3,6% |
| Investment companies | 2 | 27.581 | 5,8% | 1.376 | 1,8% |
| Information technology | 1 | 10 |
2,1% | 1.480 | 2,0% |
| 15 | 479.514 | 100,0% | 74.460 | 100,0% |
