- Turnover at the Iceland Stock Exchange (ICEX) amounted to ISK 493.5 billion in the first six months of 2002 which is a 48% increase from the corresponding period in the previous year (334.5). This represents a record turnover for both equities and bonds.
- Equity trading amounted to ISK 161.5 billion. It was 134% greater than in the same period last year (69.1) and exceeded the turnover for all of last year which was ISK 137 billion.
- Turnover in bonds and bills was ISK 332.1 billion which is one-fourth higher than last year (265.4).
- The ICEX-15 index rose by 13% in the first six months of the year and stood at 1,309.1 points at the end of June. The index has risen by 21% in the last 12 months.
- No new company listed its shares on ICEX in the first half of the year but three companies were delisted.
- At the end of June there were 19 ICEX members, including one foreign member.
Thordur Fridjonsson, ICEX's CEO: "So far this year we have witnessed favorable developments in the trading environment. This is highlighted by a significant growth in turnover and substantial share price increases. This is particularly encouraging in light of unfavorable developments in most stock markets all over the world. The ICEX-15 index has risen by 13% since the turn of the year while the Dow Jones Industrial Average has declined by 18%, Nasdaq by 33% and FTSE by 11%. In addition, the largest companies are experiencing further growth, e.g. through mergers, which makes the Icelandic market a more interesting place for both domestic and foreign investors."
Equity Market
- Equity turnover in the first 6 months of the year amounted to ISK 161.5 billion compared to ISK 69.1 billion in the corresponding period last year, an increase of 134%. The turnover exceeded the turnover for all of last year which was ISK 137 billion.
- Equity trading reached record levels in the first half of the year eclipsing the record set in 2000 (112.2).
- The share of on-exchange trades was 22.4% compared to 18.9% in the corresponding period last year.
- Turnover velocity in the first half of the year was 69.8% compared to 37.1% in the first 6 months of last year.
- No new companies were listed on ICEX during the first half of the year. Three companies were delisted, one from the Main List, one from the Growth list and one from the Alternative Market. At the end of June 55 companies were listed on the Main List, thereof six mutual funds. Ten companies were listed on the Growth List and three on the Alternative Market.
- The shares of Islandsbanki were the most traded in the first six months, or approx. ISK 19 billion. Roughly 70% of the equity turnover comes from trading in the most traded shares.
- The ICEX-15 index closed at 1,309.1 points at the end of June, gaining 13% from the beginning of the year and 21% from the same time last year. The ICEX-Main index rose by 14% during the first six months and increased by 23% in the previous twelve-month period.
- During the first half of the year, the sectoral indices developed differently. The pharmaceutical index did best, gaining 45.7%, while the transport index lagged, decreasing by 4%.
Bond Market
- The total turnover of bonds and bills during the six-month period amounted to ISK 332.1 billion which is more than ever before during the first half of the year. This is an increase of 25% from the record turnover in the same period of last year (ISK 265.4 billion).
- On-exchange trading accounted for 63.5% of the turnover in the first half of the year compared to 66.4% last year.
- The most traded bond is the housing bond 98 2 (IBH 37 1215). Its turnover was approx. ISK 43 billion. Around 75% of the total bond trading is accounted for by 10 housing bonds, house bonds, T-notes and T-bonds. There was a considerable decrease in yields on non-indexed T-notes during the first half of the year. Yields on indexed short-term bonds also decreased.
