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Total equity turnover on the OMX Nordic Exchange Iceland (OMX ICE) has already equalled the entire year’s trading in 2006. Just before noon yesterday, turnover reached ISK 2,198bn while there are still over four months until year-end. During this same period last year, equity market transactions totalled ISK 1,306bn, which makes the YoY increase 68%. Turnover in exchange-traded funds (ETFs) has also almost quadrupled YtD, with total trading amounting to ISK 23bn compared to just over ISK 6bn at the time last year.
Total turnover on OMX ICE YtD is ISK 3,556bn, compared to ISK 2,639bn at the same time in 2006, or an increase of 35%. The increase is due primarily to high activity in the equity market, with unusually lively trading in June, July and August so far. Total July turnover was ISK 530bn, a new exchange record. Another new record of ISK 300bn was also set in July for highest single-day turnover, when large numbers of Actavis shares changed hands following a successful takeover bid. Up until now, summer has been the quietest season on the equity market. This year, however, equity turnover totals ISK 2,198bn, compared to ISK 1,306bn at the same time last year, or an increase of 68%, as previously mentioned, plus the increase in ETF trading of around 270% during the same period. Bond market trading is equal to that of 2006, and currently totals ISK 1,334bn, which represents an increase of 1% YoY.
“Unusually fine weather has been the trademark of this past summer in Iceland, resulting in a number of new records weather-wise. It has also been an unusual summer on the securities market. Although the summer months are generally on the quiet side, this year turnover records have been swept away. Total market turnover in July, for instance, was ISK 750bn, almost five times more than in the same month last year and 35% more than the previous highest single-month turnover, in December of 2006. Trading has also been extremely brisk in August so far and yesterday equity market turnover year-to-date exceeded that of 2006 in its entirety,” said Thordur Fridjonsson, President of OMX Nordic Exchange Iceland, when the record was surpassed yesterday.
