Icelandic shares fall on China concerns

Chinese shares fell 8.5% yesterday.

Chinese shares fell 8.5% yesterday. Photo: AFP

Iceland has apparently not been immune to the effects of yesterday’s Chinese stock market crash. As at 2pm today, the Icelandic Stock Exchange had already shed 3.5% of its value.

Chinese shares closed a massive 8.5% down yesterday amid fears of continued economic slowdown and the contagion has spread throughout the globe.

“Investors have become jittery and this has affected even Iceland,” says IFS Consulting equity analyst Ragnar Bene­dikts­son. “The worst falls have been experienced by Icelandic companies with revenue in dollars and euros.”

The biggest losers so far have been Marel (4.95%), Eimskip (4.81%) and Össur (4.26%).

UPDATE (16:40)

Shares rallied slightly towards the end of the day, with the index down a total of 2.52% at close of business.

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