Domestic markets looking positive
Bjørn Hembre, the CEO of Icelandic Salmon, called in the first transaction on Nasdaq First North Growth Market. Mynd/Aðsend
According to analysts interviewed by the Business section of Morgunblaðið, the domestic markets are looking quite positive for 2024. Despite the difficult market conditions ahead of the year, several companies’ price developments were positive.
Things looking up after a difficult year
Last year was a difficult one for the stock market, and by the end of September, the market value of listed companies had fallen by more than ISK 200 billion since the beginning of the year. The last six weeks of the year were, however, better, and in fact, much better, with the OXM Iceland 15 rising by 20%.
At the end of the year, the market value of listed companies was closer to zero than at year-end, when it was taken into account dividend payments and the reduction or increase in capital of individual companies. This does not take into account the Icelandic companies Ísfélagið and Kaldalón, which both entered the market late in the year, and, if inflation is taken into account, the total market value of listed companies decreased.
Amaroq Minerals rose 53% in value
Of 24 companies, twelve companies rose in value, while twelve others fell. Amaroq Minerals’ shares rose by nearly 53% in 2023, but nearly all of the increase came in the second half of the year, following an initial public offering and a move to Nasdaq Iceland . In addition, Ölgerðin’s shares rose by more than 46%.
Ljósmynd/Aðsend
Two new companies were registered, Icelandic Salmon at First North Growth Market and Ísfélagið at Nasdaq Iceland. Three companies from First North moved to Nasdaq Iceland, Hampiðjan, Amaroq and Kaldalón.
The total market value of all listed companies is now over ISK 2,600 billion. As before, Alvotech and Marel are the largest.
The Business Morgunblaðið analysts say they expect an interesting year in the stock market, as well as in the bond market. The outlook is favourable, but much depends on positive news from the two largest companies, Alvotech and Marel, as well as the wage agreements that will determine how inflation – and subsequently interest rates – may develop. Further new market entries in 2024 are still uncertain, however .
