Market Update: Premium Index and Company Movements
The premium index turned over 2.6 billion ISK on the main market today. Eleven companies closed higher, eight finished in the red.
Eimskip had a rough session — shares dropped 2.6%, with trading volume coming in at just under 50 million ISK. That brings the total decline to 12.8% since the company released interim results last Tuesday, results that fell short of management’s own expectations.
It wasn’t the only headwind. Eimskip also warned last month of operational setbacks at Norðurál in Grundartang, a situation expected to weigh on the company’s transport volume going forward. The share price now sits at 260 ISK — down 30% over the year and at its lowest level since January 2021.
Alvotech also had a difficult day, with shares falling 2.3% on turnover of 50 million ISK, closing at 680 ISK.
The bright spots were the banks. Arion banki and Íslandsbanki were the day’s best performers, though neither managed a gain of more than one percent. Íslandsbanki bonds led the market in turnover, clearing one billion ISK. The bank’s exchange rate closed at 128 ISK — its highest since mid-September of last year.
It was a mixed day on the whole, with the banks offering some relief against continued pressure on Eimskip and Alvotech.
