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Saturday, December 3, 2022

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The stock exchange turns red in the shadow of conflict

World stock markets have been affected by Russia’s invasion of eastern Ukraine. At the same time, oil prices have risen. The Icelandic market is not excluded.

Thus, initial trading on the Iceland Stock Exchange indicates that investors believe that the outlook for the economy has worsened or become more uncertain with Russia’s actions. The declines are few, but not out of step with the rather volatile stock market in general in Iceland. The largest decrease at the start of trading is almost 2.8% on Eimskip’s shares, but most of the companies on the Exchange are down by 1 to 2 percent. Only four companies did not fall in the first minutes of trading this morning, but they were the real estate companies Reginn and Reitir, the retail giant Festi and the electronic communications company Síminn.

As the business has progressed this morning, however, the real estate companies have also declined and the same can be said of Festi. Only Síminn seems to be disappearing.

Oil prices picked up somewhat in the wake of Russia’s actions, but volatility is in both directions.

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