The OMX Iceland 15, abbreviated as OMXI15, sits at the heart of Iceland’s financial markets. The index brings together the country’s largest and most actively traded firms, reflecting both Iceland’s economic makeup and its corporate landscape. According to its rules, eligibility depends on trading activity and the market capitalisation of the companies on the Nasdaq Iceland exchange, and components are reviewed twice a year.
A turbulent financial history
Iceland’s main stock market index has undergone notable changes since its introduction in 1998. Originally called the ICEX-15, it began with a base value of 1,000 and included the 15 most significant stocks on the exchange, as measured by trade and market worth. Semi-annual reviews determined which companies were included, making the index a dynamic measure of the market’s top performers at any time.
The late 2000s tested Iceland’s financial sector more than ever before. During the financial crisis of 2008, the stock market came to a standstill for three days in October. When trading resumed, the index posted sharp losses, dropping from just over 3,000 to below 700, a decline of 77 percent. This crash mirrored the downfall of Iceland’s three largest banks, which at that point had accounted for almost three-quarters of the index’s total value.
By the time the original index was discontinued in mid-2009, its value had collapsed by about 97 percent from its peak in 2007. In the months before its closure, fewer companies were left in the index, and some came from the Faroe Islands, highlighting both the local impact and the reach of Iceland’s economic troubles during that period.
Renewal and reconstruction
In response to those financial shocks, Nasdaq Nordic introduced a new version of the index at the start of 2009. Launching with just six stocks, it adopted the name OMX Iceland 6. Over the years, as Iceland’s corporate sector stabilised and grew, the index was systematically expanded. By 2014, the selection included eight companies, and further increases took place in 2019 and again in January 2024, ultimately restoring the roster to fifteen stocks, and reviving the OMX Iceland 15 name.
The composite is both a price return and capitalisation-weighted index. Its base date is 31 December 2008, and changes to the line-up continue to happen twice yearly, keeping the measure representative of Iceland’s most significant listed companies. There is also a version that includes reinvested dividends, called the OMX Iceland 15 Gross Index (OMXI15GI).
Today, the OMX Iceland 15 continues to track the country’s most influential public businesses. Its journey through booms, collapse, and recovery offers an ongoing reflection of Iceland’s recent economic history.
Sources
- Wikipedia
- Wikipedia (Icelandic) in Icelandic
