Spare a thought for the Icelanders - Aussie Stock Forums

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  1. #1

    Default Spare a thought for the Icelanders

    Hey guys, been lurking a bit here and there as I've been on holidays but was just reading something very interesting

    Looks like those poor Icelanders are in trouble, their stock market shed 77% after being suspended for 3 days

    Poor Buggers!

    We should do something, sponsor an Icelander maybe? Or rent Mighty Ducks 2?

    Icelandic stock market crashes on reopening

    By James Thompson
    Wednesday, 15 October 2008

    The beleaguered Icelandic stock exchange plummeted by 77 per cent yesterday, following a three-day suspension of trading.

    The OMX Iceland 15 Index fell by 2,326.2 to 678.4 - the lowest since April 1996. The fall in shares contrasted sharply with a strong performance by European and Asian shares for the second consecutive day. The Icelandic index has lost 89 per cent of its value this year, making it the worst performing stock exchange globally.

    Shares in six financial companies, including the now-government controlled Kaupthing, Landsbanki and Glitnir, remained suspended, as Iceland has been hit hard by the global financial crisis. Iceland has been forced to ask for help from Russia and the IMF to save its beleaguered economy. Trading in Icelandic shares was suspended on 9 October after the OMX Iceland lost 30 per cent of their value in nine days.
    Note: I am not a Financial Adviser, nor are any of my posts intended to be financial advice, they merely express my own opinions

  2. #2
    Non illegitimis carborundum YELNATS's Avatar
    Join Date
    Apr 2006
    Hills District, Sydney

    Default Re: Spare a thought for the Icelanders

    Quote Originally Posted by YOUNG_TRADER View Post
    The OMX Iceland 15 Index fell by 2,326.2 to 678.4.
    Shouldn't that be the OMG Iceland 15 Index ?
    The above comments should not be considered as financial advice. Readers should seek professional financial advice appropriate to their own personal circumstances.

  3. #3

    Default Re: Spare a thought for the Icelanders

    I am sure they must be feeling pretty "cold" out there atm....

    Well, come to think of it, I cannot ever remember reading about the financial institutions or for that matter any commercial company of Iceland before...and now the papers / internet forums have covered Iceland in great details...the Icelanders must just try to comfort themselves by thinking that they spent all their money on advertising their companies / banks to the rest of the world....sometimes a dollar spent on advertising gets you two in the long run !!!!

  4. #4
    Lord of the Ledgers Kipp's Avatar
    Join Date
    Nov 2005

    Default Re: Spare a thought for the Icelanders

    Mm.... sorry YT, if I am sparing sympathies, it is for the Guernsey and UK depositors who have lost their savings with Icelandic banks which the Icelandic govt has refused compensation for!


    I never liked Bjork either.
    Advice is a refugee. Everyone wants to give it, no-one wants to take it...

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