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The OMX indices are a series of indices that represent the performance of stock markets in the Nordic and Baltic countries. OMX is the acronym for Options Mäklarna Exchange, which referred to the company that managed the Nordic stock exchanges before merging with the Nasdaq Group in 2008 to become Nasdaq OMX Group, and which was subsequently renamed NASDAQ, Inc.
Several separate indices have the "OMX" designation and are used to track the performance of the various equity markets in these regions, each targeting a specific market segment. Here are the main OMX indices, which we'll take a closer look at:
- OMX Stockholm 30: this is a stock market index made up of the 30 most actively traded stocks on the Stockholm Stock Exchange in Sweden.
- OMX Helsinki 25: this is an index of the 25 most liquid stocks on the Helsinki Stock Exchange in Finland.
- OMX Copenhagen 20: this index comprises the 20 most actively traded stocks on the Copenhagen Stock Exchange in Denmark.
- OMX Oslo 20 GI: although the Norwegian stock exchange is not part of the Nasdaq OMX, this new index now tracks the country's 20 largest capitalizations. The country's main index remains the Oslo Børs All Share Index, which tracks the Norwegian stock market as a whole.
- OMX Baltic: tracks the performance of the Baltic stock markets, including Tallinn in Estonia, Riga in Latvia and Vilnius in Lithuania.
- OMX Nordic 40 : this index comprises the 40 most heavily traded stocks on the Nordic exchanges, which include Stockholm, Helsinki, Copenhagen and Reykjavik.
Sweden
Founded in 1863, the Stockholm Stock Exchange is the leading venue for securities trading in the Nordic countries (Sweden, Norway, Finland and the Baltic states). Since January, the OMX Stockholm 30 has recorded growth of 6.4%, while the OMX Stockholm PI, which reflects the market as a whole, has done slightly better, up 8.1%.
Among the 30 largest Swedish market capitalizations, industrial stocks dominated with 43.1%, followed by the financial sector with 24.4%. Other sectors follow, with telecoms at 8.1%, consumer discretionary at 7.4% and healthcare at 4.7%. The largest capitalizations in the index are: pharmaceutical giant Astrazeneca, valued at USD 209 billion; industrial manufacturer ABB, worth USD 105 billion; and holding company Investor AB, worth USD 83 billion.
Astrazeneca has performed strongly this year, with a 9% rise in its share price, but it is ABB and Investor AB that stand out with particularly remarkable results. The automation and electronics specialist recorded an impressive 41% rise in its share price, while Investor AB, the industrial conglomerate with an aggressive acquisition strategy, saw its share price climb by 29%. The index was propelled by the performance of leading companies, including defense company SAAB, with a 59% surge in its share price, boosted by growing demand for its Grippen fighter jets. Ericsson, the former glory of telecommunications, is back in the spotlight thanks to excellent results, particularly in North America, consistently outperforming analysts' expectations. Its share price soared by 43%. Meanwhile, Tele2, Sweden's market leader, saw its share price rise by 33%.
In contrast to the market leaders, Volvo Car suffered a 27% decline, reflecting the turbulence in the European automotive sector. AB Volvo, on the other hand, posted a 5.5% increase, confirming its position as Europe's leading truck manufacturer and number three worldwide. Hennes & Mauritz (H&M), faced with a wave of bankruptcies and increased competition from low-cost brands such as Primark and Shein, saw its share price fall by 13%. Similarly, Evolution AB, developer of online casino games, fell by 21%, impacted by prolonged strikes at its studios in Georgia.
Finland
The OMX Helsinki 25 , which groups the 25 largest Finnish market capitalizations, has lost almost 3% since January, while the OMX Helsinki PI, which represents the Finnish market as a whole, has fallen by 4.6%.
The index is dominated by the industrial sector, which accounts for 28.8% of its total weighting, closely followed by financials at 21.8%. This is followed by basic materials at 15.9%, and telecommunications at 13.8%. Other sectors occupy more modest shares.
The largest caps in the index are Nordea Bank (-4.6%), the world's leading elevator manufacturer Kone (+8.6%), the insurance company Sampo (+2.7%) and finally Nokia (+31%), which had a fine year, winning numerous contracts for the deployment of 5G networks, notably in India. Konecranes (+59%), world leader in the design of cranes and industrial lifting equipment, represents the biggest increase in this index.
However, not all players were equally successful. Oil refining specialist Neste lost 54% on the stock market. Forestry company Stora Enso lost 25% after disposing of a significant proportion of its assets in a context of weak demand and cost-cutting. In its wake, paper producer UPM-Kymmene also fell by 25%.
Denmark
The OMX Copenhagen 20 is undoubtedly the most unusual index because of Novo Nordisk, Europe's largest capitalization. The pharmaceutical giant specializes in treatments for diabetes and obesity, with its flagship drug Ozempic. The company represents 62% of the index, and almost half of the total capitalization of the Danish market. Since January, the company's share price has risen by 11%, an upward trend that coincides with a 6.4% rise in the OMX Copenhagen 20 and a 5.7% rise in the Copenhagen PI, underlining Novo Nordisk's significant impact on the financial health of the Danish market.
Other major Danish companies continued to include pharmaceutical companies such as Coloplast (+16%) and Lundbeck (+2.7%); world leader in shipping AP Moller Maersk (+0.7%); carrier DSV (+29%); and energy group Orsted (+1.9%).
Norway
Inaugurated in 1819, the Oslo Stock Exchange is a historic pillar of Scandinavian securities trading. Since the beginning of the year, the OMX Oslo 20 has seen a notable rise of 8.5%, while the Oslo Børs All Share Index, which offers a broader overview of the market, has also recorded a 10% increase.
The OMX Oslo 20 index, which reflects the dynamism of the Norwegian economy, is dominated by the energy sector, accounting for a quarter of its composition at 25.3%, thanks to heavyweights such as oil extractors Equinor, Aker BP and gas supplier Var Energi. However, it was a difficult year for Norwegian black gold, with operational problems in the North Sea causing Equinor's crude to fall by 16%, while Aker BP lost 23.4%. Var Energi benefited from soaring gas prices in Europe, with its share price up 13%.
The banking sector is close behind, with DNB Bank alone accounting for 16.4% of the index. Finally, aquaculture, with Mowi and SalMar, demonstrates the diversity and strength of the Norwegian maritime sector, together accounting for 9.79% of the index, with share prices rising by 11% and 3.4% respectively this year.
Norway is home to a number of nuggets in its market. Kongsberg Gruppen, in the defence and aerospace sector, stands out by making up 8.1% of the OMX index.The stock has soared 184% since January. To mention another Norwegian nugget, Elopak, this time part of the Oslo Børs All Share Index, has seen its share price rise by 46% this year, and we invite you to discover our analysis of this stock here.
Baltic States and Iceland
OMX Baltic covers the markets of the Baltic States. In reality, only Estonian and Lithuanian companies are included in the index. Two Lithuanian companies have market capitalizations in excess of one billion euros: Lithuanian bank Siauliu bankas is the largest Baltic company, weighing in at 1.6 billion euros, and its share price has risen by 19% since January. Ignitis Group, a Lithuanian-based integrated utility focused on renewable energies, comes next with 1.3 billion euros. In Estonia, only LVH Group (-7.8%) is valued at just over a billion euros. The largest Latvian capitalization is alcoholic beverage distributor Amber Latvijas Balzams, with a stock market value of 68 million euros.
However, the OMX Nordic is enriched by the presence of the Reykjavik exchange alongside those of Stockholm, Helsinki and Copenhagen. No company is sufficiently well capitalized to be in the OMX Nordic 40, but we can mention a few important players in Iceland: Marel, the global supplier of food processing equipment, had a very good year, with its share price up 35% to a capitalization of 3.3 billion euros; the country's two main banks , Islandsbanki (+12%) and Arion banki (+2.6%), are worth 1.6 and 1.5 billion euros respectively; finally, Sildarvinnslan (-9.6%) and Brim (-11.7%) are two fishing companies capitalized at 1.2 billion and 975 million euros respectively.
