Stock exchange down 7 percent in first hour of trading Thursday ({{contentCtrl.commentsTotal}})

Tallinn Stock Exchange.
Tallinn Stock Exchange. Source: Siim Lõvi/ERR

The Tallinn stock exchange opened to a steep decline against a background of general global decline on Thursday, with the OMXT index dropping 7.09 percent to 1,103.52 points in the first hour of trading.

Media group Ekspress Grupp, saw the biggest fall of any listed stock, plummeting 15.92 percent to €0.66. Over 15 trades totaling €1,400, according to BNS.

The number of transactions stood at 2,290 and turnover totaled €1,685,494 BNS reports.

The largest turnover was registered for financial services group LHV Group, with 302 trades and a turnover of €277,500, falling 6.45 percent to €11.60.

Port of Tallinn saw the second largest turnover at €258,300 in 245 transactions, and dropped 5.46 percent to €1.73.

The OMXT index itself had fallen 2.9 percent to 1,187.77 points on Wednesday following a session of broad-based decline on the stock exchange as trades numbered 3,279 and turnover of the trades came in at €2,044,747.

Larger markets in Europe also started Thursday off in similar mode, BNS reports. London's FTSE 100 index fell 5.3 percent, Frankfurt's DAX 30 shed 5.8 percent and Paris' CAC 40 dropped by 5.1 percent.

Major U.S. indices fell on Wednesday, with the Dow Jones coming down 5.9 percent, S&P 500 falling 4.9 percent and Nasdaq by 4.7 percent.

The trend continues falls earlier in the week after oil prices dropped by nearly one-third on Monday, the sharpest fall since the 1991 Gulf War. The price of West Texas Intermediate was down 30 percent, while Brent crude fell 26 percent.

OPEC+ talks collapsed late last week, potentially signaling the end of a Saudia Arabia-Russian alliance which had been shoring up crude prices, as well as sinking demand as a result of coronavirus concerns. Additionally, Saudi Arabia has slashed prices on its inventory, which has had an effect.

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Editor: Andrew Whyte

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