Turkey of the quarter Bjorn Rosengren, the Swedish industry minister, may come to regret the day he said he was 'very glad the government has reached its goal of making Telia a people's share', when he welcomed Telia, the Swedish telecoms operator, to the stock market last month.

About 950,000 Swedish retail investors are probably not quite as happy as he is. The much-hyped people's share has so far failed to deliver.