With the first 80,000 votes counted, the three government coalition parties are on course for 41 MPs, up from the 35 they won at the last election and the 33 they had for most of the last term of parliament.
Sjálfstæðisflokkurinn (the Independence Party) is on course for 18 seats, up from 16, but it is Framsóknarflokkurinn (the Progressive Party) that has the most reason to cheer, seeing its share of the vote up by seven percent and its predicted number of seats grow from eight to 13. Vinstri grænir (the Left Greens) are the only party to lose vote share at this stage, losing one MP on last election, down to ten (though two MPs left the party early last term, leaving the party with nine).
Miðflokkurinn (the Centre Party) became the most successful brand new party ever four years ago, when it secured 10.9 percent of the vote. This time, so far, it looks as though party leader Sigmundur Davíð Gunnlaugsson could be a lone voice for the party in Alþingi, with 4.3 percent of the vote.
Samfylkingin (the Social Democrats), who had been polling generally well, look set to lose one seat as their share of the vote is down from 12.1 percent to 9.6. Píratar (the Pirates) are also on course to lose a seat, as their vote goes from 9.2 percent to 8.1 percent.
Among the opposition parties, the clear winner at this stage is Flokkur fólksins (the People's Party), which secured 6.9 percent of the vote last time out and is currently on 8.9 percent and a possible six seats in Alþingi.
Viðreisn (the Reform Party) is up 0.4 percent on four years ago, at 7.1 percent, and will hold its four seats if the results stay as they are.
Sósíalistaflokkurinn (the Socialist Party) is currently on just 3.7 percent and would not receive any MPs. This counts as a shock after the brand-new party polled strongly in recent weeks.
Neither the Liberal Democracy Party nor Responsible Future are breaking the one percent barrier at this stage.
The record 50,000 early ballots this year will be the last to be counted, and it is not yet clear how they will affect the final outcome. As Hulda Þórisdóttir says above, there is no research to say clearly what sort of people are most likely to vote early and which parties they are likeliest to vote for.
The final results are expected Sunday morning and RÚV English will be here with the highlights as the day progresses.
RÚV Englsih camera and editing this evening: Guðmundur Einar Sigurðsson
Presenter: Alex Elliott