DAX


DAX
DAX
Boerse Frankfurt inside.jpg
DAX 30 chart in the Frankfurt Stock Exchange
Foundation 1 July 1988
Operator Deutsche Börse
Exchanges Frankfurt Stock Exchange
Constituents 30
Type Large cap
Market cap 442.5 billion (end 2008)[1]
Weighting
method
Market value-weighted
Related 
indices
MDAX, TecDAX, ÖkoDAX
Website DAX homepage

The DAX (Deutscher Aktien IndeX, formerly Deutscher Aktien-Index (German stock index)) is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. Prices are taken from the electronic Xetra trading system. According to Deutsche Börse, the operator of Xetra, DAX measures the performance of the Prime Standard’s 30 largest German companies in terms of order book volume and market capitalization.[2]

The L-DAX Index is an indicator of the German benchmark DAX index's performance after the Xetra electronic-trading system closes based on the floor trading at the Frankfurt Stock Exchange. The L-DAX Index basis is the "floor" trade (Parketthandel) at the Frankfurt stock exchange; it is computed daily between 09:00 and 17:30 Hours CET. The L-DAX index (Late DAX) is calculated from 17:30 to 20:00 CET. The Eurex, a European electronic futures and options exchange based in Zurich, Switzerland with a subsidiary in Frankfurt, Germany, offers options (ODAX) and Futures (FDAX) on the DAX from 08:00 to 22:00 CET.

The Base date for the DAX is 30 December, 1987 and it was started from a base value of 1,000. The Xetra system calculates the index after every 1 second since January 1, 2006.

Contents

Components

A list of the current DAX companies, as of the quarterly review effective on 21 June 2010 where Salzgitter was replaced by HeidelbergCement.[3] The index was left unchanged at the September and December 2010, March, June and September 2011 reviews.

A display of Adidas shoes.
A BMW Z4.
Inside a branch of Metro's Real hypermarket chain in Würzburg.
The headquarters of the DAX companies
Company Prime Standard industry group Ticker symbol Index weighting (%)1
Adidas clothing and footwear ADS 1.75
Allianz insurance ALV 6.71
BASF speciality chemicals BAS 9.24
Bayer speciality chemicals BAYN 7.72
Beiersdorf personal products BEI 0.69
BMW automobile manufacturers BMW 3.29
Commerzbank credit banks CBK 0.70
Daimler automobile manufacturers DAI 7.92
Deutsche Bank credit banks DBK 4.47
Deutsche Börse securities brokers DB1 1.61
Deutsche Lufthansa airlines LHA 1.27
Deutsche Post logistics DPW 1.75
Deutsche Telekom fixed-line telecommunication DTE 4.77
E.ON multi-utilities EOAN 7.06
Fresenius health care FRE 0.85
Fresenius Medical Care health care FME 1.36
HeidelbergCement building materials HEI 1.13
Henkel personal products HEN3 1.32
Infineon Technologies semiconductors IFX 1.27
K+S commodity chemicals SDF 1.30
Linde industrial gases LIN 3.16
MAN diversified industrials MAN 1.50
Merck pharmaceuticals MRK 0.64
Metro multiline retail MEO 1.19
Munich Re re-insurance MUV2 3.14
RWE multi-utilities RWE 3.37
SAP software SAP 5.55
Siemens diversified industrials SIE 10.65
ThyssenKrupp diversified industrials TKA 1.74
Volkswagen Group automobile manufacturers VOW3 2.89

^Note 1 : Weightings accurate prior to quarterly rebalancing of 20 December 2010. Source: DAX Composition 20.10.2010, Deutsche Börse.

Former components of DAX

Following table lists the former components of DAX and the ones replaced them.

Date Component excluded Component included Reason for exclusion/ Comments
03.09.1990 Feldmühle Nobel Metallgesellschaft Takeover of Feldmühle Nobel by Stora Enso
Nixdorf Preussag (now TUI) Merged with Siemens to form Siemens-Nixdorf
18.09.1995 Deutsche Babcock SAP Replaced by SAP because of lower market capitalisation
22.07.1996 Kaufhof METRO Merger of Kaufhof and Metro Cash & Carry
23.09.1996 Continental Münchener Rück Continental was added back to the DAX on 22 September 2003, though it was demoted again in 2008
18.11.1996 Metallgesellschaft Deutsche Telekom IPO of Deutsche Telekom
22.06.1998 Bayerische Hypotheken-
und Wechselbank
adidas Merger of Vereinsbank and Hypobank to form HypoVereinsbank
Bayerische Vereinsbank HypoVereinsbank
21.12.1998 Daimler-Benz DaimlerChrysler
(now Daimler)
Merger of Daimler-Benz with Chrysler
22.03.1999 Degussa Degussa-Hüls Merger of Degussa AG with Hüls AG and renaming to Degussa-Hüls AG
25.03.1999 Thyssen ThyssenKrupp Merger of Thyssen and Krupp
20.09.1999 Hoechst Fresenius Medical Care Merger of Hoechst and Rhône-Poulenc with Aventis
14.02.2000 Mannesmann Epcos Takeover of Mannesmann by Vodafone
19.06.2000 Veba E.ON Merger of Veba and Viag to form E.ON
VIAG Infineon
18.12.2000 Degussa-Hüls Degussa Merger of Degussa-Hüls AG and SKW Trostberg AG to new Degussa AG
19.03.2001 KarstadtQuelle Deutsche Post IPO of Deutsche Post
23.07.2001 Dresdner Bank MLP Vz. Takeover of Dresdner Bank by Allianz
23.09.2002 Degussa Altana Inadequate market capitalisation
23.12.2002 Epcos Deutsche Börse Fast-exit of Epcos, as Epcos' market capitalisation became inadequate.[4]
22.09.2003 MLP Continental Inadequate free float and market capitalisation.
31.01.2005 Lanxess Lanxess was spun off from Bayer.
01.02.2005 Lanxess
19.12.2005 HypoVereinsbank Hypo Real Estate Takeover of HypoVereinsbank by UniCredit
18.09.2006 Schering Postbank Takeover of Schering by Bayer
18.06.2007 Altana Merck After the sale of Nycomed, inadequate market capitalisation[5]
22.09.2008 TUI K+S Fast-entry of K+S, inadequate market capitalisation of TUI[6]
22.12.2008 Continental Beiersdorf Fast-exit of Continental because of inadequate free-float market capitalisation after the acquisition by Schaeffler Group
22.12.2008 Hypo Real Estate Salzgitter Fast-exit of Hypo Real Estate because of inadequate free-float market capitalisation after a stake by American investor JC Flowers, as well as huge decline in market capitalisation during the Financial crisis of 2007–2010
23.03.2009 Deutsche Postbank Hannover Re Fast-exit due to inadequate market capitalisation[7]
Infineon Technologies Fresenius Vz
21.09.2009 Hannover Re Infineon Technologies Inadequate market capitalisation
21.06.2010 Salzgitter HeidelbergCement Inadequate market capitalisation

See also

References

  1. ^ "DAX Weighting 30.12.2008". Deutsche Börse. 30 December 2008. http://deutsche-boerse.com/INTERNET/IP/ip_stats.nsf/(KIR+Kennzahlen+DAX+E)/81B6F3137B9F3FC1C125752F00626C94/$FILE/DAX_Weighting_File.20081230.xls?OpenElement. Retrieved 2009-03-21. [dead link]
  2. ^ DAX
  3. ^ "Deutsche Börse: HeidelbergCement Replaces Salzgitter in DAX". Deutsche Börse. 4 June 2010. http://dax-indices.com/EN/index.aspx?pageID=21&NewsID=33. Retrieved 6 June 2010. 
  4. ^ Deutsche Börse: Deutsche Börse ab dem 23. Dezember im DAX Pressemitteilung, 12. November 2002
  5. ^ Frankfurter Allgemeine Zeitung: Merck ersetzt Altana im DAX
  6. ^ Deutsche Börse: K+S ersetzt TUI in DAX Pressemitteilung, 3rd September 2008
  7. ^ Deutsche Börse: [1] Pressemitteilung, 18th March 2009

External links


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  • Dax — (Ax, Acqs, 1) Arrondissement im französischen Departement Landes; 107,000 Ew.; 2) Hauptstadt darin, am Adour; festes Schloß, Kathedrale, Civiltribunal, Fayencefabrik, Handel mit Wein u. Hülsenfrüchten, Bassin mit dampfender Quelle von 56° R., bes …   Pierer's Universal-Lexikon

  • Dax — (spr. dacks, das alte Aquae Tarbellicae, im Mittelalter Acqs), Arrondissementshauptstadt und Badeort im franz. Depart. Landes, links am Adour, über den eine Brücke nach der Vorstadt Le Sablar führt, Knotenpunkt an der Südbahn, hat Reste betürmter …   Meyers Großes Konversations-Lexikon

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  • Dax — Dax, Acqs (Aquae Tarbellicae) franz. feste Stadt im Depart. des Landes, an dem Adour, mit 5900 E., Fabriken für Liqueurs und Steingut, Hammerwerke, Kohlenbrennereien u. Theersiedereien; heiße Schwefelquelle innerhalb der Stadt, 56°R., 3 außerhalb …   Herders Conversations-Lexikon

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