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- Published: 2009-06-24
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Name | DAX |
---|---|
Caption | DAX 30 chart in the Frankfurt Stock Exchange |
Foundation | 1 July 1988 |
Operator | Deutsche Börse |
Exchanges | Frankfurt Stock Exchange |
Constituents | 30 |
Cap level | Large cap |
Mcap | €442.5 billion (end 2008) |
Weighting | Market value-weighted |
Related | MDAX, TecDAX, ÖkoDAX |
Homepage | 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 Boerse, 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.
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.
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{| class="wikitable sortable" style="text-align: center; font-size: 100%;" cellpadding=2 cellspacing=2 |- ! Company !! Prime Standard industry group !! Ticker symbol !! Index weighting (%) |- | Adidas || clothing and footwear || || 1.75 |- | Allianz || insurance || || 6.71 |- | BASF || speciality chemicals || || 9.24 |- | Bayer || speciality chemicals || || 7.72 |- | Beiersdorf || personal products || || 0.69 |- | BMW || automobile manufacturers || || 3.29 |- | Commerzbank || credit banks || || 0.70 |- | Daimler || automobile manufacturers || || 7.92 |- | Deutsche Bank || credit banks || || 4.47 |- | Deutsche Börse || securities brokers || || 1.61 |- | Deutsche Lufthansa || airlines || || 1.27 |- | Deutsche Post || logistics || || 1.75 |- | Deutsche Telekom || fixed-line telecommunication || || 4.77 |- | E.ON || multi-utilities || || 7.06 |- | Fresenius || health care || || 0.85 |- | Fresenius Medical Care || health care || || 1.36 |- | HeidelbergCement || building materials || || 1.13 |- | Henkel || personal products || || 1.32 |- | Infineon Technologies || semiconductors || || 1.27 |- | K+S || commodity chemicals || || 1.30 |- | Linde || industrial gases || || 3.16 |- | MAN || diversified industrials || || 1.50 |- | Merck || pharmaceuticals || || 0.64 |- | Metro || multiline retail || || 1.19 |- | Munich Re || re-insurance || || 3.14 |- | RWE || multi-utilities || || 3.37 |- | SAP || software || || 5.55 |- | Siemens || diversified industrials || || 10.65 |- | ThyssenKrupp || diversified industrials || || 1.74 |- | Volkswagen Group || automobile manufacturers || || 2.89 |}
: Weightings accurate prior to quarterly rebalancing of 20 December 2010. Source: DAX Composition 20.10.2010, Deutsche Börse.
{| class="wikitable"
!bgcolor="silver"|Date
!bgcolor="silver"|Component excluded
!bgcolor="silver"|Component included
!bgcolor="silver"|Reason for exclusion/ Comments
|-
|rowspan=2|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
|-
|rowspan="2"|22.06.1998
|Bayerische Hypotheken-
und Wechselbank
|adidas
|rowspan="2"|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
|-
|rowspan="2"|19.06.2000
|Veba
|E.ON
|rowspan="2"|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.
|-
|22.09.2003
|MLP
|Continental
|Inadequate free float and market capitalisation.
|-
|31.01.2005
|
|Lanxess
|rowspan=2 | 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
|-
|22.09.2008
|TUI
|K+S
|Fast-entry of K+S, inadequate market capitalisation of TUI
|-
|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
|-
|rowspan=2 |23.03.2009
|Deutsche Postbank
|Hannover Re
|rowspan=2 |Fast-exit due to inadequate market capitalisation
|-
|Infineon Technologies
|Fresenius Vz
|-
|21.09.2009
|Hannover Re
|Infineon Technologies
|Inadequate market capitalisation
|-
|21.06.2010
|Salzgitter
|HeidelbergCement
|Inadequate market capitalisation
|}
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