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Roughly speaking the procedure is as follows: To start with, 20 companies are selected on the basis of on-exchange trading in their shares over the past 12 months. These 20 companies are ranked according to their free-float adjusted market capitalisation. The 15 companies with the highest free-float adjusted market cap are selected for the Index, provided they comply with the requirement that their average end-of-day spread does not exceed 1.5%. If they do not fulfil this condition, companies lower on the list of 20 may be selected instead if their average end-of-day spread is within 1.5%. Details of the methodology are available on the ICEX website: http://www.icex.is
ICEX draws attention to the fact that if foreign companies will be listed on the Main List they will be eligible for the selection of the ICEX-15 Index.
The selection of the ICEX-15 in this instance is based on trading data for the period 1 June 2004 to 31 May 2004, and on spreads for the period 1 August 2003 to 31 May 2004. The reference period for spread is shorter in order to avoid considering spread retroactively, since the new methodology was announced in July last year. Free-float adjustment is based on the list of 10 largest shareholders at the end of the reference period.
| Company | On-exchange trading, ISK millions (12 mos.) | % of turnover of ICEX-15 companies | Market cap (ISK millions) | Free-float adjustment (%) | Free-float adjusted market cap (ISK millions). | Weighting in the index (as of 31 May 2004) | Avg. end-of-day spread (Aug.-May) |
| Kaupþing Bunadarbanki hf. | 20,624 | 17.2% | 149,786 | 65% | 97,361 | 28.2% | 0.6 |
| Islandsbanki hf. | 21,335 | 17.8% | 83,000 | 75% | 62,250 | 18.0% | 1.0 |
| Actavis group hf. | 25,050 | 20.9% | 122,745 | 45% | 55,235 | 16.0% | 0.7 |
| Landsbanki Islands hf. | 12,629 | 10.5% | 64,395 | 45% | 28,978 | 8.4% | 1.0 |
| Bakkavor Group hf. | 7,176 | 6.0% | 37,667 | 65% | 24,483 | 7.1% | 1.2 |
| Burdaras hf. | 11,117 | 9.3% | 43,290 | 50% | 21,645 | 6.3% | 1.1 |
| Straumur fjarfestingarbanki hf. | 4,521 | 3.8% | 26,972 | 50% | 13,486 | 3.9% | 1.1 |
| Ossur hf. | 5,856 | 4.9% | 17,196 | 55% | 9,458 | 2.7% | 0.8 |
| Samherji hf. | 2,669 | 2.2% | 18,094 | 35% | 6,333 | 1.8% | 1.8 |
| Marel hf. | 2,005 | 1.7% | 10,467 | 60% | 6,280 | 1.8% | 0.9 |
| Og fjarskipti hf. | 3,270 | 2.7% | 11,260 | 45% | 5,067 | 1.5% | 1.0 |
| Grandi hf. | 1,011 | 0.8% | 9,909 | 50% | 4,954 | 1.4% | 2.3 |
| Fjarfestingarfelagid Atorka hf. | 427 | 0.4% | 7,571 | 65% | 4,921 | 1.4% | 2.7 |
| Medcare Flaga hf. | 780 | 0.6% | 2,791 | 85% | 2,372 | 0.7% | 1.3 |
| Opin kerfi hf. | 1,529 | 1.3% | 6,622 | 35% | 2,318 | 0.7% | 1.2 |
| 119,998 | 100.0% | 611,765 | 55% | 345,142 | 100.0% | 0.9 |
The table above shows the companies selected for the ICEX-15 Index for the coming period, together with their weighting in the Index (based on free-float adjusted market cap as of 31 May), the free-float adjustment percentage (i.e. the remaining share of market cap), their share of the total turnover of the ICEX-15 companies and average end-of-day spread for the period 1 August 2003 to 31 May 2004. One newcomer is included in the Index: Fjarfestingarfelagid Atorka hf. Shares in Fjarfestingarfelagid Atorka are included in the Index for the first time, replacing the shares in Solumidstod hradfrystihusanna hf. (SH). The shares of SH were not eligible for the selection of the Index as the company has not fulfilled listing requirements for some time.
As previously mentioned, it is a requirement for selection that the average end-of-day spread is within 1.5%. A total of 12 companies in the ICEX-15 Index fulfilled the spread requirements. Two companies (Medcare Flaga hf. and Opin kerfi Group hf.) which were ranked 16-20 on the basis of free-float adjusted market cap fulfilled the spread requirements and as a result were included in the Index, replacing two other companies (Kogun hf. and Jardboranir hf), which would have otherwise been included on the basis of their free-float market cap.
The table below shows the weighting of the various sectors in the Index, based on free-float adjusted market cap at the end of May, together with their share in the turnover of companies included in the Index and the weighted average spreads for the sectors.
|
Industry |
Number of companies | Total market cap | Free-float adj. market cap | On-exchange turnover | Weighted spread | |||
| -ISK millions | % | -ISK millions | % | -ISK millions | % | |||
| Finance and insurance13,2% | 4 | 324,153 | 53.0% | 202,075 | 58.5% | 59,108 | 49.3% | 0.8% |
| Industry and manufacturing | 4 | 68,120 | 11.1% | 42,593 | 12.3% | 15,818 | 13.2% | 1.1% |
| Pharmaceuticals | 1 | 122,745 | 20.1% | 55,235 | 16.0% | 25,050 | 20.9% | 0.7% |
| Investment companies | 1 | 7,571 | 1.2% | 4,921 | 1.4% | 427 | 0.4% | 2.7% |
| Transport | 1 | 43,290 | 7.1% | 21,.645 | 6.3% | 11,117 | 9.3% | 1.1% |
| Fisheries | 2 | 28,003 | 4.6% | 11,287 | 3.3% | 3,680 | 3.1% | 2.0% |
| Information technology (IT) | 2 | 17,883 | 2.9% | 7,385 | 2.1% | 4,798 | 4.0% | 1.1% |
| 15 | 611,765 | 100.0% | 345,142 | 100.0% | 119,998 | 100.0% | 0.9% | |
