For the second time this year, Danske Bank was the most actively traded share of the month with a turnover of DKK 4.6 billion - the last time Danske Bank was the most active share was in May. Novo Nordisk was right behind Danske Bank with a turnover of DKK 4.5 billion and then followed TDC with DKK 3.3 billion. The KFX shares accounted for 83 per cent of the total turnover.
The increase in the KFX Index was, among other things, due to a rise in H. Lundbeck of 35 per cent, which was based on news about an upward adjustment made by their American cooperation partners. Another share that skyrocketed was NEG Micon, which jumped 16 per cent. At the other end of the scale we find Carlsberg B and Danisco, which declined by 10 per cent and 9 per cent. respectively.
The value of trading in unit trust certificates climbed to just under DKK 2 billion in October, a rise of 21 per cent compared with the month before, but a fall of 23 per cent compared with the corresponding month last year. The most active funds were Carnegie W.W./Globale Aktier, Sparinvest Value Aktier and Danske Invest Stabil CDOB with turnovers of DKK 261 million, DKK 150 million and DKK 115 million.
Bond trading grew by 17 per cent to DKK 573 billion in market value and reflects the fact that the refinancing wave is not over yet. The turnover of the last three months - i.e. August to October - is thus one and a half times higher than the three previous months. At this time last year, another refinancing wave was sweeping the country and turnover in October 2002 is therefore 7 per cent lower than turnover in October 2001. The refinancing wave has boosted turnover in mortgage bonds by 11 per cent to DKK 301 billion and they accounted for 52 per cent of the total bond trading volume in October 2002.
It is still the very low interest rate that causes the refinancing wave. The average true yield closed October at 5.08 per cent, which was a small increase compared with September.
The most active government bond was 5% INK Bullet Loan 2013 with a turnover of DKK 48 billion and the most active mortgage bond was Nykredit's 6% 3C s. 2029 with a turnover of DKK 15 billion.
At end-October 2002, the volume of bonds in circulation amounted to DKK 2,177 billion in nominal terms.
Derivatives trading reached a record 54,575 contracts - an all-time high since the introduction of the Click trading system in November 2000. Turnover in futures and options on the KFX Index amounted to 39,105 contracts. Derivatives on single shares reached 15,470 contracts, which was also an all-time high since the launch of Click.
