Copenhagen Stock Exchange: Share Trading Reached Its Highest Level Since June 2001

Share trading in January amounted to DKK 40.4 billion in market value. The average daily trading volume rose by 14 per cent compared with December 2001 and reached DKK 1.8 billion. The share turnover in January was the highest since the implementation of the new reporting rules in July 2001. The changed rules both implied a significant reduction in the number of double reports as well as a drop in the turnover and also a considerable improvement of the price picture.

Novo Nordisk reached the highest volume at DKK 6.6 billion. Both Danske Bank and TDC came second each with turnovers of DKK 4.7 billion. Compared with December 2001 the turnover in TDC more than doubled, which was partly a result of a large one-time sale.

The KFX Index closed at 263.06 - 2.8 per cent lower than at the turn of the year 2001/2002. The KVX Index continued its upward trend from December and closed the month of January 12.6 per cent higher in relation to end-December. The KVX Index was in particular carried forward by I-data and Maconomy, who rose by 84 per cent and 98 per cent, respectively.

The turnover in unit trust certificates amounted to DKK 2.8 billion in January, corresponding to an increase of 36 per cent compared with December 2001. As in December Carnegie W.W. was the most frequently traded unit trust with a turnover of DKK 262 million. The other unit trusts on the top 3 list were Danske Invest Danmark and Nordea Invest USA with turnovers of DKK 127 and DKK 110 million, respectively.

After the record-breaking activity on the bond market in December 2001, the average daily turnover dropped by 27 per cent to DKK 27.4 billion in market value. The total bond turnover was DKK 602.3 billion in market value. Compared with December, the turnover in government bonds rose by 74 per cent to DKK 221.0 billion, while the turnover in mortgage credit bonds fell by 24 per cent to DKK 302.7 billion.

The repo-based trading in bonds and treasury bills increased by 30 per cent to 1,401.5 billion compared with December 2001.

The average true yield for government bonds rose by 8 basis points from end-December to 4.71 per cent at end-January. The true yield on standard mortgage credit fell from 6.19 per cent to 6.08 per cent. The average true yield for all bonds closed at 5.55 per cent in January against 5.62 per cent at the turn of the year.

In January, derivatives trading resulted in a daily average of 2,052 contracts. The trading comprised 40,001 contracts on index derivatives and 5,135 contracts on share options.