A year has now passed since the Copenhagen Stock Exchange introduced the new reporting rules, which resulted in a technical reduction in turnover. The two 6-month periods may now be compared.
Compared with the Nordic markets, the increase in trading volume was significant. The exchanges in Helsinki and Oslo did not reach increases as high as the Copenhagen Stock Exchange, and in Stockholm the trading volume fell.
The 10 most active shares in the first six months of 2002
|
Turnover 1st half of 2002 |
|
|
Share |
DKKbn |
|
Novo Nordisk B |
37.7 |
|
Danske Bank |
31.8 |
|
TDC |
20.8 |
|
Vestas Wind Systems |
16.6 |
|
Group 4 Falck |
9.9 |
|
H. Lundbeck |
9.3 |
|
Carlsberg B |
7.3 |
|
Sophus Berendsen |
7.2 |
|
ISS |
7.1 |
|
GN Great Nordic |
6.8 |
Special indices and sector indices. The KFMX Index, which tracks the small and medium-sized companies, did best in the first half of 2002, as the KFMX performance Index increased by 7 per cent. All of the remaining special indices fell.
Development in performance indices from end-2001 to end-June 2002
|
KFMX |
KBX |
KAX |
|
7% |
-7% |
-5% |
Development in special indices (non-performance) from end-2001 to end-June 2002
|
Date |
KFX |
KVX |
|
-9% |
-15% |
The nine sectors have developed differently in the past six months. Utilities peaked with a rise of 57 per cent, and Telecom and Health Care dropped by 27 per cent and 17 per cent, respectively.
Development in sector performance indices from end-2001 to end-June 2002
|
Issues in the first six months of 2002. The listed companies raised a total of DKK 5.5 billion from issues in the first six months of 2002, compared with DKK 4.1 billion in the first half of 2001. No companies went public during the first half of 2002. Six companies left the Exchange, including 2 companies as a result of a merger with another listed company. At end-June, the number of companies listed on the Copenhagen Stock Exchange amounted to 208, including 9 foreign companies.
Bond trading amounted to DKK 2,415 billion in market value in the first six months of 2002, a 4 per cent fall on the first half of 2001. The average daily value of trading totalled DKK 19.9 billion as against DKK 20.5 billion in the first half of 2001.
The 10 most active bonds reached a turnover of DKK 839 billion in market value. On the top-10 list, eight government bonds and two mortgage bonds were to be found.
The 10 most active bonds in the first six months of 2002
|
Turnover 1st half of 2002 |
||
|
Bond |
DKKbn |
Issuer |
|
6% INK St.lån 2011 |
173 |
Government |
|
5% INK Stgb 2003 |
87 |
Government |
|
8% INK St.lån 2006 |
82 |
Government |
|
6% INK St.lån 2009 |
80 |
Government |
|
4% INK Stgb 2004 |
72 |
Government |
|
4% 10D.s.INK 2003 |
72 |
Realkredit Danmark |
|
5% INK St.lån 2005 |
71 |
Goverment |
|
4% INK 90 st.l. 2003 |
71 |
Government |
|
6% 23D s. 2032 |
66 |
Realkredit Danmark |
|
5% INK St.lån 2013 |
65 |
Government |
The average true yield fell from 5.62 per cent at end-2001 to 5.43 per cent at end-June 2002. In the same period the government bond yield rose by 4 basis points to 4.67 per cent, and the standard mortgage credit yield fell by 29 basis points to 5.90 per cent.
The derivatives trading volume was 256,299 contracts, up from 237,896 contracts in the first half of 2001, an increase of 8 per cent.
Senior vice president Peter Belling commented: "With a 17 per cent increase in turnover in the past six months, the Danish equity market has developed positively compared with the other Nordic markets. This is noteworthy in an equity market that has generally been marked by the negative mood. Small and medium-sized companies have proved to be a good investment on the Copenhagen Stock Exchange as the KFMX Index has increased by 7 per cent in a market where other indices have fallen".
