Novo Nordisk was the most actively traded share in September with a turnover of DKK 4.3 billion, followed by Danske Bank and TDC with DKK 3.8 billion and DKK 2.8 billion.
The KFX Index retreated 14.4 per cent in September 2002, however, the performance of the individual KFX constituents varied considerably - from a 2 per cent rise to a 32 per cent drop. The KVX Index fell by 40.8 per cent, primarily due to the 61 per cent fall in the price of Genmab shares after the announcement that the company had decided to discontinue the development of a drug to treat patients with rheumatoid arthritis.
The value of daily trading in unit trust certificates climbed to DKK 79 million, a rise of 20 per cent compared with the month before, however, it was still a fall of 28 per cent compared with the corresponding month last year. The increase was evenly distributed on the funds and investment areas. The most active funds were Carnegie W.W./Globale Aktier, Sparinvest Value Aktier and Danske Invest Stabil CDOB with turnovers of DKK 107 million, DKK 109 million and DKK 96 million.
Bond trading totalled DKK 492 billion, which was the third highest monthly turnover this year and turnover thus rose by 11 per cent compared with September 2001. The bustling activity on the bond market was due to the refinancing wave caused by the low rate of interest. Turnover in mortgage bonds boomed and on average it roared ahead by 34.3 per cent compared with the same month last year. The government bonds also advanced to DKK 175 billion - the third largest turnover of the year. Portfolio switches due to the introduction of three new benchmark government bonds were probably part of the reason for the increase in turnover.
The minimum coupon rate was extraordinarily lowered to 3% at end-September 2002; however, it does not enter into effect until 10 October 2002.
The average true yield closed September at 4.93 per cent, a fall of 21 basis points compared with end-August 2002, and a fall of 57 basis points compared with September 2001.
At end-September 2002, the volume of bonds in circulation amounted to DKK 2,217 billion in market value, or DKK 2,169 in nominal terms, a rise of 8 per cent on September 2001.
In September, derivatives trading totalled 46,583 contracts, which was the second highest derivatives trading volume seen this year, only outperformed by the trading volume of the previous month. The trading volume was up 8 per cent on the corresponding month last year.
Turnover on the XtraMarked for non-listed unit trusts amounted to DKK 1.12 billion, a slight decline of DKK 47.9 million compared with last month.
