The main reason is low activity on the global market, which has influenced the Danish stock market. A contributing factor to the decrease in equity turnover is also that the rules for reporting of share transactions have been changed with effect from 1 July 2001. The rules prior to this date meant that a number of transactions were reported more than one time. This has been changed with the new rules so that the turnover figures now reflect the actual turnover to a higher extent, and thus it gives a truer view of the activity on the Copenhagen Stock Exchange.
With the reviewed rules the Exchange has come closer to international standards, and turnover figures from the Exchange can now be compared directly with those from the other Norex exchanges. To what extent the new reporting rules will influence the turnover can only be assessed in the long term.
The industry sector showed the lowest decline in turnover of 14% to DKK 10.3 billion. The KFX shares were traded in DKK 25.7 billion corresponding to 79% of the turnover in July. The most actively traded share was Novo Nordisk B with DKK 5.2 billion, Vestas Wind Systems were traded in the amount of DKK 4.0 billion and Danske Bank and TDC both came third with just over DKK 3 billion.
The KFX, KVX and KFMX indices did not move much in July, however the growth shares were hit hardest showing a fall in the KVX Index over the month of 7%. In comparison with July 2000 the indices are at about the same level except for the decline in the KVX index of 25%.
The bond turnover in July amounted to DKK 300.8 billion in terms of market value. Average trading amounted to DKK 13.7 billion per trading day, which is a decline of 29% and 19% in comparison with the previous month and the same moth in 2000 respectively.
Government bonds were traded in DKK 126.9 billion, which is a decrease of 27% in comparison with June, and the turnover of mortgage credit bonds fell by 10% to DKK 132.5 billion and thus was the most actively traded bond group.
The most actively traded bond was the government benchmark, 6% 2011 reaching a turnover of DKK 23.1 billion followed by 5% 2005 with DKK 14.4 billion in turnover.
Further information on the equity turnover in the new sectors are available in the Exchange's monthly statistics from July 2001 at http://www.xcse.dk/uk/statistik/maaned/index.asp and on the new indices on http://www.xcse.dk/uk/marked/gics/index.asp. In addition nine sectors and 21 industry group indices may be tracked currently during the day via special index pages on www.xcse.dk
