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Nasdaq (Nasdaq: NDAQ) today announced the introduction of the Copenhagen 25 index (OMXC25). The C25 is a capped index comprising the 25 shares with the highest six-month turnover and the largest free float adjusted market capitalization. The C25 index will be effective from December 19, 2016 with a base value of 1000.
After a 12-month period, the C25 will replace the C20 CAP as the leading index for the Danish equity market at the December 2017 review. Nasdaq intends to discontinue the C20 index family, but only after all derivatives products, investment funds and ETPs have expired or have relocated to the new C25.
“Thanks in part to a string of large cap listings since 2010, and with Nets and DONG Energy among this year’s global top three IPOs*, the Danish stock market has near-doubled in market capitalization and equity turnover since 2012. This change should be reflected in a fundamental way,” said Bjørn Sibbern, President of Nasdaq Copenhagen, EVP Global Information Services, and continued:
“After careful consideration and positive feedback from key stakeholders we are introducing the C25 as a better-suited indicator for the Danish equity market.”
The change will mean that after December 2017 the leading Danish index will have five additional index constituents, which will mark a return to the original KFX 25 constituent format from 1989. The change also means that more companies will be eligible for inclusion into the leading Danish stock index.
Chairman of the Danish Securities Dealers Association, Claus Gregersen said: “Leading indexes are vital to stock markets because they are flagships that drive visibility, guide investors and promote listed companies. A decision to change a winning concept and include five additional stocks into the index is a decision that will strengthen a basic pledge of visibility to listed companies. We encourage investors, listed companies and media to welcome the new C25, which the market will have 12 months to get accustomed to before Nasdaq Copenhagen appoints it to become the leading index for the Danish stock market.”
The selection rules for the C25 will rank all Danish listed shares according to free float adjusted market capitalization. The top 35 shares will constitute the C25 basic portfolio. Out of this, the top 25 shares with the highest turnover during six months will be included into the C25 active portfolio.
Copenhagen 25 Constituents
Effective December 19, 2016
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CARL B |
Carlsberg A/S B |
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CHR |
Chr. Hansen Holding |
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COLO B |
Coloplast B |
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DANSKE |
Danske Bank |
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DENERG |
DONG Energy A/S |
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DSV |
DSV |
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FLS |
FLSmidth & Co. |
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GEN |
Genmab |
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GN |
GN Store Nord |
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ISS |
ISS |
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JYSK |
Jyske Bank A/S |
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LUN |
Lundbeck |
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MAERSK A |
A.P. Møller - Maersk A |
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MAERSK B |
A.P. Møller - Maersk B |
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NDA DKK |
Nordea Bank AB |
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NETS |
Nets A/S |
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NKT |
NKT Holding |
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NOVO B |
Novo Nordisk B |
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NZYM B |
Novozymes B |
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PNDORA |
Pandora |
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TDC |
TDC A/S |
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TOP |
Topdanmark |
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TRYG |
Tryg |
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VWS |
Vestas Wind Systems |
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WDH |
William Demant Holding |
Facts Sheet:
Nasdaq Copenhagen market capitalization:
· 2012: 1,300 billion DKK
· 2016: 2,300 billion DKK
Number of large cap shares:
· 2012: 24
· 2016: 36
Average daily equity turnover:
· 2012: 2.4 billion DKK
· 2016: 5.4 billion DKK
Recent large cap listings and market capitalization at listing:
· Chr. Hansen: 12.4 billion DKK
· Pandora: 27.3 billion DKK
· ISS: 29.6 billion DKK
· Scandinavian Tobacco Group: 10 billion DKK
· DONG Energy: 98.2 billion DKK
· Nets: 30 billion DKK
*According to PwC IPO Watch Q3 2016: http://www.pwc.co.uk/audit-assurance/assets/pdf/ipo-watch-europe-q3-2016.pdf
