The Copenhagen Stock Exchange in the First Half of 1999 and in June 1999

The first half of 1999 saw a total share trading volume of DKK 220bn in market value or an average daily trading volume of DKK 1.8bn. This was 4.9 per cent down on the corresponding period of 1998, when daily trading was recorded at DKK 1.9bn. Industry posted a first-half trading volume of DKK 85bn against DKK 86bn last year, whereas Commerce & Services went up from DKK 64bn last year to DKK 70bn in the first half of 1999. Unit trusts also reported progress in turnover, which expanded by DKK 2bn to DKK 14bn in market value. At the end of the first-half period the KFX index closed at 205.43, a 6 per cent fall since end-1998. The index has risen by more than 9 per cent since it bottomed out on 15 March at 187.77. Increases in non-KFX companies resulted in a 1 per cent rise for the All-Share Index since end-1998, or almost a 14 per cent rise from the low of mid-March. Since the KFX index accounts for more than half the total market value the non-KFX shares saw nice price rises. Share trading in June reached DKK 37bn in market value, equivalent to DKK 1.7bn per trading day, down 6 per cent from June 1998 and 9 per cent from May 1999. During the last eight trading days stocks were traded in the new SAXESS system. The most active sector in June was Industry, which reported a trading volume of DKK 18.3bn, 39 per cent up on May. June's improvement in turnover should be seen against the backdrop of acquisition offers at Crisplant and Kansas Wenaas, see below. Trading within Commerce & Services came to DKK 9.9bn, 22 per cent down on the preceding month, whereas turnover in Banks climbed 3 per cent to DKK 4.2bn. Two companies outside the KFX index were among the three most actively traded shares in June. In first place came Crisplant Industries with a turnover of DKK 5.1bn as a result of an acquisition offer being exercised. Tele Danmark (which changed the par value and securities ID code of its shares on 2 June) was the second most active paper after having been in the number one position for several months. Its turnover of DKK 4.5bn in June was DKK 1bn down on May. In third place came Kansas Wenaas with DKK 2.7bn, likewise in the wake of an acquisition offer. Then followed Novo Nordisk B with DKK 2.2bn. Unidanmark A, Ratin B, Den Danske Bank, Danisco and ISS-Int Service System B were traded at a market value of between DKK 1.1bn and DKK 1.7bn. H. Lundbeck, which went public on 18 June, ended among the ten most actively traded shares with a turnover of DKK 820m. This figure includes the company's sale and issue of shares. Bond trading in the first half of the year reached an average market value of DKK 32.4bn per trading day or just under DKK 4,000bn, which is slightly down on last year's level. Repo trading came to DKK 80bn a day or almost DKK 10,000bn for the six-month period, against DKK 11,329bn in the first half of 1998. In the first half of 1999, yields were generally lower than in the preceding six-month period and they have reached an all-time low. At the end of the half-year period the total average yield closed at 5.43 per cent, 43 basis points up from the all-time low of 9 April and three basis points up on end-1998. Government bonds went up 12 basis point since the beginning of the year to an average yield of 4.18 per cent at end-June. Standard mortgage credit bonds dropped 12 basis point to a 6.36 per cent yield. June, traditionally a calm month, saw a trading volume of DKK 632bn in market value, 18 per cent up on June 1998 and 19 per cent up on May 1999. Government bonds were traded at a market value of DKK 345bn, a 21 per cent improvement over May. Standard mortgage credit bonds advanced by 15 per cent and were traded at a market value of DKK 248bn. The most traded coupon group in June was 6% bonds at DKK 243bn, evenly distributed between standard mortgage bonds and government bonds. Government bonds dominated June, the 6% 2009 government benchmark coming in first place with a turnover of DKK 92bn in market value. The 6% 2029 series of standard mortgage credit bonds were traded at DKK 74bn. FUTOP turnover in June was 58,404 contracts, 19 per cent down on May. The most traded instrument was the KFX future: 54,383 contracts at an underlying market value of DKK 1.1bn. In terms of underlying market value, futures on the ten-year 6% 09 government bond peaked at DKK 2.5bn. 7% Government 2007 futures and options expired in June and were not traded.