The Danish Equity Market Reached A New Trading Volume Record And Several All-Time Highs In February 2000

The total value of shares traded in the month of February was a record DKK 64.3 billion, a rise of 11 per cent compared with the preceding month, when the previous record was set. For the first time ever, the average daily value of trading was more than DKK 3 billion, 95 per cent higher than in February 1999. The share indices reached not less than 7 all-time highs in February, the KFX Index peaked on 18 February 2000 at 279.14. The KFMX Index comprising the medium-sized and small companies peaked on 24 February 2000 at 1,110.42. Tele Danmark was the most actively traded share with a turnover of DKK 9.1 billion. Then followed Novo Nordisk B with DKK 6.7 billion, and Vestas Wind Systems was the third most-active share with DKK 4.1 billion. The 20 KFX-companies reached a total turnover of DKK 41.3 billion and accounted for 75 per cent of the trade in Danish listed companies. The new entrant, 2M Invest, was the 14th most actively traded share with a turnover of DKK 1.0 billion. NEG Micon - with a turnover of DKK 2.3 billion - was the only non-KFX company among the 10 most-active shares. Four KFX-shares joined the list of the 25 star performers. H. Lundbeck peaked with a 32 per cent increase in February. The price of GN Great Nordic shares rose by 30 per cent, Vestas Wind Systems shares gained 24 per cent and Tele Danmark shares 17 per cent. The KFX Index gained 6.6 per cent compared with end-January to 267.30 at end-February. The All-Share Index gained 4.1 per cent to 808.70. Since February 1999, the FKX Index has risen by 28 per cent and the All-Share by 33 per cent. In February, the Danish listed companies raised a total of DKK 32 million through issues. 2M Invest raised DKK 247.5 million through the issue of new shares and DKK 16.5 million through the sale of existing shares in connection with the introduction. Bond trading amounted to DKK 534 billion in market value, a 7 per cent increase compared with January 2000, and a fall of 12 per cent if compared with February 1999. The average daily turnover grew by 7 per cent compared with January to DKK 25.5 billion. Repo trading increased by 32 per cent compared with January and amounted to DKK 1,371 billion in market value. The government bonds reached a turnover of DKK 314 billion in market value, a 9 per cent rise on January. The standard mortgage bonds recorded a 9 per cent increase to DKK 188 billion. The average true yield closed the month at 6.14 per cent, a fall of 4 basis points compared with the end of January. At end-February 2000, the value of bonds in circulation totalled DKK 1,923 billion, which was on a par with January. The nominal value was DKK 1,936 billion. FUTOP turnover amounted to 88,211 contracts, a 6 per cent fall on January. Trading in the KFX future virtually constituted the entire FUTOP trading volume with 86,172 contracts.