DAX
Encyclopedia
The DAX is a blue chip stock market index
consisting of the 30 major German
companies trading on the Frankfurt Stock Exchange
. Prices are taken from the electronic Xetra
trading system. According to Deutsche Börse
, the operator of Xetra, DAX measures the performance of the Prime Standard
’s 30 largest German companies in terms of order book volume and market capitalization.
The L-DAX Index is an indicator of the German benchmark DAX index's performance after the Xetra electronic-trading system closes based on the floor trading
at the Frankfurt Stock Exchange. The L-DAX Index basis is the "floor" trade (Parketthandel) at the Frankfurt stock exchange; it is computed daily between 09:00 and 17:30 Hours CET. The L-DAX index (Late DAX) is calculated from 17:30 to 20:00 CET. The Eurex
, a European electronic futures and options exchange based in Zurich
, Switzerland
with a subsidiary in Frankfurt
, Germany, offers options (ODAX) and Futures (FDAX) on the DAX from 08:00 to 22:00 CET.
The Base date for the DAX is 30 December, 1987 and it was started from a base value of 1,000. The Xetra system calculates the index after every 1 second since January 1, 2006.
was replaced by HeidelbergCement
. The index was left unchanged at the September and December 2010, March, June and September 2011 reviews.
: Weightings accurate prior to quarterly rebalancing of 20 December 2010. Source: DAX Composition 20.10.2010, Deutsche Börse
.
Stock market index
A stock market index is a method of measuring a section of the stock market. Many indices are cited by news or financial services firms and are used as benchmarks, to measure the performance of portfolios such as mutual funds....
consisting of the 30 major German
Germany
Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate...
companies trading on the Frankfurt Stock Exchange
Frankfurt Stock Exchange
The Frankfurt Stock Exchange is the world's 12th largest stock exchange by market capitalization. Located in Frankfurt am Main, Germany, the Frankfurt Stock Exchange is owned and operated by Deutsche Börse, which also owns the European futures exchange Eurex and the clearing company...
. Prices are taken from the electronic Xetra
Xetra (trading system)
Xetra is a worldwide electronic securities trading system based in Frankfurt, Germany. It was created for the Frankfurt Stock Exchange and launched in November, 1997. It is operated by Deutsche Börse....
trading system. According to Deutsche Börse
Deutsche Börse
Deutsche Börse AG is a marketplace organizer for the trading of shares and other securities. It also is a transaction services provider. It gives companies and investors access to global capital markets. It is a joint stock company and was founded in 1993. The headquarters are in Frankfurt,...
, the operator of Xetra, DAX measures the performance of the Prime Standard
Prime Standard
Prime Standard is a market segment of the Frankfurt Stock Exchange that lists German companies which comply with international transparency standards. The requirements are higher than in General Standard which is regulated by law...
’s 30 largest German companies in terms of order book volume and market capitalization.
The L-DAX Index is an indicator of the German benchmark DAX index's performance after the Xetra electronic-trading system closes based on the floor trading
Floor trading
Floor trading is where traders or stock brokers meet at a specific venue referred to as a trading floor or pit to buy and sell financial instruments using open outcry method to communicate which each other. These venues are typically stock exchanges or futures exchanges and transactions are...
at the Frankfurt Stock Exchange. The L-DAX Index basis is the "floor" trade (Parketthandel) at the Frankfurt stock exchange; it is computed daily between 09:00 and 17:30 Hours CET. The L-DAX index (Late DAX) is calculated from 17:30 to 20:00 CET. The Eurex
Eurex
Eurex is one of the world's leading derivatives exchanges, providing European benchmark derivatives featuring open and low-cost electronic access globally...
, a European electronic futures and options exchange based in Zurich
Zürich
Zurich is the largest city in Switzerland and the capital of the canton of Zurich. It is located in central Switzerland at the northwestern tip of Lake Zurich...
, Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
with a subsidiary in Frankfurt
Frankfurt
Frankfurt am Main , commonly known simply as Frankfurt, is the largest city in the German state of Hesse and the fifth-largest city in Germany, with a 2010 population of 688,249. The urban area had an estimated population of 2,300,000 in 2010...
, Germany, offers options (ODAX) and Futures (FDAX) on the DAX from 08:00 to 22:00 CET.
The Base date for the DAX is 30 December, 1987 and it was started from a base value of 1,000. The Xetra system calculates the index after every 1 second since January 1, 2006.
Components
A list of the current DAX companies, as of the quarterly review effective on 21 June 2010 where SalzgitterSalzgitter AG
Salzgitter AG is a German company, one of the largest steel producers in Europe with an annual output of around 7 million tonnes.The company was founded in 1937 as Reichswerke Hermann Göring,...
was replaced by HeidelbergCement
HeidelbergCement
HeidelbergCement is a German cement and building materials company. It is currently the world's third largest cement producer, the market leader in aggregates and fourth in ready-mix concrete. In 2010 the company produced around 78 million tonnes of cement...
. The index was left unchanged at the September and December 2010, March, June and September 2011 reviews.
| Company | Prime Standard Prime Standard Prime Standard is a market segment of the Frankfurt Stock Exchange that lists German companies which comply with international transparency standards. The requirements are higher than in General Standard which is regulated by law... industry group | Ticker symbol | |
|---|---|---|---|
| Adidas Adidas Adidas AG is a German sports apparel manufacturer and parent company of the Adidas Group, which consists of the Reebok sportswear company, TaylorMade-Adidas golf company , and Rockport... |
clothing and footwear | 1.75 | |
| Allianz Allianz SE is a global financial services company headquartered in Munich, Germany. Its core business and focus is insurance. As of 2010, it was the world's 12th-largest financial services group and 23rd-largest company according to a composite measure by Forbes magazine.Its Allianz Global Investors... |
insurance | 6.71 | |
| BASF BASF BASF SE is the largest chemical company in the world and is headquartered in Germany. BASF originally stood for Badische Anilin- und Soda-Fabrik . Today, the four letters are a registered trademark and the company is listed on the Frankfurt Stock Exchange, London Stock Exchange, and Zurich Stock... |
speciality chemicals | 9.24 | |
| Bayer Bayer Bayer AG is a chemical and pharmaceutical company founded in Barmen , Germany in 1863. It is headquartered in Leverkusen, North Rhine-Westphalia, Germany and well known for its original brand of aspirin.-History:... |
speciality chemicals | 7.72 | |
| Beiersdorf Beiersdorf Beiersdorf AG is a multinational corporation based in Hamburg, Germany, manufacturing personal care products. Its brands include Elastoplast, Eucerin , Labello, and Nivea.... |
personal products | 0.69 | |
| BMW BMW Bayerische Motoren Werke AG is a German automobile, motorcycle and engine manufacturing company founded in 1916. It also owns and produces the Mini marque, and is the parent company of Rolls-Royce Motor Cars. BMW produces motorcycles under BMW Motorrad and Husqvarna brands... |
automobile manufacturers | 3.29 | |
| Commerzbank Commerzbank Commerzbank AG is the second-largest bank in Germany, after Deutsche Bank, headquartered in Frankfurt am Main.-Activities:Commerzbank is mainly active in commercial bank, retail banking and mortgaging. It suffered reversals in investment banking in early 2000s and scaled back its Securities unit... |
credit banks | 0.70 | |
| Daimler | automobile manufacturers | 7.92 | |
| Deutsche Bank Deutsche Bank Deutsche Bank AG is a global financial service company with its headquarters in Frankfurt, Germany. It employs more than 100,000 people in over 70 countries, and has a large presence in Europe, the Americas, Asia Pacific and the emerging markets... |
credit banks | 4.47 | |
| Deutsche Börse Deutsche Börse Deutsche Börse AG is a marketplace organizer for the trading of shares and other securities. It also is a transaction services provider. It gives companies and investors access to global capital markets. It is a joint stock company and was founded in 1993. The headquarters are in Frankfurt,... |
securities brokers | 1.61 | |
| Deutsche Lufthansa Lufthansa Deutsche Lufthansa AG is the flag carrier of Germany and the largest airline in Europe in terms of overall passengers carried. The name of the company is derived from Luft , and Hansa .The airline is the world's fourth-largest airline in terms of overall passengers carried, operating... |
airlines | 1.27 | |
| Deutsche Post Deutsche Post Deutsche Post AG, operating under the trade name Deutsche Post DHL, is the world's largest logistics group. With its headquarters in Bonn, the corporation has 467,088 employees in more than 220 countries and territories worldwide and generated revenue of € 51.48 billion in 2010... |
logistics | 1.75 | |
| Deutsche Telekom Deutsche Telekom Deutsche Telekom AG is a telecommunications company headquartered in Bonn, Germany. It is the largest telecommunications company in Europe.... |
fixed-line telecommunication | 4.77 | |
| E.ON E.ON E.ON AG, marketed with an interpunct as E•ON, is the holding company of the world's largest investor-owned energy service provider based in Düsseldorf, Germany. The name comes from the Greek word aeon which means eternity.... |
multi-utilities | 7.06 | |
| Fresenius | health care | 0.85 | |
| Fresenius Medical Care Fresenius Medical Care Fresenius Medical Care is a German company specializing in the production of medical supplies, primarily to facilitate or aid renal dialysis. It is 36%-owned by the health care company Fresenius. The company was formed in 1996 from the merger of Fresenius Worldwide Dialysis, then a division of... |
health care | 1.36 | |
| HeidelbergCement HeidelbergCement HeidelbergCement is a German cement and building materials company. It is currently the world's third largest cement producer, the market leader in aggregates and fourth in ready-mix concrete. In 2010 the company produced around 78 million tonnes of cement... |
building materials | 1.13 | |
| Henkel Henkel Henkel AG & Co. KGaA is an multinational company headquartered in Düsseldorf, Germany.The company operates in three business areas: Home Care , Personal Care ,... |
personal products | 1.32 | |
| Infineon Technologies Infineon Technologies Infineon Technologies AG is a German semiconductor manufacturer and was founded on April 1, 1999, when the semiconductor operations of the parent company Siemens AG were spun off to form a separate legal entity. , Infineon has 25,149 employees worldwide... |
semiconductors | 1.27 | |
| K+S K+S K+S AG is a German-based agricultural chemical and salt company, headquartered in Kassel. The company is Europe's largest supplier of potash for use in fertilizer and, after the acquisition of Morton Salt, the world's largest salt producer... |
commodity chemicals | 1.30 | |
| Linde The Linde Group The Linde Group, registered as Linde AG is an international industrial gases and engineering company founded in Germany in 1879. Linde shares are traded on all the German stock exchanges and also in Zürich, and the Linde share price is included in the DAX 30 index... |
industrial gases | 3.16 | |
| MAN | diversified industrials | 1.50 | |
| Merck Merck KGaA Merck KGaA is a German chemical and pharmaceutical company. Merck, also known as “German Merck” and “Merck Darmstadt”, was founded in Darmstadt, Germany, in 1668, making it the world's oldest operating chemical and pharmaceutical company. The company was privately owned until going public in 1995... |
pharmaceuticals | 0.64 | |
| Metro Metro AG Metro AG is a diversified retail and wholesale/cash and carry group based in Düsseldorf, Germany. It has the largest market share in its home market, and is one of the most globalised retail and wholesale corporations. It is the fourth-largest retailer in the world measured by revenues . In English... |
multiline retail | 1.19 | |
| Munich Re Munich Re Munich Re Group is a reinsurance company based in Munich, Germany. It is one of the world’s leading reinsurers. ERGO, a Munich Re subsidiary, is the Group’s primary insurance arm.... |
re-insurance | 3.14 | |
| RWE RWE RWE AG , is a German electric power and natural gas public utility company based in Essen. Through its various subsidiaries, the energy company contributes electricity and gas to more than 20 million electricity customers and 10 million gas customers, principally in Europe... |
multi-utilities | 3.37 | |
| SAP SAP AG SAP AG is a German software corporation that makes enterprise software to manage business operations and customer relations. Headquartered in Walldorf, Baden-Württemberg, with regional offices around the world, SAP is the market leader in enterprise application software... |
software | 5.55 | |
| Siemens Siemens Siemens may refer toSiemens, a German family name carried by generations of telecommunications industrialists, including:* Werner von Siemens , inventor, founder of Siemens AG... |
diversified industrials | 10.65 | |
| ThyssenKrupp ThyssenKrupp ThyssenKrupp AG is a German multinational conglomerate corporation headquartered in Duisburg Essen, Germany. The corporation consists of 670 companies worldwide. While ThyssenKrupp is one of the world's largest steel producers, the company also provides components and systems for the automotive... |
diversified industrials | 1.74 | |
| Volkswagen Group Volkswagen Group Volkswagen Group is a German multinational automobile manufacturing group. , Volkswagen was ranked as the world’s third largest motor vehicle manufacturer and Europe's largest.... |
automobile manufacturers | 2.89 |
: Weightings accurate prior to quarterly rebalancing of 20 December 2010. Source: DAX Composition 20.10.2010, Deutsche Börse
Deutsche Börse
Deutsche Börse AG is a marketplace organizer for the trading of shares and other securities. It also is a transaction services provider. It gives companies and investors access to global capital markets. It is a joint stock company and was founded in 1993. The headquarters are in Frankfurt,...
.
Former components of DAX
Following table lists the former components of DAX and the ones replaced them.| Date | Component excluded | Component included | Reason for exclusion/ Comments |
|---|---|---|---|
| 03.09.1990 | Feldmühle Nobel | Metallgesellschaft Metallgesellschaft Metallgesellschaft AG was formerly one of Germany's largest industrial conglomerates based in Frankfurt. It had over 20,000 employees and revenues in excess of 10 billion US dollars... |
Takeover of Feldmühle Nobel by Stora Enso Stora Enso Stora Enso Oyj is a Finnish pulp and paper manufacturer, formed by the merger of Swedish mining and forestry products company Stora and Finnish forestry products company Enso-Gutzeit Oy in 1998. It is headquartered in Helsinki, and it has approximately 29,000 employees... |
| Nixdorf | Preussag Preussag Preussag AG was a German mining company which later operated in a variety of industries. It was incorporated on October 9, 1923 as Preußische Bergwerks- und Hütten-Aktiengesellschaft .... (now TUI Tui As a noun, Tui may refer to:* Tu'i , a title of nobility in Polynesia and some of Melanesia* Tui Awards, New Zealand's annual music industry awards* Tui , a brand of New Zealand beer produced by Tui Breweries... ) |
Merged with Siemens to form Siemens-Nixdorf | |
| 18.09.1995 | Deutsche Babcock | SAP SAP AG SAP AG is a German software corporation that makes enterprise software to manage business operations and customer relations. Headquartered in Walldorf, Baden-Württemberg, with regional offices around the world, SAP is the market leader in enterprise application software... |
Replaced by SAP because of lower market capitalisation |
| 22.07.1996 | Kaufhof | METRO Metro AG Metro AG is a diversified retail and wholesale/cash and carry group based in Düsseldorf, Germany. It has the largest market share in its home market, and is one of the most globalised retail and wholesale corporations. It is the fourth-largest retailer in the world measured by revenues . In English... |
Merger of Kaufhof and Metro Cash & Carry |
| 23.09.1996 | Continental | Münchener Rück | Continental was added back to the DAX on 22 September 2003, though it was demoted again in 2008 |
| 18.11.1996 | Metallgesellschaft | Deutsche Telekom Deutsche Telekom Deutsche Telekom AG is a telecommunications company headquartered in Bonn, Germany. It is the largest telecommunications company in Europe.... |
IPO of Deutsche Telekom |
| 22.06.1998 | Bayerische Hypotheken- und Wechselbank |
adidas Adidas Adidas AG is a German sports apparel manufacturer and parent company of the Adidas Group, which consists of the Reebok sportswear company, TaylorMade-Adidas golf company , and Rockport... |
Merger of Vereinsbank and Hypobank to form HypoVereinsbank |
| Bayerische Vereinsbank | HypoVereinsbank HypoVereinsbank UniCredit Bank Aktiengesellschaft is the sixth-largest private German financial institution, with a strong presence in Bavaria. The company is based in Munich, and together with Deutsche Bank, Dresdner Bank, Commerzbank and Deutsche Postbank, it belongs to the Cash Group... |
||
| 21.12.1998 | Daimler-Benz | DaimlerChrysler (now Daimler) |
Merger of Daimler-Benz with Chrysler Chrysler Chrysler Group LLC is a multinational automaker headquartered in Auburn Hills, Michigan, USA. Chrysler was first organized as the Chrysler Corporation in 1925.... |
| 22.03.1999 | Degussa | Degussa-Hüls | Merger of Degussa AG with Hüls AG and renaming to Degussa-Hüls AG |
| 25.03.1999 | Thyssen | ThyssenKrupp ThyssenKrupp ThyssenKrupp AG is a German multinational conglomerate corporation headquartered in Duisburg Essen, Germany. The corporation consists of 670 companies worldwide. While ThyssenKrupp is one of the world's largest steel producers, the company also provides components and systems for the automotive... |
Merger of Thyssen and Krupp |
| 20.09.1999 | Hoechst | Fresenius Medical Care Fresenius Medical Care Fresenius Medical Care is a German company specializing in the production of medical supplies, primarily to facilitate or aid renal dialysis. It is 36%-owned by the health care company Fresenius. The company was formed in 1996 from the merger of Fresenius Worldwide Dialysis, then a division of... |
Merger of Hoechst and Rhône-Poulenc Rhône-Poulenc -History of the company:The Company was founded in 1928 through the merger of Société des Usines Chimiques du Rhône from Lyon and Établissements Poulenc Frères from Paris founded by Étienne Poulenc, a 19th century Parisian apothecary and brought to prominence by his second and third sons Emile... with Aventis Aventis Aventis was a pharmaceutical and lab assay testing company. It was formed in 1999 when Rhône-Poulenc S.A. merged with Hoechst AG. The merged company was based in Strasbourg, France. With its headquarters in Strasbourg, Aventis was the product of the first transnational merger to combine large... |
| 14.02.2000 | Mannesmann | Epcos Epcos -Company history:The company was created in 1999 from Siemens Matsushita Components, which was a joint venture of Siemens AG and Matsushita in 1989. The stock opened on 15 October 1999 at the same time in Frankfurt and New York, with Siemens and Matsushita holding interests of 12.5% each. In 2006... |
Takeover of Mannesmann by Vodafone Vodafone Vodafone Group Plc is a global telecommunications company headquartered in London, United Kingdom. It is the world's largest mobile telecommunications company measured by revenues and the world's second-largest measured by subscribers , with around 341 million proportionate subscribers as of... |
| 19.06.2000 | Veba | E.ON E.ON E.ON AG, marketed with an interpunct as E•ON, is the holding company of the world's largest investor-owned energy service provider based in Düsseldorf, Germany. The name comes from the Greek word aeon which means eternity.... |
Merger of Veba and Viag to form E.ON |
| VIAG | Infineon | ||
| 18.12.2000 | Degussa-Hüls | Degussa | Merger of Degussa-Hüls AG and SKW Trostberg AG to new Degussa AG |
| 19.03.2001 | KarstadtQuelle | Deutsche Post Deutsche Post Deutsche Post AG, operating under the trade name Deutsche Post DHL, is the world's largest logistics group. With its headquarters in Bonn, the corporation has 467,088 employees in more than 220 countries and territories worldwide and generated revenue of € 51.48 billion in 2010... |
IPO of Deutsche Post |
| 23.07.2001 | Dresdner Bank | MLP Vz. | Takeover of Dresdner Bank by Allianz |
| 23.09.2002 | Degussa | Altana Altana The Altana AG is a German chemical company based in Wesel. Altana develops and produces products in the specialty chemicals business. The ALTANA Group, with headquarters in Wesel/Germany, sells 85% of its products overseas... |
Inadequate market capitalisation |
| 23.12.2002 | Epcos | Deutsche Börse Deutsche Börse Deutsche Börse AG is a marketplace organizer for the trading of shares and other securities. It also is a transaction services provider. It gives companies and investors access to global capital markets. It is a joint stock company and was founded in 1993. The headquarters are in Frankfurt,... |
Fast-exit of Epcos, as Epcos' market capitalisation became inadequate. |
| 22.09.2003 | MLP | Continental | Inadequate free float and market capitalisation. |
| 31.01.2005 | Lanxess Lanxess Lanxess AG is a specialty chemicals group based in Germany, with headquarters and major operations in Leverkusen. It was founded in 2004 when Bayer AG spun off its chemicals operations and parts of its polymer activities. As measured by sales, Lanxess is the fourth largest chemicals group in Germany... |
Lanxess was spun off from Bayer. | |
| 01.02.2005 | Lanxess | ||
| 19.12.2005 | HypoVereinsbank | Hypo Real Estate Hypo Real Estate The Hypo Real Estate Holding AG is a holding company based in Munich, Germany which comprises a number of real estate financing banks. The company's activities span three sectors of the real estate market: commercial property, infrastructure and public finance, and capital markets and asset... |
Takeover of HypoVereinsbank by UniCredit UniCredit UniCredit SpA is an Italy-based, pan-European banking organization, with aprox 40 million customers and operations in 22 countries.- Geography :... |
| 18.09.2006 | Schering | Postbank Deutsche Postbank Deutsche Postbank AG is a German retail bank with headquarters in Bonn. Postbank was formed from the demerger of the postal savings division of Deutsche Bundespost in 1990. It became a wholly owned subsidiary of Deutsche Post in 1999, and was partially spun out on the Frankfurt Stock Exchange in 2004... |
Takeover of Schering by Bayer |
| 18.06.2007 | Altana | Merck Merck KGaA Merck KGaA is a German chemical and pharmaceutical company. Merck, also known as “German Merck” and “Merck Darmstadt”, was founded in Darmstadt, Germany, in 1668, making it the world's oldest operating chemical and pharmaceutical company. The company was privately owned until going public in 1995... |
After the sale of Nycomed Nycomed Nycomed is a European pharmaceutical company. Nycomed is privately owned primarily by the two private equity investors Nordic Capital and CSFB Alternative Capital. Production is located in Norway, Denmark, Poland, Austria, Belgium, Germany, Estonia India, Mexico, Brazil and Argentina. Head office... , inadequate market capitalisation |
| 22.09.2008 | TUI | K+S K+S K+S AG is a German-based agricultural chemical and salt company, headquartered in Kassel. The company is Europe's largest supplier of potash for use in fertilizer and, after the acquisition of Morton Salt, the world's largest salt producer... |
Fast-entry of K+S, inadequate market capitalisation of TUI |
| 22.12.2008 | Continental | Beiersdorf | Fast-exit of Continental because of inadequate free-float market capitalisation after the acquisition by Schaeffler Group Schaeffler Group The Schaeffler Technologies GmbH & Co. KG is a privately owned major manufacturer of rolling element bearings for automotive, aerospace and industrial uses. In August 2008 the firm agreed to a staggered €12 billion acquisition of larger rival Continental AG, whereby Schaeffler will defer taking a... |
| 22.12.2008 | Hypo Real Estate | Salzgitter Salzgitter AG Salzgitter AG is a German company, one of the largest steel producers in Europe with an annual output of around 7 million tonnes.The company was founded in 1937 as Reichswerke Hermann Göring,... |
Fast-exit of Hypo Real Estate because of inadequate free-float market capitalisation after a stake by American investor JC Flowers JC Flowers J.C. Flowers & Co. is a private equity investment firm, focused on investments in the financial services sector. The firm, founded in 2001, is based in New York City and run by billionaire J. Christopher Flowers, a former Goldman Sachs partner.... , as well as huge decline in market capitalisation during the Financial crisis of 2007–2010 |
| 23.03.2009 | Deutsche Postbank | Hannover Re Hannover Re Hannover Re , with a gross premium of around €11 billion, is one of the leading reinsurance groups in the world... |
Fast-exit due to inadequate market capitalisation |
| Infineon Technologies | Fresenius Vz | ||
| 21.09.2009 | Hannover Re | Infineon Technologies | Inadequate market capitalisation |
| 21.06.2010 | Salzgitter | HeidelbergCement HeidelbergCement HeidelbergCement is a German cement and building materials company. It is currently the world's third largest cement producer, the market leader in aggregates and fourth in ready-mix concrete. In 2010 the company produced around 78 million tonnes of cement... |
Inadequate market capitalisation |
External links
- DAX homepage
- Bloomberg page for DAX:IND
- DAX Fourier Components
- DAX 30 Profle at Wikinvest