The German reinsurer Munich Re is expected by the US bank JPMorgan in the currency-mixed European index Stoxx Europe 50 in September.
In addition to Munich Re, the major Dutch bank ING should also be included as a second successor, as analyst Pankaj Gupta writes in a study published on Monday.
Reason are first and foremost the price losses of the Adyen share. This will in all likelihood automatically drop the payment processor from the index. Adyen shocked last Thursday with its quarterly report and outlook and lost around 46 percent in the past three trading days alone.
The shares of the luxury goods company Kering are also weakening. According to Gupta, it is ranked 61st on the current selection list for the Stoxx Europe 50. This would also make it, albeit narrowly, a candidate for removal. Stocks are automatically removed if they have slipped to rank 61 or below. Adyen has now dropped to 84th place, as Gupta writes.
Based on the shortlist as of August 31, the Deutsche Börse subsidiary Stoxx Ltd. review the Stoxx indices and announce any changes on Friday 1 September after close of trading. The changes will take effect on Monday 18 September.
Such changes are particularly important for funds that replicate indices in real terms (physically replicating ETFs). There must then be reallocated accordingly, which can have an impact on share prices. However, the Stoxx 50 differs from the EURO STOXX 50 because it is passively replicated to a much lesser extent.
In Tuesday trading on XETRA, Munich Re shares were temporarily at EUR 358.80 and thus 0.84 percent higher. ING shares on the EURONEXT temporarily rose by 1.28 percent to EUR 13.154, while the Adyen share was temporarily listed in Amsterdam 0.20 percent lower at EUR 795.40.
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NEW YORK (dpa-AFX)
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