COPENHAGEN Dec 9 Stock exchange operator Nasdaq
will replace Denmark's main C20 CAP index with a new
index of 25 companies to reflect a higher market capitalisation
and turnover following two of the world's biggest IPOs in
Copenhagen this year.
The new C25 CAP will be launched on Dec. 19 and is due to
replace Denmark's largest index C20 CAP 12 months
later, Nasdaq said in a statement Friday.
"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
capitalisation and equity turnover since 2012," Nasdaq
Copenhagen Chief Executive Bjorn Sibbern said.
"This change should be reflected in a fundamental way,"
The number of large cap company shares on the Copenhagen
stock exchange rose to 36 in 2016 from 24 in 2012 and the
average daily equity turnover more than doubled to 5.4 billion
Danish crowns ($768 million) from 2.4 billion in the same
period, according to Nasdaq.
The C20 CAP has a market capitalisation of 2.34 trillion
crowns ($333 billion), Reuters data showed.
Two of the largest listings in the world this year were
Danish companies: utility and wind farm developer DONG Energy
and payment processor Nets.
DONG Energy was valued at 98 billion crowns when it listed
in June while Nets reached 30 billion crowns in September.
Nasdaq announced this week that DONG Energy and Nets would
replace Nordea's Danish branch and mining equipment and
service provider FLSmidth in the C20 CAP-index from
Nordea and FLSmidth will however join the new index along
with insurance companies Tryg and Topdanmark
and cable and industrial cleaning equipment maker NKT Holding
, Nasdaq said.
The C25-index will be a capped index consisting of the 25
shares with the highest six-month turnover and the largest
free-float adjusted market capitalisation.
In 2013, the previous main index, the C20, was replaced by
the C20 CAP, because insulin maker Novo Nordisk's
shares ended up with a 45 percent weighting in the index. The
maximum weighting in the new C25 CAP index will be 20 percent.
The C25-index will have a base value of 1000.
($1 = 7.0327 Danish crowns)
(Reporting by Nikolaj Skydsgaard; editing by David Clarke)