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Sports car manufacturer moves into Dax: Newcomer Porsche replaces Puma

2022-12-05T22:20:54.002Z

Less than a quarter of a year after its IPO, Porsche AG made it into the most important German share index. Sporting goods manufacturer Puma has to give way. There are other innovations in the MDax and SDax.



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Stock exchange floor in Frankfurt am Main

Photo: STAFF / REUTERS

A good two months after its IPO, the Stuttgart sports car manufacturer Porsche AG is included in the leading index Dax.

As of December 19, the shares of the Volkswagen subsidiary will replace the shares of the Franconian sporting goods group Puma, which has been relegated to the MDax small-cap index.

This was announced by Deutsche Börse in the evening.

According to the German Press Agency, Porsche is now worth a good 98 billion euros on the stock exchange.

Accordingly, the share has gained almost 30 percent since the much-noticed IPO at the end of September.

"We are very happy about the quick, direct entry into the Dax," said CFO Lutz Meschke.

»Our leap into the top 40 in Germany is the result of our hard work over the past few years.«

Because of the inclusion of Porsche AG in the leading index, the sporting goods manufacturer Puma is being relegated to the MDax and is displacing the battery manufacturer Varta, which is being relegated to the SDax small-cap index, as the German stock exchange further announced.

As a result, the online fashion retailer About You falls out of the SDax.

Accordingly, Deutsche Wohnen, which is listed in the MDax, and the bioethanol manufacturer Verbio, which is listed in the SDax, are also swapping places.

The changes will take effect on Monday, December 19.

A decent start in a difficult environment

With the chip manufacturer Elmos Semiconductor and the subsidiary of the US telecom supplier Adtran, Adva (Optical), there are also two climbers in the SDax.

In return, the real estate developer Instone and the special pharmaceuticals provider and wholesaler Medios will be removed from the small-cap index.

Aside from Adva and Medios, pundits had largely anticipated the changes in the indices.

In September, Porsche got off to a decent start in a difficult market environment.

Shortly after the start of trading, the car manufacturer's shares climbed almost two percent above the issue price to EUR 84.00.

Volkswagen had allotted the shares to its subsidiary Porsche at EUR 82.50 each, which was at the upper end of the range.

dam/dpa/Reuters

Source: spiegel

All business articles on 2022-12-05

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