Sunday September 17 2000, 12h18
Modification of the indices Stoxx Monday: limited
readjustments of wallet
PARIS, 17 seven (AFP) - the modification of the calculation of its Pan-European indexes
of security prices by company STOXX as from Monday, as well as the arrival of new
titles in these same indices, will lead the investors to carry out readjustments of last
minute, whose impact should however be limited, according to sources' of market.
The decision, announced at the beginning of July, to take into account floating it of the
groups which compose the indices Dow-Jones Stoxx (Paris: SXXP.PA - topicality ) and
either their stock exchange capitalization for the calculation of the indices, mainly was
indeed already taken into account by the market, according to the operators.
The floating one is defined like the whole of the actions which are not held per blocks,
but which are availability of the public.
This new weighting of the values should reduce the influence of the European
telephone operators, whose State remains the shareholder of reference, and support
others of them, like the equipment suppliers télécoms.
The weight of France Telecom should thus move back of 35%, according to
calculations' of the analysts of the Crédit Lyonnais Securities, while Alcatel (Paris:
13000.PA - topicality ) would go up in power of 24% in these indices.
Within the index Euro Stoxx 50 (Paris: SXË.PA - topicality ) (glamour stocks of the
zone euro), one should also observe a very strong fall of the weights of PPR (Paris:
12148.PA - topicality ), LVMH (Paris: 12101.PA - topicality ), Sanofi-Synthélabo, or
Oréal, according to the specialists in Expertise Asset Management.
Only indicielles SICAV -- those which retort the composition of the index-high-speed
motorboats, like the CAC 40 (Paris: 350000.PA - topicality ) -- will rock with the fixing
of fence " but they are relatively minor in terms of mass, the other managers of SICAV
already anticipated this change ", opine Friday the sales manager of a large French
bank.
" the managers react in calms, they look at fundamental titles before acting ", concludes
the same source.
The courses of the values concerned should not thus pitch too much as from Monday morning, when the recomposed indices
take up duty.
Its input Monday in the European index restricted Dow-Jones Euro Stoxx 50 (country of the zone euro) should be worth with
the agro-alimentary group Danone (Paris: 12064.PA - topicality ) a renewed interest.
The same will apply to bank BNP (Paris: 13110.PA - topicality ) - Paribas, which between Monday in Dow-Jones Stoxx 50 (Paris:
SX5P.PA - topicality ) (European countries, including except euro), and finally Vivendi Environment (Paris: 12414.PA - topicality
), which will be added to the values which make Dow-Jones Stoxx Mid Index. |
