Frankfurt (AFP)
False start on the Frankfurt Stock Exchange: the Dax index opened in the red Monday, losing up to 2% in the first exchanges of its passage from 30 to 40 values, the result of a reform intended to rejuvenate its image.
At 9:51 am (07:51 GMT), the Dax was down 1.83% to 15,206.99 points, its lowest since July, widening its losses since the opening of the session.
Most of the ten new stocks, previously listed on the Mdax of average values, are down, like the aircraft manufacturer Airbus (-3.14% to 109.88 euros) or the car manufacturer Porsche (-2, 83% to 81.04 euros).
“The new DAX40 has different market characteristics from the previous formula,” explains Andreas Lipkow, analyst for Comdirect.
He blames Monday's poor performance on the international economy and in particular the turmoil of Chinese real estate giant Evergrande.
The expansion of Dax to forty values, decided on last year, is supposed to give it more diversity and align it with international standards.
In terms of young shoots, two digital companies - the Zalando online sales site and the Hellofresh meal delivery man - join the stock market elite.
The growing healthcare sector is strengthening with the integration of medical technician Siemens Healthineers, laboratory equipment supplier Sartorius and biotechnology company Qiagen.
The Symrise group, a producer of perfumes and aromas, is also reaping the benefits of its strategy of innovation and international expansion.
But "the old economy" has not had its last word: Airbus is entering Dax, as is the world leader in the distribution of chemicals Brenntag and the holding company Porsche SE.
Another well-known promotion: the sports equipment supplier Puma finds his enemy brother Adidas in the first stock market league.
A panel displaying the evolution of the price of Dax, on the Frankfurt Stock Exchange, August 27, 2021 Daniel ROLAND AFP / Archives
The Dax therefore offers itself a facelift but no revolution and will remain dominated by the traditional industry, in particular the heavyweights of the automobile (Volkswagen, BMW, Daimler) or chemicals (BASF, Bayer, Henkel), members historical index.
Despite the reform, "the index mostly lacks young members from technology sectors," note analysts at CMC Markets.
On Wall Street, tech giants like Facebook, Amazon and Netflix spearhead stock quotes.
"Apple is currently worth more on the stock market than the entire Dax 40", according to CMC Markets, which sees it as a symbol of "delay" taken by the stock market of the world's 4th largest economy.
- Brakes for young people?
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The name Siemens now even appears three times.
Next to parent company Siemens, the mainstay of Dax, energy technology company Siemens Energy joined the index in March, and is now flanked by Siemens Healthineers.
The ten new members of Dax have a limited weight, estimated at around 15% of the new Dax.
Airbus alone represents around 5%.
All these companies were previously listed on the MDax of average values, which will be reduced from 60 to 50 quotes.
But the overall value of the index has not increased, because it does not correspond to the sum of the values of the stocks composing it.
Traders room at the Frankfurt Stock Exchange, August 27, 2021 Daniel ROLAND AFP / Archives
A coefficient is applied to each of the companies and a new calculation will therefore be made reducing the weighting of the 30 historical values.
Ultimately, however, the Dax should "appreciate slightly thanks to a higher share of growth companies", according to Michael Bissinger, analyst at DZ Bank.
As a complementary aspect of this Dax reform, new governance rules have come into force in the wake of the Wirecard scandal and the resounding bankruptcy of this online payments company in June 2020.
This finance start-up had triumphantly entered Dax barely two years earlier.
From now on, Dax candidates must present two years of positive operational results (Ebitda) and a minimum level of liquidity.
At the risk of letting future stars slip away?
Thus, the German company Biontech, which developed with Pfizer one of the first vaccines against Covid-19, chose - like many European unicorns - to enter the Nasdaq in October 2019.
At the time, she had never made a profit.
Thanks to the success of the vaccine, its price has been multiplied by six in one year and the young laboratory, which became profitable in 2021, is one of the most promising biotechs.
© 2021 AFP