Nokia set to rejoin Euro Stoxx 50, Volkswagen dropped
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Nokia Set to Rejoin Euro Stoxx 50 as Volkswagen Is Dropped in Latest STOXX Review
Key Changes in the Latest STOXX Index Review
Nokia’s Return to the Euro STOXX 50
Sept 1 (Reuters) – Finnish telecom equipment maker Nokia Oyj is set to rejoin the bluechip Euro STOXX 50 index a year after being dropped, while Volkswagen will be removed, index provider STOXX said in its annual review on Tuesday.
Nokia’s Share Performance and Strategic Focus
• Nokia shares hit a near-18-year high in June before declining. They are still more than double their price at the same time last year, helped by the company’s shift in focus to selling fibre-optic equipment to companies building AI data centres.
Volkswagen’s Removal from the Index
Volkswagen’s Market Struggles
• Shares of Volkswagen, meanwhile, have dropped nearly 27% so far this year, as Europe’s largest automaker struggles against Chinese competition and pushes ahead with a restructuring.
Other Notable Index Changes
Engie and Wolters Kluwer
• French utility Engie will also join the index, while Dutch information-services group Wolters Kluwer is being removed.
Effective Date of Changes
• The changes to the index are effective September 21.
Broader STOXX 600 Index Adjustments
Greek Companies Added
• Stoxx also unveiled a slew of changes to the broader Stoxx 600 Index, including the addition of Greek companies such as National Bank Of Greece and Alpha Bank after Greek equities were in April reclassified to “developed market” status.
Companies Set to Exit STOXX 600
• British sportswear retailer JD Sports Fashion, Swedish sports and outdoor gear maker Thule Group and Germany airport operator Fraport AG are set to exit the Stoxx 600 Index.
Reporting Credits
(Reporting by Fabiola Arámburo in Mexico City; Editing by Joyjeet Das)
