AEX index
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| AEX-Index | |
|---|---|
| Foundation | 1983 |
| Operator | Euronext |
| Exchanges | Euronext Amsterdam |
| Constituents | up to 25 |
| Type | Large cap |
| Market cap | €528.1 billion (2007)[1] |
| Weighting method |
Market value-weighted |
| Related indices |
AMX index, AScX index |
| Website | www.nyse.com/aex |
The AEX index, derived from Amsterdam Exchange index, is a stock market index composed of Dutch companies that trade on Euronext Amsterdam, formerly known as the Amsterdam Stock Exchange. Started in 1983, the index is composed of a maximum of 25 of the most actively traded securities on the exchange. It is one of the main national indices of the pan-European stock exchange group Euronext alongside Brussels' BEL20, Paris's CAC 40 and Lisbon's PSI-20.
Contents |
[edit] History
The AEX started from a base level of 100 index points on 3 January 1983 (a corresponding value of 45.378 is used for historic comparisons due to the adoption of the Euro).[2] The index's peak to date is 703.18, reached on 5 September 2000 at the height of the dot-com bubble.[3] The index value more than halved over the following three years before recovering in line with most global financial markets.
The AEX index enjoyed its second largest one-day loss on September 29, 2008, when the index closed down almost 9%.
[edit] Rules
[edit] Selection
As of 2008, the AEX index composition is reviewed twice a year on March 1 and September 1 based on the closing prices on the final trading days of January and June.[4] Previously, index changes were made only annually in March. Any changes made are effected on the following trading day.[5]
At the main March review date, the 25 companies with the highest share turnover (in Euros) over the previous year deemed to be "representative of the Dutch equity market" are admitted to the index.[6] Companies which have fewer than 25% of shares considered free float on Euronext Amsterdam and a free-float market capitalisation ranked lower than 25th are, however, ineligible for inclusion.[6] Unlike some other European benchmark equity indices (such as the OMXS30), if a company has more than one class of shares traded on the exchange, only the most actively traded of these will be accepted into the AEX.[6] If a company or companies are removed from the index due to delisting, acquisition or another reason, no replacements are made until the next review date.[6]
At the September interim review (based on the data of the last day of June), no changes are made to the AEX unless either the index has seen one or more constituents removed, or a non-constituent possesses an share turnover ranked 15th or higher overall over the previous year (e.g. July 2007 - June 2008).[4] If vacancies are to be filled, the highest-ranking non-AEX companies are selected to join the index.[4]
[edit] Weighting
The AEX is a market value-weighted index. At each main annual review, the index weightings of companies in the index are capped at 15%,[5] but range freely with share price subsequently. The index weights are calculated with respect to the closing prices of the relevant companies on March 1. At the interim review in September, weightings after adjustment are left as close as possible to those of the previous day and are not re-capped.[6]
[edit] Calculation
The index comprises a basket of shares, the numbers of which are based on the constituent weights and index value at the time of readjustment. The value of the index is calculated by multiplying the price (in Euros) of each of the stocks by the number of shares that stock in the basket, then summing the resulting numbers and dividing by 100.[6]
[edit] Composition
The 25 stocks below constitute the index as of the interim review effective 2 September 2008[7] when Fugro, Koninklijke BAM Groep, USG People and Wereldhave filled the vacancies created by the deletion of Corporate Express, Tele Atlas, Vedior and Hagemeyer since the March review.
| Company | ICB Sector | Ticker symbol | Index weighting (%)1 |
|---|---|---|---|
| Aegon | life insurance | AGN | 3.56 |
| Ahold | food retailers and wholesalers | AH | 2.78 |
| Akzo Nobel | specialty chemicals | AKZA | 3.04 |
| ArcelorMittal | steel | MT | 15.49 |
| ASML | semiconductors | ASML | 1.91 |
| BAM Group | heavy construction | BAMNB | 0.34 |
| Corio | real estate holding and development | CORA | 0.67 |
| DSM | specialty chemicals | DSM | 1.44 |
| Fortis | banks | FORA | 5.62 |
| Fugro | oil equipment and services | FUR | 0.80 |
| Heineken | brewers | HEIA | 2.10 |
| ING Group | life insurance | INGA | 12.90 |
| KPN | fixed line telecommunications | KPN | 5.72 |
| Philips | consumer electronics | PHIA | 6.92 |
| Randstad Holding | business training and employment agencies | RAND | 0.85 |
| Reed Elsevier | publishing | REN | 2.03 |
| Royal Dutch Shell | integrated oil and gas | RDSA | 16.13 |
| SBM Offshore | oil equipment and services | SBMO | 0.64 |
| TNT | delivery services | TNT | 2.51 |
| TomTom | telecommunications equipment | TOM2 | 0.72 |
| Unibail-Rodamco | real estate investment trusts | ULA | 3.14 |
| Unilever | food products | UNA | 8.60 |
| USG People | business training and employment agencies | USG | 0.24 |
| Wereldhave | specialty REITs | WHA | 0.45 |
| Wolters Kluwer | publishing | WKL | 1.38 |
Note 1: - Weightings accurate at on 2 September 2008. Source: Index Announcement, Euronext.
[edit] References
- ^ This is the actual total free-float market cap of the AEX constituents. Because the index uses a basket model which does not include the total number of shares, the market cap of the index per se is significantly less than this. "Euronext Amsterdam - Cash Market full monthly statistics report: December 2007". Euronext. Retrieved on 2008-05-14.
- ^ "Amsterdam AEX Stock Index". Global Financial Data. Retrieved on 2007-12-02.
- ^ "AEX Index Breaks Through Magic 500 Threshold", NIS News (3 January 2007). Retrieved on 2 December 2007.
- ^ a b c "Announcement Rules Change AEX-index, AMX-index and AScX-index - Introduction of Interim Review and Revised Eligibility Rule" (PDF). Euronext (effective June 2008). Retrieved on 2008-05-14.
- ^ a b "AEX-Index profile". Euronext. Retrieved on 2007-12-02.
- ^ a b c d e f "Rules for the AEX-Index" (PDF). Euronext (effective June 2008). Retrieved on 2008-05-14.
- ^ "Interim review AEX-, AMX and AScX-index" (PDF). Euronext. Retrieved on 2008-09-01.
[edit] See also
- AMX index, the market index of the next 25 largest funds on Euronext Amsterdam.
- AScX index, market index of 25 small caps on Euronext Amsterdam
[edit] External links
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