Finnish telecommunications company Nokia is returning to the European stock index Euro STOXX 50 after a year. German automaker Volkswagen, whose shares have sharply weakened this year, will be removed from it instead. The index provider announced this on Tuesday, stating that the changes will take effect on September 21.
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Nokia shares climbed to nearly 18-year high in June
Nokia shares climbed to a nearly 18-year high in June, then weakened. However, they are still more than twice as expensive as they were a year ago at this time. The company has benefited from focusing on selling optical network equipment to companies building data centers for artificial intelligence (AI).
Conversely, shares of Europe’s largest automaker Volkswagen have lost about 28 percent this year. Volkswagen is struggling with Chinese competition and undergoing extensive restructuring.
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Euro STOXX 50 index will undergo other changes as well
The Euro STOXX 50 index, which comprises the 50 largest and most liquid companies from the eurozone, will undergo other changes as well. French energy company Engie will also enter it, while Dutch group Wolters Kluwer, which provides information services, will be removed.
The Euro STOXX 50 index itself is up 8.9 percent since the beginning of the year. The pan-European STOXX Europe 600 index, which tracks trading on exchanges in Britain and selected European Union countries, has strengthened by 8.6 percent since January. The American S&P 500 index, which includes shares of the 500 largest companies traded on the stock exchange in the United States, added 11.3 percent over the same period.
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Source: ČTK
