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Title: Dax  
Author: World Heritage Encyclopedia
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Subject: Clausthal University of Technology, Volkswagen Group, Frankfurt, HDAX, ÖkoDAX
Collection: Companies Listed on the Frankfurt Stock Exchange, German Stock Market Indices
Publisher: World Heritage Encyclopedia


DAX performance between 1959 and 2012
Foundation 1 July 1988
Operator Deutsche Börse
Exchanges Frankfurt Stock Exchange
Constituents 30
Type Large cap
Market cap 1018 billion (Aug 2014)[1]
Website DAX homepage

The DAX (Deutscher Aktienindex (German stock index)) is a blue chip stock market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. Prices are taken from the electronic Xetra trading system. According to Deutsche Börse, the operator of Xetra, DAX measures the performance of the Prime Standard’s 30 largest German companies in terms of order book volume and market capitalization.[2] It is the equivalent of the FT 30 and the Dow Jones Industrial Average, and because of its small selection it does not necessarily represent the vitality of the economy as whole.

The L-DAX Index is an indicator of the German benchmark DAX index's performance after the Xetra electronic-trading system closes based on the floor trading at the Frankfurt Stock Exchange. The L-DAX Index basis is the "floor" trade (Parketthandel) at the Frankfurt stock exchange; it is computed daily between 09:00 and 17:30 Hours CET. The L-DAX index (Late DAX) is calculated from 17:30 to 20:00 CET. The Eurex, a European electronic futures and options exchange based in Zürich, Switzerland with a subsidiary in Frankfurt, Germany, offers options (ODAX) and Futures (FDAX) on the DAX from 08:00 to 22:00 CET.

The Base date for the DAX is 30 December 1987 and it was started from a base value of 1,000. The Xetra system calculates the index after every 1 second since January 1, 2006.


  • Components 1
  • Former components of DAX 2
  • See also 3
  • References 4
  • External links 5


A list of the current DAX companies, as of the quarterly review effective on 24 September 2012.

Company Prime Standard industry group Ticker symbol Index weighting (%) Employees
Adidas Clothing ADS 2.04 86,824
Allianz Insurance ALV 6.66 151,340
BASF Chemicals BAS 9.62 111,141
Bayer Pharmaceuticals and Chemicals BAYN 7.55 111,800
Beiersdorf Consumer goods BEI 0.86 19,130
BMW Manufacturing BMW 3.26 102,007
Commerzbank Banking CBK 1.01 56,221
Continental Manufacturing CON 0.79 170,000
Daimler Manufacturing DAI 5.77 267,274
Deutsche Bank Banking DBK 5.05 100,474
Deutsche Börse Securities DB1 1.47 3,588
Deutsche Lufthansa Transport Aviation LHA 0.83 118,088
Deutsche Post Communications DPW 1.90 424,351
Deutsche Telekom Communications DTE 5.38 235,132
E.ON Energy EOAN 6.24 85,105
Fresenius Medical FRE 1.63 149,351
Fresenius Medical Care Medical FME 2.16 73,450
HeidelbergCement Building HEI 0.86 53,440
Henkel Consumer goods HEN3 1.53 47,753
Infineon Technologies Manufacturing IFX 1.27 26,658
K+S Chemicals SDF 1.18 15,170
Lanxess Chemicals LXS 0.73 14,650
Linde Industrial gases LIN 3.81 62,000
Merck Pharmaceuticals MRK 0.97 40,676
Munich Re Insurance MUV2 2.92 46,915
RWE Energy RWE 2.19 70,860
SAP IT SAP 7.70 61,344
Siemens Industrial, electronics SIE 9.96 405,000
ThyssenKrupp Industrial, manufacturing TKA 1.33 180,050
Volkswagen Group Manufacturing VOW3 3.36 549,763

^Note 1 : Weightings accurate on 24 September 2012. Source: DAX.

Former components of DAX

DAX 30 chart in the Frankfurt Stock Exchange.
Inside a branch of Metro's Real hypermarket chain in Würzburg.
The headquarters of the DAX companies.

Following table lists the former components of DAX and the ones replaced them.

Date Component excluded Component included Reason for exclusion/ Comments
03.09.1990 Feldmühle Nobel Metallgesellschaft Takeover of Feldmühle Nobel by Stora Enso
Nixdorf Germany Preussag (now TUI) Merged with Siemens to form Siemens-Nixdorf
18.09.1995 Deutsche Babcock SAP Replaced by SAP because of lower market capitalisation
22.07.1996 Kaufhof METRO Merger of Kaufhof and Metro Cash & Carry
23.09.1996 Continental Münchener Rück Continental was added back to the DAX on 22 September 2003, though it was demoted again in 2008 and added back again in 2012
18.11.1996 Metallgesellschaft Deutsche Telekom IPO of Deutsche Telekom
22.06.1998 Bayerische Hypotheken-
und Wechselbank
adidas Merger of Vereinsbank and Hypobank to form HypoVereinsbank
Bayerische Vereinsbank HypoVereinsbank
21.12.1998 Daimler-Benz DaimlerChrysler
(now Daimler)
Merger of Daimler-Benz with Chrysler
22.03.1999 Degussa Degussa-Hüls Merger of Degussa AG with Hüls AG and renaming to Degussa-Hüls AG
25.03.1999 Thyssen ThyssenKrupp Merger of Thyssen and Krupp
20.09.1999 Hoechst Fresenius Medical Care Merger of Hoechst and Rhône-Poulenc with Aventis
14.02.2000 Mannesmann Epcos Takeover of Mannesmann by Vodafone
19.06.2000 Veba E.ON Merger of Veba and Viag to form E.ON
VIAG Infineon
18.12.2000 Degussa-Hüls Degussa Merger of Degussa-Hüls AG and SKW Trostberg AG to new Degussa AG
19.03.2001 KarstadtQuelle Deutsche Post IPO of Deutsche Post
23.07.2001 Dresdner Bank MLP Vz. Takeover of Dresdner Bank by Allianz
23.09.2002 Degussa Altana Inadequate market capitalisation
23.12.2002 Epcos Deutsche Börse Fast-exit of Epcos, as Epcos' market capitalisation became inadequate.[3]
22.09.2003 MLP Continental Inadequate free float and market capitalisation.
31.01.2005 Lanxess Lanxess was spun off from Bayer. In 2012, Lanxess was added back in DAX again.
01.02.2005 Lanxess
19.12.2005 HypoVereinsbank Hypo Real Estate Takeover of HypoVereinsbank by UniCredit
18.09.2006 Schering Postbank Takeover of Schering by Bayer
18.06.2007 Altana Merck After the sale of Nycomed, inadequate market capitalisation[4]
22.09.2008 TUI K+S Fast-entry of K+S, inadequate market capitalisation of TUI[5]
22.12.2008 Continental Beiersdorf Fast-exit of Continental because of inadequate free-float market capitalisation after the acquisition by Schaeffler Group
22.12.2008 Hypo Real Estate Salzgitter Fast-exit of Hypo Real Estate because of inadequate free-float market capitalisation after a stake by American investor JC Flowers, as well as huge decline in market capitalisation during the Financial crisis of 2007–2010
23.03.2009 Deutsche Postbank Hannover Re Fast-exit due to inadequate market capitalisation[6]
Infineon Technologies Fresenius Vz
21.09.2009 Hannover Re Infineon Technologies Inadequate market capitalisation
21.06.2010 Salzgitter HeidelbergCement Inadequate market capitalisation
24.09.2012 MAN Continental Inadequate free-float capitalisation after acquisition by Volkswagen
24.09.2012 Metro Lanxess Inadequate market capitalisation

See also

  • CDAX, every listed German company
  • HDAX, the top 110 companies by market capitalisation (successor to DAX 100, and equivalent of the FTSE 100 or the S&P 100)
  • MDAX, the top 50 companies after the DAX
  • SDAX, the next 50 companies
  • TecDAX, top 30 companies trading in the "new economy"
  • ÖkoDAX, top 10 companies in renewable energy


  1. ^ "Factsheet DAX".  
  2. ^ DAX
  3. ^ Deutsche Börse: Deutsche Börse ab dem 23. Dezember im DAX Pressemitteilung, 12. November 2002
  4. ^ Frankfurter Allgemeine Zeitung: Merck ersetzt Altana im DAX
  5. ^ Deutsche Börse: K+S ersetzt TUI in DAX Pressemitteilung, 3 September 2008
  6. ^ Deutsche Börse: [1] Pressemitteilung, 18 March 2009

External links

  • Reuters page for .GDAXI
  • DAX homepage
  • Bloomberg page for DAX:IND
  • DAX 30 Profile at Wikinvest
  • DAX on Contains real time overview, components, historical data, live charts, technichal analysis and related news.
  • Yahoo Finance page for ^GDAXI
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