German retailer Metro (>> Metro AG), recently demerged from consumer electronics group Ceconomy (>> Metro), will join Germany’s mid-cap index MDAX <.MDAXI>.
Stock exchange operator Deutsche Boerse (>> Deutsche Boerse) said on Tuesday the stock was eligible for fast entry to the index due to its market capitalisation and order book turnover.
Metro hopes the split from Ceconomy, which is also listed on the MDAX, will trigger a revaluation of its stock, but it is still trading at a big discount to pure wholesale retailers such as Sysco (>> SYSCO Corporation) and Booker (>> Booker Group).
Grand City Properties (>> Grand City Properties SA) will also join the MDAX, replacing Rational AG (>> RATIONAL AG) and becoming the sixth real estate company on Germany's mid-cap index. Rational and Bilfinger (>> Bilfinger SE) will move to the SDAX <.SDAXI> small-cap index.
Recently listed online takeaway firm Delivery Hero (>> Delivery Hero AG) and Aroundtown Property Holdings (>> Aroundtown Property Holdings) will also enter the SDAX.
The composition of the DAX <.GDAXI> index of Germany’s 30 biggest companies will remain unchanged, Deutsche Boerse said.
The index changes will become effective on Sept. 18. The next regular index review will be held on Dec. 5, the company said.
(Reporting by Emma Thomasson; Editing by Alison Williams)