FRANKFURT (dpa-AFX) - Two Bors newcomers are expected to be included in the small cap index SDax in September. In contrast, according to investment bank Stifel Europe, everything is likely to remain the same in Germany's leading Dax index and in the MDax index for medium-sized borse-listed companies for the regular semi-annual index review.

The next date for the scheduled review of the Dax index family by Deutsche Borse is Tuesday, September 5, after close of trading. Any changes will come into effect on Monday, September 18.

The fact that dialysis specialist Fresenius Medical Care (FMC) and airline Lufthansa are candidates for regular inclusion in the first Borse league is unlikely to help the two former Dax members next month, believes index expert Luca Thorißen of investment house Stifel. There is a lack of potential regular relegates, i.e. Dax companies whose Borsen value is not sufficient for them to remain in the leading index.

"Therefore, only a promotion through the fast-entry rules of the Deutsche Borse would be moglich, and for that again, it is currently not enough." After all, FMC is currently ranked 35th and Lufthansa 38th in terms of the free float-based Borsen value. What would be required, however, is a ranking of 33rd or better. "But FMC is currently lacking around one billion euros in freely tradable borse value and Lufthansa is even lacking almost 1.4 billion euros."

The situation is hardly different for the index of medium-sized stocks, the MDax. There, the wafer manufacturer Siltronic from the SDax is still a regular candidate for promotion. However, there is no candidate for relegation.

In the SDax, meanwhile, there are likely to be at least two changes. Thorißen expects Thyssenkrupp's hydrogen subsidiary Nucera, which was listed at the beginning of July, and internet service provider Ionos - the United Internet subsidiary was listed in February. The supplier of image processing components Basler and also the Xing parent New Work would have to leave.

According to Thorißen, one should also keep an eye on the Linux specialist Suse in view of the ongoing takeover process by main shareholder EQT. As soon as the freely tradable Suse value falls below 10 percent, the share will be removed from the SDax by Deutsche Borse two full trading days later. As things stand, according to the Stifel expert, shopping center operator Deutsche Euroshop should then get its turn again and be admitted to the SDax. "However, everything is very tight there, as always," he qualifies his forecasts.

Such changes are particularly important for funds that replicate indices in real terms (physically replicating ETFs). There, rebalancing must then take place accordingly, which can have an impact on share prices./ck/ajx/mis