FRANKFURT (dpa-AFX) - No changes are expected in the Dax at the next index review in June. Also in the Eurozone leading index EuroStoxx 50 and the currency-mixed Stoxx Europe 50, everything should remain the same. However, changes are expected in the smaller indices of the Dax family, the MDax, SDax and also the TecDax.

Deutsche Lufthansa was recently mentioned as a candidate for promotion to the Dax, but since there is currently no company seriously threatened with relegation in the leading index, there could be a new opportunity in September at the earliest. This is because Lufthansa's free float stock value, currently 9.5 billion euros, is not enough to oust Continental, currently the smallest Dax stock, from the index.

However, the fact that a discussion about inclusion became possible in the first place is due to the fact that the airline adjusted the key figures for the annual operating result (Ebitda) in 2021 in the last annual report. Previously, an operating loss was reported, now an operating profit. As a result, Lufthansa now meets a key Dax admission criterion: generating an operating profit in the last two consecutive years.

However, changes are expected in the MDax and the SDax, and also in the TecDax, which is now barely noticed. First and foremost, Evotec is expected to return to the mid-cap index. In May, the drug researcher had not submitted its audited annual report for 2022 on time due to a cyber attack. Deutsche Borse therefore briefly removed the stock from the index. However, as the report is now available, nothing stands in the way of a resumption as early as June. At the same time, U.S. telecommunications equipment supplier Adtran has to be relegated to the SDax after very heavy share price losses, which means that there would again be 50 stocks in the MDax.

Index expert Luca Thorißen of investment bank Stifel Europe also expects Darmstadt-based Software AG, which is currently the subject of a takeover battle, to displace real estate group Aroundtown in the SDax. In addition, the special packaging and filling equipment manufacturer Krones could possibly take the place of the wafer manufacturer Siltronic in the MDax.

While these latter four companies would merely swap places in the indices, Adtran's relegation to the SDax would likely entail the removal of real estate company Dic Asset. However, according to Thorißen, it could also affect Basler, a manufacturer of industrial cameras, because the Borse value (measured by the proportion of freely tradable shares) of the two companies is close together.

In the TecDax, Thorißen also expects Evotec to take the place of Linux specialist Suse.

Deutsche Borse will announce any changes on Monday, June 5. They will come into effect on Monday, June 19.

Index changes are particularly important for funds that track indices in real terms (physically replicating ETFs). There, rebalancing and rebalancing must then be carried out accordingly, which can have an impact on share prices./ck/mis/nas