BERLIN (Reuters) -German sportscar maker Porsche AG will join the blue-chip index, just over two months after its market debut, exchange operator Deutsche Boerse said on Monday.
Porsche AG will replace sportswear maker Puma on the DAX stock index on Dec. 19 while Puma will move down to the MDAX index, it said.
Shares in Porsche have gained around 30% since their listing in Germany in late September. The carmaker quickly overtook its former parent Volkswagen – which holds 75% minus one ordinary share of Porsche AG’s total share capital – as Europe’s most valuable carmaker.
Both Volkswagen and its majority owner Porsche SE are on the DAX index as well.
Deutsche Boerse periodically reassesses the composition of the index using trading data to measure market value and trading volume as a basis for deciding which companies to include.
Last year, the index was expanded to 40 companies from 30 in its biggest overhaul in history.
Bioenergy company Verbio will also join the mid-cap MDAX index, while real estate firm Deutsche Wohnen and battery maker Varta will be demoted to the small-cap SDAX.
(Reporting by Sarah Marsh; Editing by Mark Porter and Sandra Maler)
