Infineon: share to join Euro Stoxx 50 index
(CercleFinance.com) - The stockmarket index operator Qontigo announced on Monday evening that Infineon will join the Euro STOXX 50 index, the leading stock index for the euro zone, replacing Nokia, as from Monday 22 March.
This decision is likely to boost the share price of the German semiconductor manufacturer as its entry will force index fund managers to buy the stock in order to replicate the index's performance.
The Infineon share, however, was underperforming the DAX index (-0.1%) on Tuesday morning, following Qontigo's announcement, down around 0.3% in early trading.
Boosted by the recent shortage of semiconductors, the stock has nevertheless posted one of the best performances of the German index YTD, rising nearly 14%.
At the same time, and possibly ironically the Nokia share, which is due to leave the Euro STOXX 50 index, rose by 1.4% on Tuesday morning, bringing its YTD increase to over 8%.
Copyright (c) 2021 CercleFinance.com. All rights reserved.
This decision is likely to boost the share price of the German semiconductor manufacturer as its entry will force index fund managers to buy the stock in order to replicate the index's performance.
The Infineon share, however, was underperforming the DAX index (-0.1%) on Tuesday morning, following Qontigo's announcement, down around 0.3% in early trading.
Boosted by the recent shortage of semiconductors, the stock has nevertheless posted one of the best performances of the German index YTD, rising nearly 14%.
At the same time, and possibly ironically the Nokia share, which is due to leave the Euro STOXX 50 index, rose by 1.4% on Tuesday morning, bringing its YTD increase to over 8%.
Copyright (c) 2021 CercleFinance.com. All rights reserved.