From this Monday, Commerzbank will once again be one of the 40 members of the German stock index. At the start of trading at 9am, CEO Manfred Knof and CFO Bettina Orlopp want to herald Dax’s return to the Frankfurt Stock Exchange.
The Dax founding member’s early return was made possible by the withdrawal of industrial gas producer Linde from the Frankfurt Stock Exchange. “We’re back,” Commerzbank said after Deutsche Börse’s decision on February 17. “This shows that we are on the right track with our restructuring and encourages us to continue with the same energy.”
Knof tightened up on austerity after joining Commerzbank in early 2021. The bank laid off thousands of jobs and significantly reduced its branch network in Germany. In 2022, Commerzbank posted its highest profit since 2007 with 1.4 billion euros, thanks to rising interest rates.
Commerzbank lost its place in Dax to payment service provider Wirecard due to the sharp decline in stock market value in the fall of 2018. Commerzbank has been on the MDax list for medium-sized companies since September 24, 2018. Wirecard collapsed in the summer of 2020 as a result of a balance sheet scandal involving billions of dollars in air reservations, after which Dax got stricter rules.
A place in the showcase of the German economy guarantees interest and attracts international investors. Additionally, index funds (Exchange Traded Funds/ETFs) that replicate the composition of the leading index often have to vary depending on the Dax listing, which has an impact on the share prices of certain titles.
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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