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The GER 40 (DAX): Germany's Top Stock Market Index

11 Apr 2024
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The GER 40, also known as the DAX, is a prominent stock market index in Europe. This cap-weighted index, unlike some others, incorporates reinvested dividends into its calculations, reflecting the total return experience for investors.

GER 40

The GER 40, (also known as DE40, DAX40, GER40, DAX, GDAXI), is a leading financial market index in Germany, tracking the performance of the country's largest companies by market capitalization on the Frankfurt Stock Exchange. In contrast to some peers, while being cap-weighted, the GER 40 is a total return index, meaning that the index calculation assumes all dividends paid by index constituents are reinvested. Investors can track the DAX's performance throughout the trading day, identifying potential trading opportunities based on price movements and market news.

Given the relatively low number of firms included within the index, it could be argued that it is not necessarily representative of the broader performance of the German economy, in a similar way to how the limited number of stocks in the US 30 makes it an unreliable barometer of US economic performance.

The index was first calculated in late-1987, with a base value of 1,000, and is currently calculated once per second based on electronic trade on the Xetra venue. The GER 40 was expanded from 30 to 40 members in Q3 2021, with various other index rules also tightened, largely in reaction to the Wirecard accounting scandal.

Understanding the DAX's historical performance through price charts can inform your trading style, whether it's short-term or long-term investment strategies. Staying updated on relevant market news is important for informed decision-making when considering the GER 40 or its constituent companies. Historical returns for the index, which are not a reliable indicator of future results, are shown below.

Preview

The weightings of individual index constituents, as of the time of writing, is as follows.

Stock

Weighting as of 01/10/2024

SAP SE

12.86%

SIEMENS AG

9.88%

ALLIANZ SE

7.76%

AIRBUS SE

6.96%

DEUTSCHE TELEKOM AG

5.69%

MUNICH RE

4.63%

MERCEDES-BENZ GROUP AG

3.93%

INFINEON TECHNOLOGIES AG

3.61%

BASF SE

3.20%

ADIDAS AG

2.87%

DHL GROUP

2.76%

DEUTSCHE BÖRSE AG

2.55%

DEUTSCHE BANK AG

2.30%

BMW AG

2.06%

BAYER AG

2.06%

EON SE

1.86%

VOLKSWAGEN AG

1.76%

RWE AG

1.76%

RHEINMETALL AG

1.68%

DAIMLER TRUCK HOLDING AG

1.67%

MERCK KGAA

1.59%

VONOVIA SE

1.46%

SIEMENS ENERGY AG

1.29%

COMMERZBANK AG

1.22%

SIEMENS HEALTHINEERS AG

1.11%

BEIERSDORF

1.04%

SYMRISE AG

1.03%

HANNOVER RE

1.01%

HENKEL AG & CO. KGAA

1.00%

HEIDELBERG MATERIALS AG

0.98%

MTU AERO ENGINES AG

0.93%

FRESENIUS SE & CO. KGAA

0.90%

COVESTRO AG

0.70%

QIAGEN N.V.

0.66%

BRENNTAG SE

0.65%

PORSCHE AG

0.64%

PORSCHE AUTOMOBIL HOLDING SE

0.57%

CONTINENTAL AG

0.50%

SARTORIUS AG

0.45%

ZALANDO SE

0.43%

The material provided here has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Whilst it is not subject to any prohibition on dealing ahead of the dissemination of investment research we will not seek to take any advantage before providing it to our clients.

Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. It does not take into account readers’ financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.

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