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OMX Nordic 40 (OMXN40) |
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WIKI ANALYSIS
The OMX Nordic 40 index is a market capitalization weighted stock index mapping 40 of the largest and the most liquid stocks on the virtual OMX Nordic Exchange. This Pan-reigonal index tracks stocks from Denmark, Finland, Sweden and Iceland. The OMXN40 is a market weighted price index primarily constructed for derivatives trading[1]. The base date for the index is December 28, 2001, with a base value of 1000[2].
Weighting and Calculations
The OMX Nordic indices are calculated on basis of a market adjusted cap formula devised by the four Nordic Exchanges. The index calculation is done on basis of their previous value from the previous period, similar to the DAX Indices on the Frankfurt Stock Exchange. Thus for a given company i and at time t:
[3]
Where:
- It = Index level.
- qi,t = Number of shares of company.
- pi,t = Price in currency of a share.
- ri,t = Foreign exchange rate of index currency to any given currency.
- ji,t = accounts for any adjustment factors for the share price of stocks due to corporate actions.
Composition
Eligibility
To be selected for the Nordic 40, the stocks must satisfy the following criteria[4]:
- All the stocks must be highly liquid and amenable to a free floated market adjusted cap.
- All the stocks must have been listed on one of the Nordic Exchanges for atleast six months previously in Euro.
- The 40 largest securities according to free float adjusted market cap are first included. If all of the 40 selected securities are among the top 45 most liquid securities they are all selected as index constituents. If one or more securities are not among the top 45 liquid companies, the securities will be replaced by the security that is closest to qualify.
Sector Breakdown
Shown below is the distribution of the various sectors represented by the companies on the OMX Nordic[5]. The market adjusted cap was introduced primarily to limit effect of Nokia on the Index:
List of companies
Given below are the list of companies on the Nordic 40 as of 31st October 2008[6]:
| COMPANY NAME | TICKER (SK:) | Industry Sector | Weighting | Currency | Nordic Exchange |
| ABB Ltd | ABB | Electrical Equipment | 2.48% | SEK | Nordic Exchange Stockholm |
| Alfa Laval | ALFA | Machinery | 1.08% | SEK | Nordic Exchange Stockholm |
| ASSA ABLOY B | ASSA B | Building Products | 0.91% | SEK | Nordic Exchange Stockholm |
| Atlas Copco A | ATCO A | Machinery | 1.99% | SEK | Nordic Exchange Stockholm |
| Atlas Copco B | ATCO B | Machinery | 1.05% | SEK | Nordic Exchange Stockholm |
| AstraZeneca | AZN | Pharmaceuticals | 2.23% | SEK | Nordic Exchange Stockholm |
| Carlsberg B | CARL B | Beverages | 1.54% | DKK | Nordic Exchange Copenhagen |
| Danske Bank | DANSKE | Commercial Banks | 3.19% | DKK | Nordic Exchange Copenhagen |
| Ericsson B | ERIC B | Communications Equipment | 6.21% | SEK | Nordic Exchange Stockholm |
| FLSmidth & Co. | FLS | Construction and Engineering | 1.08% | DKK | Nordic Exchange Copenhagen |
| Fortum Oyj | FUM1V | Electric Utilities | 3.84% | EUR | Nordic Exchange Helsinki |
| Hennes & Mauritz B | HM B | Apparel Retail | 5.46% | SEK | Nordic Exchange Stockholm |
| Investor B | INVE B | Diversified Financial Services | 1.75% | SEK | Nordic Exchange Stockholm |
| A.P. Moller - Maersk B | MAERSK B | Marine Transportation | 2.15% | DKK | Nordic Exchange Copenhagen |
| Metso Oyj | MEO1V | Machinery | 1.11% | EUR | Nordic Exchange Helsinki |
| Nordea Bank | NDA SEK | Commercial Banks | 5.06% | SEK | Nordic Exchange Stockholm |
| Neste Oil Oyj | NES1V | Oil and Gas | 0.65% | EUR | Nordic Exchange Helsinki |
| Nokia Oyj | NOK1V | Telecom | 16.58% | EUR | Nordic Exchange Helsinki |
| Novo Nordisk B | NOVO B | Pharmaceuticals | 4.90% | DKK | Nordic Exchange Copenhagen |
| Nokian Renkaat Oyj | NRE1V | Auto components | 1.07% | EUR | Nordic Exchange Helsinki |
| Outokumpu Oyj | OUT1V | Metals and Mining | 0.86% | EUR | Nordic Exchange Helsinki |
| Rautaruukki Oyj | RTRKS | Metals and Mining | 0.72% | EUR | Nordic Exchange Helsinki |
| Sampo A | SAMAS | Insurance | 2.23% | EUR | Nordic Exchange Helsinki |
| Sandvik | SAND | Machinery | 2.96% | SEK | Nordic Exchange Stockholm |
| SCA B | SCA B | Paper and Paper Products | 1.51% | SEK | Nordic Exchange Stockholm |
| SCANIA B | SCV B | Machinery | 1.13% | SEK | Nordic Exchange Stockholm |
| SEB A | SEB A | Commercial Banks | 1.85% | SEK | Nordic Exchange Stockholm |
| Sv. Handelsbanken A | SHB A | Commercial Banks | 2.39% | SEK | Nordic Exchange Stockholm |
| Skanska B | SKA B | Construction and Engineering | 1.06% | SEK | Nordic Exchange Stockholm |
| SKF B | SKF B | Machinery | 1.14% | SEK | Nordic Exchange Stockholm |
| SSAB A | SSAB A | Metals and Mining | 1.15% | SEK | Nordic Exchange Stockholm |
| Stora Enso R | STERV | Paper and Paper Products | 0.93% | EUR | Nordic Exchange Helsinki |
| Swedbank A | SWED A | Commercial Banks | 1.93% | SEK | Nordic Exchange Stockholm |
| Swedish Match | SWMA | Tobacco | 0.94% | SEK | Nordic Exchange Stockholm |
| Tele2 B | TEL2 B | Telecom | 1.11% | SEK | Nordic Exchange Stockholm |
| TeliaSonera | TLSN | Telecom | 3.54% | SEK | Nordic Exchange Stockholm |
| UPM-Kymmene Oyj | UPM1V | Paper and Paper Products | 1.55% | EUR | Nordic Exchange Helsinki |
| Volvo B | VOLV B | Machinery | 2.90% | SEK | Nordic Exchange Stockholm |
| Vestas Wind Systems | VWS | Electrical Equipment | 4.67% | DKK | Nordic Exchange Copenhagen |
| Wärtsilä Oyj Abp | WRT1V | Machinery | 1.12% | EUR | Nordic Exchange Helsinki |
References
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