S&P/ASX 200 Index (AXJO)

The Economic Times  Oct 14  Comment 
The S&P/ASX 200 index was 0.03% lower at 5,434 at the close of trade. The index fell 0.6% on the week. Large cap miners BHP Billiton Ltd lost 0.9 per cent
WA Business News  Oct 13  Comment 
The Australian share market has opened lower in the wake of a drop in oil prices and a mostly flat finish to trade on Wall Street. At 1032 AEDT, the benchmark S&P/ASX 200 index was down 0.52 per cent, with most sectors in the red.
WA Business News  Oct 12  Comment 
The Australian share market has opened lower, with falls across the board following losses on global equity markets and lower oil and gold prices. The benchmark S&P/ASX 200 index was down 0.63 per cent at 1027 AEDT.
WA Business News  Sep 2  Comment 
Gold and lithium players were the biggest winners in the quarterly S&P/ASX indices rebalance, with Perth-based companies Galaxy Resources and Resolute Mining leading the shift, while contractors and tech firms lost ground.
The Economic Times  Jul 29  Comment 
The S&P/ASX 200 index added 5.7 points, or 0.1 per cent, to 5,562.3 at the close of trade, its highest since Aug. 6, 2015. The benchmark rose 1.2 per cent for the week.
The Economic Times  Jul 27  Comment 
The S&P/ASX 200 index nudged up 2.2 points, or 0.04 percent, to 5,539.7 at the close of trade, its highest finish since August 6, 2015.
WA Business News  Jul 20  Comment 
The Australian share market is broadly flat with gains in financial and consumer focused companies offset by resource groups. The benchmark S&P/ASX 200 index was up 2.5 points, or 0.05 per cent, at 5,453.8 at 0827 AWST, with eight of the 12...
The Economic Times  Jul 19  Comment 
The S&P/ASX 200 index had slipped by 7.2 points to finish at 5,451.30 at the close of trade, having edged up to the highest since last August at 5,466.40 earlier in the day.
WA Business News  Jul 19  Comment 
WA Business News  Jul 14  Comment 
The Australian share market is up for a sixth straight day, supported by retail and financial companies, plus biotech giant CSL. At 1026 AEST, the benchmark S&P/ASX 200 index was up 11 points, or 0.20 per cent, at 5,399.5 points.
The Economic Times  Jun 27  Comment 
The S&P/ASX 200 index edged up 0.47 percent at the close of trade, following a 3 percent drop on Friday. The benchmark was 24.02 points firmer at 5,137.20.


S&P/ASX 200 Index is the investable benchmark for the Australian Securities Exchange. It measures the performance of the 200 largest index eligible stocks list on the exchange. The index is float-adjusted, covering approximately 80% of Australian equity market capitalization.

Weighting and Calculations

The index is calculated on the basis of the market capitalization method. Instead of using a company's outstanding shares it uses its float, or shares that are readily available for trading. The free-float method, therefore, does not include restricted stocks, such as those held by company insiders.

So the formula would be[1]:

Index level = Summation of (Price of any stock * Quantity of the stock)/ Index Divisor.

While one might track this portfolio’s value in dollar terms, it would probably be an unwieldy number – for example, the S&P 500 market value is roughly $11.8 trillion. Rather than deal with ten or more digits, the figure is scaled to a more easily handled number, currently around 1250. Dividing the portfolio market value by a factor, usually called the Index divisor, does the scaling.

Continuity in index values is maintained by adjusting the divisor for all changes in the constituents’ share capital after the base date. This includes additions and deletions to the index, rights issues, share buybacks and issuances, and spin-offs. The divisor’s time series is, in effect, a chronological summary of all changes affecting the base capital of the index. The divisor is adjusted such that the index value at an instant just prior to a change in base capital equals the index value at an instant immediately following that change[2]



To be eligible for inclusion in the ASX 200 Index[3] :

  • Market Capitalization: A stock’s weight in the index is determined by the float-adjusted market capitalization of the stock. This is a function of current index shares, the latest available stock price and the Investable weight factor (IWF). The IWF represents the float-adjusted portion of a stock’s equity capital. Therefore any strategic holdings that are classified as either corporate, private or government holdings reduce the IWF which, in turn, results in a reduction in the float-adjusted market capital. Shares owned by founders, directors of the company, trusts, venture capitalists and other companies are also excluded. These are also deemed strategic holders, and are considered long-term holders of a stock’s equity. Any strategic shareholdings that are greater than 5% of total issued shares are excluded from the relevant float.
  • Liquidity: The trading volume in terms of dollar value and the number of transactions must exceed at least 0.025% of the sum of all eligible securities' trading volume. To ensure that no single company dominates trading, they are capped at a maximum of 15% for value, volume and transactions.
  • Listing: Only stocks listed on the Australian Stock Exchange will be considered for inclusion in any of the S&P/ASX indices.

Sector Breakdown

Image: Asx_sector_breakdown.jpg [4]


  1. Index Maths Methodology
  2. Index Maths Methodology
  3. ASX Methodology
  4. S&P ASX 200 description
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