S&P/ASX 200 Index (AXJO)

QUOTE AND NEWS
Wall Street Journal  7 hrs ago  Comment 
Asian markets rose, with Australia’s S&P ASX 200 again nearing, but failing to hit, the 6000 mark.
The Hindu Business Line  Apr 22  Comment 
Australian shares slipped on Wednesday with the financial sector under pressure after inflation data failed to add to the case for an interest rate cut next month.The S&P/ASX 200 index...
WA Business News  Apr 9  Comment 
Only four out of Western Australia's top 20 companies currently meet a gender target set by the Australian Institute of Company Directors, which wants women to fill 30 per cent of board positions on S&P/ASX 200 companies within three years.
MarketWatch  Apr 9  Comment 
Here are the latest trading levels for Asia's major stock markets: Tokyo (Nikkei Average ) up 0.7% ; Hong Kong (Hang Seng Index ) up 2.2% ; Shanghai (Shanghai Composite Index ) down 2.3% ; Sydney (S&P/ASX 200 ) down 0.2% ; Seoul () up 0.2% ;...
MarketWatch  Apr 8  Comment 
Here are the latest trading levels for Asia's major stock markets: Tokyo (Nikkei Average ) up 0.8% (closed) ; Hong Kong (Hang Seng Index ) up 2.6% ; Shanghai (Shanghai Composite Index ) up 0.5% ; Sydney (S&P/ASX 200 ) up 0.5% ; Seoul () up...
MarketWatch  Apr 7  Comment 
Here are the latest trading levels for Asia's major stock markets: Tokyo (Nikkei Average ) up 0.8% ; Hong Kong (Hang Seng Index ) closed for holiday ; Shanghai (Shanghai Composite Index ) up 1.2% ; Sydney (S&P/ASX 200 ) up 1.4% ; Seoul () up...
The Hindu Business Line  Mar 24  Comment 
Australian shares ended 0.2 per cent higher on Tuesday led by gains in resources and energy-related stocks in line with firmer commodity prices.The S&P/ASX 200 index rose 12.96 points t...
MarketWatch  Mar 23  Comment 
Australian stocks edged higher in early Tuesday trading, with the S&P/ASX 200 up 0.2%, resting tantalizingly just below the 6,000 milestone at 5,965. With a soft lead from the U.S. markets and caution in Sydney ahead of Chinese manufacturing data...
The Economic Times  Mar 23  Comment 
The S&P/ASX 200 index hit an intraday high of 5,995.0, nearly making its first foray over 6,000 since February 2008, before backtracking to close down 19.1 points.




 
TOP CONTRIBUTORS


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]

Composition

Eligibility

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]

References

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