S&P/ASX 200 Index (AXJO)

The Australian  Dec 31  Comment 
The S&P/ASX 200 index finished the overall year down 2.1pc in its first annual decline since 2011.
The Economic Times  Dec 30  Comment 
The S&P/ASX 200 index closed up 1 percent, or 52.56 points, at 5,319.9. The benchmark climbed 1.15 percent in the previous session to touch a 1-month high.
The Economic Times  Dec 11  Comment 
The S&P/ASX 200 index eased 0.16 percent, or 8.22 points, to 5,029.50, taking losses this week to a hefty 2.37 per cent.
The Economic Times  Dec 10  Comment 
The S&P/ASX 200 index slipped 42.75 points to 5037.7 at the close of trade.
The Economic Times  Dec 9  Comment 
The S&P/ASX 200 index shed 0.55%, or 28.11 points, to 5,080.50, extending Tuesday's 0.91% decline.
The Hindu Business Line  Nov 24  Comment 
Australian shares fell 0.95 per cent on Tuesday in broad-based selling as falling commodities prices weighed on the index and investors took profits. The S&P/ASX 200 index fell 50.02...
The Hindu Business Line  Nov 20  Comment 
Australian shares rose slightly on Friday after an improvement in risk appetite helped the market notch the second largest weekly increase in four years.The S&P/ASX 200 index added 0.3...
The Australian  Nov 13  Comment 
The S&P/ASX 200 index has had its biggest weekly fall since early September, putting it on track for an annual loss.
The Economic Times  Nov 12  Comment 
The S&P/ASX 200 index, which had been down as much as 0.8 per cent, bounced back to be nearly flat on the day.
The Economic Times  Nov 6  Comment 
After slumping as much as 0.8 per cent in early trading, the S&P/ASX 200 index reversed course to close up 22.0 points or 0.4 per cent at 5,215.0.


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
Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki