FRANKFURT (dpa-AFX) - At the next index review in June, everything will almost certainly remain the same in the Dax. In the smaller indices of the Dax family, the MDax, SDax and also the TecDax, however, changes are expected. They will be announced by Deutsche Borse this Monday evening (June 5), before taking effect on Monday, June 19.

Although Deutsche Lufthansa was only recently brought into play as a candidate for promotion to the Dax, since there is currently no company in serious danger of relegation in the leading index, there could be a new opportunity in September at the earliest. This is because Lufthansa's free float stock value of 9.5 billion euros is not enough to oust Continental, currently the smallest Dax stock, from the index.

However, the fact that a discussion about inclusion became possible in the first place is due to the fact that the airline adjusted the key figures for the annual operating result (Ebitda) in 2021 in the last annual report. Previously, an operating loss was reported, now an operating profit. Lufthansa thus meets a key Dax criterion: generating an operating profit in the last two consecutive years.

In the MDax and SDax, on the other hand, changes are quite certain in June, and also in the TecDax. First and foremost, Evotec is likely to return to the mid-cap index. In May, the drug researcher had not submitted its audited annual report for 2022 on time due to a cyber attack. Deutsche Borse therefore briefly removed the stock from the index. However, as the report is now available, nothing stands in the way of a resumption in June. At the same time, U.S. telecommunications equipment supplier Adtran has to be relegated to the SDax after very heavy price losses, which means that there would again be 50 stocks in the MDax.

Index expert Luca Thorißen of investment bank Stifel Europe also expects Darmstadt-based Software AG, which is currently the subject of a takeover battle, to displace real estate group Aroundtown in the SDax. The promotion of Krones, a manufacturer of special packaging and filling equipment, to the MDax is considered to be very close. Should it succeed, it will take the place of United Internet. In contrast, wafer manufacturer Siltronic, which until recently was considered a candidate for relegation, has secured its place in the mid-cap index thanks to a massive rise in its share price since mid-May.

While Software AG will swap places with Aroundtown and Krones with United Internet, the relegation of Adtran to the SDax will most likely result in the exclusion of real estate company Dic Asset. In the TecDax, Thorißen also expects Evotec to take the place of Linux specialist Suse.

Index changes are particularly important for funds that replicate indices in real terms (physically replicating ETFs). There, the index must then be rebalanced accordingly, which can have an impact on share prices./ck/ajx/jha/