Nokia set to rejoin Euro Stoxx 50, Volkswagen dropped

FINNISH telecom equipment maker Nokia Oyj is set to rejoin the bluechip Euro Stoxx 50 index a year after being dropped, while Volkswagen will be removed, index provider Stoxx said in its annual review on Tuesday (Sep 1).

Nokia shares hit a near-18-year high in June before declining. They are still more than double their price at the same time last year, helped by the company’s shift in focus to selling fibre-optic equipment to companies building AI data centres.

Shares of Volkswagen, meanwhile, have dropped nearly 27 per cent so far this year, as Europe’s largest automaker struggles against Chinese competition and pushes ahead with a restructuring.

French utility Engie will also join the index, while Dutch information-services group Wolters Kluwer is being removed.

The changes to the index are effective from Sep 21.

The Stoxx also unveiled a slew of changes to the broader Stoxx 600 Index, including the addition of Greek companies such as National Bank Of Greece and Alpha Bank after Greek equities were in April reclassified to “developed market” status.

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British sportswear retailer JD Sports Fashion, Swedish sports and outdoor gear maker Thule Group and Germany airport operator Fraport AG are set to exit the Stoxx 600 Index. REUTERS