FRANKFURT (dpa-AFX) - No changes are expected in the Dax at the next index review in June. Also in the Eurozone leading index EuroStoxx 50 and the currency-mixed Stoxx Europe 50, everything will probably remain the same. However, changes are expected in the smaller indices of the Dax family, the MDax, SDax and also the TecDax.

Deutsche Lufthansa was recently mentioned as a candidate for promotion to the Dax, but since there is currently no company seriously threatened with relegation in the leading index, there could be a new opportunity in September at the earliest. This is because Lufthansa's free-float stock market 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 contrast, changes are quite certain in the MDax and SDax 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.

In addition, index expert Luca Thorißen from the investment bank Stifel Europe expects that the Darmstadt-based Software AG, which is currently still the subject of a takeover battle, is likely to displace the real estate group Aroundtown in the SDax. It is also likely - but not yet really certain - that the specialty packaging and filling equipment manufacturer Krones will take United Internet's place in the MDax. In contrast, wafer manufacturer Siltronic, which until recently was considered a candidate for relegation, has secured its place in the MDax thanks to a massive share price increase since mid-May.

While Software AG will swap places with Aroundtown and Krones with United Internet, Adtran's relegation 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.

Deutsche Borse will announce any changes on Monday (June 5). They will come into effect on Monday, June 19.

Index changes are particularly important for funds that track indices in real terms (physically replicating ETFs). There, rebalancing must then take place accordingly, which can have an impact on share prices./ck/ajx/jha/