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STOCKS NEWS EUROPE-France Tel, Richemont seen in STOXX reshuffle
November 30, 2012 / 12:45 PM / in 5 years

STOCKS NEWS EUROPE-France Tel, Richemont seen in STOXX reshuffle

Shares in France Telecom fall 1.2 percent, while shares in Richemont gain 2.9 percent as speculation swirls of an imminent shake-up of the STOXX Europe 50, Europe’s blue-chip index.

“Using 30 November intraday prices and updated provisional floats, Richemont could be a fast add in the STOXX Europe 50 and could replace France Telecom,” Societe Generale index analyst John Carson writes in a note.

“Schneider is the next closest add, just 2 percent from auto-addition and Ericsson is the next closest delete,” he adds.

Shares in the European blue-chip index attracts investment funds which play index tracking strategies such as exchanged-traded funds (ETFs).

An inclusion in the index would represent potential demand of 2.7 million shares for Richemont, and a potential supply of 9.6 million shares for France Telecom, according to Carson.

A spokeswoman for STOXX said if there are any changes to the index, it will be announced next Monday after the closing bell for U.S. markets.

Reuters Messaging: blaise.robinson.thomsonreuters.com@reuters.net

Reuters Messaging: francesco.canepa.thomsonreuters.com@reuters.net

Reuters Messaging: blaise.robinson.thomsonreuters.com@reuters.net

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