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SG, UniCredit, Nokia deleted from top STOXX index
September 1, 2011 / 6:22 AM / 6 years ago

SG, UniCredit, Nokia deleted from top STOXX index

LONDON, Sept 1 (Reuters) - European banks Societe Generale , UniCredit and Intesa Sanpaolo , which suffered heavy losses in August, will be removed from the region’s blue-chip STOXX Europe 50 index , the index complier STOXX said.

Finnish phonemaker Nokia , which has lost more than 40 percent of its value this year, will also be deleted from the top pan-European index with effect on Sept. 19, STOXX said.

They would be replaced by consumer products group Unilever , luxury goods group LVMH , British power distributor firm National Grid and chemical firm Air Liquide .

SocGen, France’s second largest bank, lost 32.7 percent in value last month, its biggest monthly fall since October 1998, on concerns over its exposure to the euro zone sovereign debt crisis.

Italian banks were also weighed by worries that the currency’s bloc debt problems were spreading to Italy.

UniCredit and Intesa Sanpaolo, the two biggest banks in the country, shed 25 and 30 percent in August.

STOXX also made changes to its Euro STOXX 50 , the euro zone blue-chip index, and STOXX Nordic 30 benchmarks.

On the Euro STOXX 50, it removed Alstom and French bank Credit Agricole and added Volkswagen and Inditex , the owner of the Zara fashion chain.

The index complier replaced Skanska and Vestas Wind Systems with Swedbank and Seadrill .

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