bhp to join stoxx 50 index

Movers: BHP and UniCredit to join the Stoxx 50
By Christiane Markwort

Published: September 4, 2006


AMSTERDAM FRANKFURT: UniCredit, the biggest bank in Italy, and BHP Billiton, the world's largest mining company, will join the Dow Jones Stoxx 50 index this month, according to Stoxx, moves that are likely to result in increased demand for the two companies' shares this week.

L'Oréal, the world's biggest cosmetics maker, and Telecom Italia, the largest telephone company in Italy, will be dropped from the pan-European equity measure, the index provider, based in Frankfurt, said on its Web site Friday after a quarterly review.

The changes will take place Sept. 18, according to the Web site. Members of the Euro Stoxx 50, a gauge for the 12 nations sharing the euro, will be unchanged, Stoxx said.

Index additions or removals can affect stock prices because funds that follow an index buy shares of new members and sell those that exit. About €16 billion, or $21 billion, track the Stoxx 50, according to Citigroup.

International Herald Tribune