Fact Book 2005 - NASDAQ OMX Trader Nordic

The stock market in 2004
The equity market
At end-2004, a total of 185 companies were listed on the
Copenhagen Stock Exchange. The market for listed
investment funds included 160 funds, while 62 funds were
admitted to trading on the XtraMarked.
Introductions and issues
In the course of 2004, three new companies were admitted to
listing on the Copenhagen Stock Exchange as a result of the
demerger of Group 4 Falck. Moreover, a total of 117 issues
were carried out, and the companies raised proceeds of DKK
11.1 billion. Issuance activities were significantly higher in
2004 compared with 2003, when proceeds from share issues
amounted to DKK 756.4 million.
A total of 12 companies were delisted from the Copenhagen
Stock Exchange in 2004. Four of these companies went into
liquidation or applied for a suspension of payments order, six
merged with other listed companies or were acquired and the
remaining two were delisted at the request of the majority
shareholders.
Market capitalisation
The year 2004 saw huge increases in the market
capitalisation. In spite of slower price rises at the beginning of
the second quarter, the year as a whole was characterised by
a positive advance. The market capitalisation of the listed
companies rose by 19 per cent compared with 2003 to a total
of DKK 856 billion at end-2004.
The market capitalisation of the KFX shares increased by 14
per cent from DKK 568.7 billion at end-2003 to DKK 650.7
billion at end-2004. Some of that success was attributable to
the Novo Nordisk and Danske Bank shares, which increased
by 24 and 21 per cent, respectively.
Again in 2004, the MidCap+ and SmallCap+ segments saw
handsome price rises. The market capitalisation of the
MidCap+ segment increased by 51 per cent from DKK 62.5
billion to DKK 94.5 billion, while the market capitalisation of
the SmallCap+ constituents increased by 48 per cent from
DKK 17.7 billion to DKK 26.2 billion.
The largest segment on the Copenhagen Stock Exchange is
still Industry, the market capitalisation of which grew by 12
per cent in 2004 to DKK 295.9 billion. Consumer
Discretionary accounted for the largest percentage rise of 43
per cent.
Index performance
The KFX Index comprising the 20 most actively traded
shares gained 17 per cent to 286.66 at the close of 2004.
The KAX All-Share Index also boomed on the basis of
increases reported by all industries. The KAX index value
closed 2003 at 216.59 and throughout 2004 it increased by
22 per cent to close the year at 263.32. The star performer
was Consumer Discretionary, which was up 52 per cent.
The international equity markets also saw handsome rises
throughout the year. The US S&P 100 Index gained 4.5 per
cent, while the British FTSE 100 and the German DAX
gained 7.5 and 7.3 per cent, respectively.
Turnover
Turnover on the equity market reached new highs in 2004.
Total trading came to DKK 593.0 billion, which is the highest
turnover ever recorded on the Exchange. The previous
record of well over DKK 455 billion was set in 2000, when the
IT bubble was at its highest 1 . This is a rise of some 42 per
cent compared with 2003. The KFX shares accounted for 85
per cent of total share trading and reached a turnover of DKK
502.5 billion in 2004.
The increase in the use of the trading system for automatic
execution of orders meant that 2004 reached yet another
record in order book trading with a turnover of DKK 381.5
1. All historical turnover figures from before 1 July 2001 have
been adjusted in Fact Book 2005 to reflect the existing
reporting rules.
30 KØBENHAVNS FONDSBØRS FACT BOOK 2005