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Takeaway app Delivery Hero joins European index in tech-heavy rejig
* Delivery Hero to join STOXX 600
* Tech, industrials dominate joiners
* Hikma, Provident demoted from index
By Helen Reid
LONDON, Nov 29 (Reuters) - German takeaway app Delivery
Hero, which listed five months ago, will join the STOXX 600
benchmark index in December as rapidly rising tech stocks
dominate its quarterly reshuffle.
Delivery Hero's stock is up by around 40 percent
from its IPO price, raising its market capitalisation to 6.7
billion euros ($7.9 billion).
Along with companies such as Just Eat (Frankfurt: A1100K - news) , which is
expected to be promoted to Britain's FTSE 100 index later on
Wednesday, Delivery Hero's addition reflects consumer demand for
cheap, efficient, on-demand services to order food.
"This market is structurally growing, as consumer habits
trend towards convenience and online continues to take market
share from telephone ordering," Liberum analyst Ian Whittaker
wrote this month, initiating Delivery Hero at "buy".
Technology stocks also dominate other additions announced on
Wednesday by STOXX, the index provider owned by Deutsche Boerse (IOB: 0H3T.IL - news) ,
with Dutch firm BE Semiconductor set to join the tech
sector which has been the best-performing this year
thanks in part to stellar gains from chipmakers.
Siltronic (IOB: 0R8P.IL - news) , which makes silicon wafers for
semiconductor components, is also joining the index following a
192 percent rise in its shares this year.
French engineering consultancy Altran Technologies
is the third technology firm to join the index, while tyre maker
Pirelli's ascension to the STOXX 600 came after its
entry into Milan's top 40 FTSE MIB index was confirmed in
October. It will join both indices in December.
Societe Generale (Swiss: 519928.SW - news) analysts said the addition of BE
Semiconductor was a surprise, as was the deletion of British
drugs firm Hikma whose shares have fallen 47 percent
this year, cutting its market value to 2.5 billion pounds.
Other companies demoted from the index included troubled
British subprime lender Provident Financial (Other OTC: FPLPF - news) , whose
shares have sunk 69 percent this year, and insurers UnipolSai (Amsterdam: UQ8.AS - news)
and NCC (BSE: NCC6.BO - news) .
Broadcaster Mediaset Espana was also deleted from
the index. Media stocks across Europe have been among the
worst-performing this year, along with real estate and
healthcare.
STOXX also said it is switching Germany's Bayer (Swiss: BAYN-EUR.SW - news)
from the chemicals sector to healthcare, and Britain's Close
Brothers from financial services to banks.
The index changes will be effective at the market open on
Dec (Shanghai: 600875.SS - news) 18.
STOXX 600 adds:
Altran Technologies
BE Semiconductor
Delivery Hero
HomeServe (LSE: 106666.L - news)
Konecranes (EUREX: KCRF.EX - news)
NMC Health (LSE: NMC.L - news)
Pirelli
Remy Cointreau (Swiss: RCO.SW - news)
Siltronic
STOXX 600 deletions:
AA
Deutsche Euroshop (IOB: 0I3Z.IL - news)
Hikma
JM
Mediaset Espana (Amsterdam: MW8.AS - news)
NCC
Provident Financial
UnipolSai
($1 = 0.8448 euros)
(Reporting by Helen Reid; editing by Alexander Smith)
