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FTSE 100 Index 1
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FTSE 100 Index 1

FTSE 100 Index

The FTSE 100 Index — also called FTSE 100, FTSE, or, informally, the 'footsie' (pronounced /ˈfʊtsiː/) — is a
share index of the 100 most highly capitalised UK companies listed on the London Stock Exchange. Although FTSE
is jointly owned by the Financial Times and the London Stock Exchange, the initials are not an acronym nor an
initialism and do not stand for "Financial Times Stock Exchange". They are borrowed from FTSE's two parent
companies. The index began on 3 January 1984 with a base level of 1000; the highest value reached to date is
6950.6, on 30 December 1999. After falling dramatically during the financial crisis of 2007-2010 to a low of below
3,500, the index has recovered by a significant margin to 6,091.33 on 8 February 2011, its highest level since
It is the most widely used of the FTSE Group's indices, and is frequently reported (e.g. on UK news bulletins) as a
measure of business prosperity.

The index is maintained by the FTSE Group, an independent company which originated as a joint venture between
the Financial Times and the London Stock Exchange. It is calculated in real time and published every 15 seconds.
FTSE 100 companies represent about 81% of the market capitalisation of the whole London Stock Exchange. Even
though the FTSE All-Share Index is more comprehensive, the FTSE 100 is by far the most widely used UK stock
market indicator. Other related indices are the FTSE 250 Index (which lists the next largest 250 companies after the
FTSE 100), the FTSE 350 Index (which is the aggregation of the FTSE 100 and 250), FTSE SmallCap Index and
FTSE Fledgling Index. The FTSE All-Share aggregates the FTSE 100, FTSE 250 and FTSE SmallCap.
The constituents of the index are determined quarterly; the largest companies in the FTSE 250 Index are promoted if
their market capitalisation would place them in the top ninety firms of the FTSE 100 Index. As of December 2008,
the threshold for inclusion is about £1.7 billion. As of December 2008, the five largest constituents of the index were
BP, HSBC Holdings, the Vodafone Group, GlaxoSmithKline, and Royal Dutch Shell which were each valued at
more than £60 billion.
Component companies must meet a number of requirements set out by the FTSE Group, including having a full
listing on the London Stock Exchange with a Sterling or Euro denominated price on SETS, and meeting certain tests
on nationality, free float, and liquidity.
With only historical exceptions, the companies listed on this index must by law include the abbreviation 'plc' at the
end of their name, indicating their status of public limited company.
Continuous trading starts at 08:00 and ends at 16:30 (when the closing auction starts), and closing values are taken at

They involve the total market capitalisation of the companies weighted by their effect on the index, so the larger
companies make more of a difference to the index than smaller. This is also called the free float method. The basic
formula for any index is (be it capitalization weighted or any other stock index):[1]
• Index level= Σ(Price of stock* Number of shares)*Free float factor/ Index Divisor.
The Free float Adjustment factor represents the proportion of shares that are readily available for trading as a
percentage of all issued shares. The factor is then rounded up to the nearest multiple of 5% for calculation purposes.
To find the free-float capitalisation of a company, first find its market cap (number of shares x share price) then
multiply by its free-float factor. Free-float capitalisation, therefore, does not include restricted stocks, such as those
held by company insiders.
FTSE 100 Index 2

This reflects the replacement of British Airways with International Airlines Group effective 24 January 2011.[2] The
index consists of 100 companies, but a total of 102 listings as two classes of shares are included for Royal Dutch
Shell and Schroders.

• 3i • Capita Group • Johnson Matthey • Royal Dutch Shell

• Admiral Group • Capital Shopping Centres Group • Kazakhmys • SABMiller
• African Barrick Gold • Carnival • Kingfisher • Sage Group
• Aggreko • Centrica • Land Securities Group • J Sainsbury
• Alliance Trust • Compass Group • Legal & General • Schroders
• AMEC • Diageo • Lloyds Banking Group • Scottish and Southern
• Anglo American • Essar Energy • Lonmin • Serco Group
• Antofagasta • Eurasian Natural Resources • Man Group • Severn Trent
• ARM Holdings • Experian • Marks & Spencer • Shire
• Associated British Foods • Fresnillo • Wm Morrison Supermarkets • Smith & Nephew
• AstraZeneca • G4S • National Grid • Smiths Group
• Autonomy Corporation • GKN • Next • Standard Chartered Bank
• Aviva • GlaxoSmithKline • Old Mutual • Standard Life
• BAE Systems • HSBC • Pearson • Tesco
• BG Group • Hammerson • Petrofac • TUI Travel
• BHP Billiton • ICAP • Prudential • Tullow Oil
• BP • IMI • RSA Insurance Group • Unilever
• BT Group • Imperial Tobacco • Randgold Resources • United Utilities
• Barclays • Inmarsat • Reckitt Benckiser • Vedanta Resources
• British American Tobacco • International Airlines Group • Reed Elsevier • Vodafone
• British Land Company • InterContinental Hotels Group • Resolution • WPP Group
• British Sky Broadcasting • International Power • Rexam • Weir Group
• Bunzl • Intertek Group • Rio Tinto Group • Whitbread
• Burberry Group • Invensys • Rolls-Royce Group • Wolseley
• Cairn Energy • Investec • Royal Bank of Scotland • Xstrata

Market capitalisation
The following table lists the top 9 FTSE 100 companies by Market Capitalisation at 23 January 2010.

Rank Company Business type Capitalisation (£m)

(from stock exchange listing)

1 Royal Dutch Shell Energy (Oil/Gas) 133,994

2 HSBC Financial (bank) 123,198

3 BP Energy (Oil/Gas) 93,479

4 Vodafone Group Telecommunications (mobile) 91,359

5 GlaxoSmithKline Pharmaceuticals (inc. research) 60,069

6 [3] Mining 52,549

BHP Billiton

7 [4] Mining 48,705

Rio Tinto Group
FTSE 100 Index 3

8 British American Tobacco Tobacco 45,577

9 AstraZeneca Pharmaceuticals (inc. research) 41,664

source: FTSE: FTSE 100 Factsheet [5]PDF (335 KB)

Former members of the index

• Abbey Life (became subsidiary of Lloyds TSB in 1996, then sold to Deutsche Bank in 2007)
• Abbey National (acquired by Banco Santander Central Hispano)
• Alliance & Leicester (acquired by Banco Santander Central Hispano)
• Alliance Boots (acquired by private equity fund controlled by Kohlberg Kravis Roberts)
• Allied Domecq (acquired by Pernod Ricard)
• Allied Zurich (dual holding company along with Zurich Allied, companies unified in 2000 to form Zurich
Financial Services)
• Amersham (acquired by GE)
• Amstrad (acquired by British Sky Broadcasting)
• Argos (now owned by Home Retail Group)
• Argyll Group (renamed Safeway in 1996, then taken over by Morrisons in 2004)
• Arjo Wiggins Appleton (acquired by Worms & Cie)
• ASDA Group (acquired by Wal-Mart)
• BAA (acquired by Ferrovial)
• Balfour Beatty
• Baltimore Technologies (acquired by Oryx International Growth Fund)
• Bank of Scotland (merged with Halifax to form HBOS, now part of the Lloyds Banking Group)
• Barratt Developments
• Bass (became Six Continents and then InterContinental Hotels Group)
• Beecham Group (now part of GlaxoSmithKline)
• Berisford (renamed Enodis)
• BET, formerly British Electric Traction (acquired by Rentokil, now Rentokil Initial)
• BICC (renamed Balfour Beatty)
• Blue Arrow (acquired by Corporate Services Group)
• Blue Circle Industries (acquired by Lafarge)
• BOC (acquired by The Linde Group)
• Bowater (renamed Rexam)
• Bookham Technology (now traded on Nasdaq)
• BPB Industries (acquired by Saint-Gobain)
• Bradford & Bingley (branch network acquired by Banco Santander Central Hispano; loans book nationalised)
• Brambles Industries
• British Aerospace (now part of BAE Systems)
• British Airways (merged with Iberia to form International Airlines Group
• British Home Stores (acquired by Storehouse and then sold to Philip Green)
• British Steel (merged with Koninklijke Hoogovens N.V. to become Corus Group, itself now part of Tata Steel)
• British & Commonwealth (collapsed in 1990)
• Britoil (acquired by BP)
• BTR (renamed Invensys)
• Burmah Oil (renamed Burmah Castrol and acquired by BP)
• Burton Group (acquired by Arcadia)
• Cable & Wireless Worldwide
FTSE 100 Index 4

• Cadbury (acquired by Kraft Foods)

• Carlton Communications (merged with Granada to form ITV)
• Carphone Warehouse Group
• Celltech (acquired by UCB in 2004)
• CMG (merged with Logica to form LogicaCMG)
• Coats Viyella (taken private and renamed Coats)
• Cobham
• COLT Telecom Group
• Commercial Union Assurance (merged with General Accident to form CGU, itself now part of Aviva)
• Consolidated Gold Fields (acquired by Hanson)
• Cookson Group
• Corus Group (acquired by Tata Steel)
• Courtaulds (demerged into two businesses acquired by Sara Lee and Akzo Nobel)
• Daily Mail and General Trust
• Dalgety (renamed Sygen International and acquired by Genus)
• Debenhams
• De La Rue
• Dimension Data Holdings
• Distillers (acquired by Guinness; now part of Diageo)
• Dixons Group (renamed to DSG International)
• Dowty Group (acquired by TI Group, itself now part of Smiths Group)
• DSG International
• Eagle Star (acquired by BAT Industries and then demerged as part of Zurich Financial Services)
• Eastern Group (acquired by Texas Utilities and then Powergen, now part of E.ON UK)
• ECC Group (acquired by Imetal)
• Edinburgh Investment Trust
• Electrocomponents
• EMI Group (acquired by Terra Firma Capital Partners)
• Energis (acquired by Cable and Wireless)
• English China Clays (acquired by Imetal)
• Enterprise Inns
• Enterprise Oil (acquired by Royal Dutch Shell)
• Eurotunnel
• Exco International (acquired by British & Commonwealth Holdings)
• Exel (acquired by Deutsche Post)
• Ferranti International (collapsed)
• Ferrexpo
• FirstGroup
• Fisons (acquired by Rhone-Poulenc Rorer, now Sanofi-Aventis)
• Foreign & Colonial Investment Trust
• Forte (acquired by Granada, now ITV)
• Freeserve (acquired by France Telecom)
• Friends Provident (acquired by Resolution Limited)
• Gallaher Group (acquired by Japan Tobacco)
• Gateway Corporation (renamed Somerfield)
• GEC, formerly General Electric Company (renamed Marconi and then Telent)
FTSE 100 Index 5

• General Accident (merged with Commercial Union to form CGU, itself now part of Aviva)
• George Wimpey (merged with Taylor Woodrow to form Taylor Wimpey)
• Glaxo Wellcome (merged with SmithKline Beecham to form GlaxoSmithKline)
• Globe Investment Trust (acquired by British Coal Pension Fund)
• Granada Compass (split in 2001 to leave Granada and Compass Group)
• Granada (merged with Carlton Communications to form ITV)
• Greenall's Group (renamed De Vere Group)
• Grand Metropolitan (merged with Guinness to form Diageo)
• Guardian Royal Exchange (acquired by Axa)
• Guinness (merged with Grand Metropolitan to form Diageo)
• GUS (now demerged into Home Retail Group and Experian)
• Habitat Mothercare (later became part of merger forming Storehouse)
• Halifax Group (merged with the Bank of Scotland to form HBOS)
• Hambro Life (renamed Allied Dunbar and acquired by BAT Industries and then demerged as part of Zurich
Financial Services)
• Hanson (acquired by Heidelberg Cement)
• Harrisons & Crosfield (renamed Elementis)
• Hawker Siddeley (acquired by BTR, now Invensys)
• Hays
• HBOS Group plc (acquired by Lloyds TSB, now Lloyds Banking Group)
• Hillsdown Holdings (acquired by Hicks, Muse, Tate and Furst and then sold on as Premier Foods)
• Home Retail Group
• House of Fraser (acquired by Baugur)
• Imperial Chemical Industries (acquired by Akzo Nobel)
• Imperial Continental Gas Association (broke up into Calor and Contibel)
• Inchcape
• Innogy Holdings (renamed Npower and acquired by RWE)
• Invesco, moved primary listing to NYSE
• Jaguar (acquired by Ford and then by Tata Motors)
• Kelda Group (acquired by Saltaire Water consortium)
• Kingston Communications (renamed KCOM Group)
• Kwik Save Group (merged with Somerfield)
• Ladbrokes
• Laporte (major divisions acquired by Kohlberg Kravis Roberts)
• Lasmo (acquired by Eni)
• Lattice Group (merged with National Grid to form National Grid Transco)
• Logica
• London Electricity (acquired by Electricite de France)
• London Stock Exchange Group
• Lonhro (renamed Lonmin)
• Lucas Industries (merged with Varity to form LucasVarity, then acquired by Northrop Grumman)
• LucasVarity (acquired by Northrup Grumman)
• Magnet and Southerns (taken private)
• Maxwell Communications Corporation (collapsed)
• MB-Caradon (renamed Caradon and then Novar, then acquired by Honeywell)
• MEPC (acquired by Leconport Estates)
FTSE 100 Index 6

• Mercury Asset Management (acquired by Merrill Lynch)

• MFI Furniture (renamed Galiform)
• Midlands Electricity (acquired by Acquila Sterling, now part of E.ON UK)
• Midland Bank (acquired by HSBC)
• Misys
• Mitchells & Butlers
• National Westminster Bank (now part of Royal Bank of Scotland Group)
• NFC (merged with Ocean Group to form Exel, now part of Deutsche Post)
• Northern Foods
• Northern Rock (market capitalisation fell too low, before being nationalised)
• Norwich Union (merged with CGNU to form Aviva)
• Nycomed Amersham (acquired by GE)
• O2 (renamed Telefónica Europe following acquisition by Telefónica)
• Orange (acquired by France Telecom)
• PartyGaming
• P&O (acquired by Dubai Ports World)
• P&O Princess Cruises (merged with Carnival Corporation and re-listed as Carnival PLC)
• Pennon Group
• Persimmon
• Petrofac
• Pilkington (acquired by Nippon Sheet Glass)
• Plessey (acquired by GEC and Siemens)
• Polly Peck (collapsed)
• PowerGen (acquired by E.ON UK)
• Provident Financial
• Psion
• Punch Taverns
• Racal Electronics (acquired by Thales Group)
• Railtrack (collapsed)
• Rank Hovis McDougall (now part of Premier Foods)
• Reckitt and Coleman (merged with Benckiser to form Reckitt Benckiser)
• Redland (acquired by Lafarge)
• Reed International (merged with Elsevier to form Reed Elsevier)
• Rentokil Initial
• Resolution plc (acquired by Pearl Group)
• RMC Group (acquired by Cemex)
• Rothmans International (acquired by British American Tobacco)
• J Rothschild (renamed St. James's Place)
• Rowntree's (acquired by Nestlé)
• Royal Insurance (merged with Sun Alliance Group to form Royal & SunAlliance)
• Saatchi & Saatchi (acquired by Publicis)
• Safeway (acquired by Morrisons)
• Scottish & Newcastle (acquired by a consortium formed of Heineken & Carlsberg)
• Scottish Hydro Electric (merged with Southern Electric to form Scottish and Southern Energy)
• Scottish Power (acquired by Iberdrola)
• Sears (acquired by January Investments - itself controlled by Philip Green)
• Securicor (merged with Group 4 Falck to form G4S)
FTSE 100 Index 7

• Sedgwick (acquired by Marsh & McLennan)

• Segro
• Sema Group (acquired by Schlumberger)
• Shell Transport and Trading Company (now re-organised with Royal Dutch Petroleum Company as Royal Dutch
• Siebe (merged with BTR to form Invensys)
• SmithKline Beecham (merged with Glaxo Wellcome to form GlaxoSmithKline)
• Smiths Industries, renamed to Smiths Group
• Southern Electric (merged with Scottish Hydro Electric to form Scottish and Southern Energy)
• Spirent
• Stagecoach Group
• Standard Telephones and Cables (renamed STC and acquired by Nortel)
• Storehouse (renamed Mothercare)
• Sun Alliance Group (merged with Royal Insurance to form Royal & SunAlliance)
• Sun Life Assurance (acquired by Axa)
• Sun Life & Provincial Holdings (acquired by Axa)
• Tarmac (acquired by Anglo American)
• Tate & Lyle
• Taylor Wimpey
• Taylor Woodrow (merged with George Wimpey to form Taylor Wimpey)
• Telewest Communications (merged with NTL to form NTL:Telewest now Virgin Media)
• Thames Water (acquired by RWE and then sold to Macquarie Bank)
• The Energy Group (acquired by Texas Utilities and then by E.ON UK)
• Thomas Cook Group
• Thomson Reuters (delisted shares from the London Stock Exchange as it ceased to be a dual-listed company)
• Thorn (acquired by Nomura Group)
• Thorn EMI (renamed EMI Group and then acquired by Terra Firma Capital Partners)
• Thus
• TI Group (acquired by Smiths Group)
• Tomkins (acquired by Onex Corporation and Canada Pension Plan Investment Board)
• Trafalgar House (acquired by Kværner)
• TSB Group (merged with Lloyds Bank to form Lloyds TSB)
• Trusthouse Forte (acquired by Granada)
• Ultramar (acquired by LASMO and now part of Eni)
• Unigate (renamed Uniq)
• United Biscuits (acquired by consortium of financial investors)
• United Business Media
• Warburg SG (acquired by Swiss Bank Corporation, now part of UBS)
• Wellcome (merged with Glaxo to form Glaxo Wellcome, then with SmithKline Beecham to form
• W H Smith
• William Hill
• Williams Holdings (demerged into Kidde and Chubb Security, both now part of United Technologies
• Willis Corroon (renamed Willis Group)
• Willis Faber (renamed Willis Coroon and then Willis Group)
• Wood Group
FTSE 100 Index 8

• Woolwich (acquired by Barclays)

• Yell Group
• Zeneca (merged with Astra to form AstraZeneca)
source: FTSE: FTSE 100 Constituent Changes [6]PDF (57.9 KB)

FT 30
The oldest continuous index in the UK, the FT 30, also known as the Financial Times Index or the FT Ordinary
Index (FTOI),[7] which began in 1935 is now largely redundant. It is similar to the Dow Jones Industrial Average,
and companies listed are from the industrial and commercial sectors. Financial sector companies and government
stocks are excluded.
Of the original constituents,[8] three are currently in the FTSE 100: Guest Keen & Nettlefolds (GKN), Imperial
Tobacco and Rolls-Royce, although Rolls-Royce has not been continuously listed and Imperial Tobacco was a
subsidiary of Hanson for a number of years. ICI was removed when it was taken over by Akzo Nobel in January
2008. A further company, Tate & Lyle, is still listed but not in the FTSE 100. Two of the original FT 30 companies
are still in that index:[9] GKN and Tate & Lyle (membership is not strictly based on market capitalisation, so this
does not mean they are necessarily among the top thirty companies in the FTSE 100). The best performer from the
original line-up has been Imperial Tobacco.[10]

[1] FTSE Capitlization method methodology via Wikinvest
[2] "British Airways PLC (UK): Scheme of Arrangement - Amendment: Treatment In FTSE Indices" (http:/ / www. ftse. com/ tech_notices/
2011/ Q1/ 29984_20110111_British_Airways_Treatment_Amendment. jsp). FTSE Group. 7 January 2011. . Retrieved 27 January 2011.
[3] BHP Billiton is a dual listed company. The figure represents only the minority stake owned by BHP Billiton Plc.
[4] Rio Tinto Group is a dual-listed company. The figure shown represents only the majority stake owned by Rio Tinto Plc.
[5] http:/ / www. ftse. com/ Indices/ UK_Indices/ Downloads/ FTSE_100_Index_Factsheet. pdf
[6] http:/ / www. ftse. com/ Media_Centre/ Downloads/ FTSE_100_Constituent_History. pdf
[7] The History Channel - Financial Times Index (http:/ / www. thehistorychannel. co. uk/ site/ encyclopedia/ article_show/
Financial_Times_Index_/ m0006128. html). Retrieved 2008-08-08
[8] Original constituents (http:/ / www. ft. com/ cms/ 78c12166-0773-11db-9067-0000779e2340. html)
[9] Remaining companies in the FT30 (http:/ / www. ft. com/ cms/ 28e9d8dc-0781-11db-9067-0000779e2340. html)
[10] Eckett, Stephen (ed.) (2004), The UK Stock Market Almanac 2005, Petersfield, Harriman House. ISBN 1-897597-46-0

External links
• FTSE Group website (
• FTSE100 Constituents Direct from FTSE Group website (
jsp?infoCode=100a&theseFilters=&csvAll=&theseColumns=Mw==&theseTitles=&tableTitle=FTSE 100
Index Constituents&p_encoded=1)
• FTSE 100 Index (^FTSE) on Yahoo Finance
• FTSE 100 profile on Wikinvest


DAX 30 chart in the Frankfurt Stock Exchange

Foundation 1 July 1988

Operator Deutsche Börse

Exchanges Frankfurt Stock Exchange

Constituents 30

Type Large cap

Market cap €442.5 billion (end 2008)[1]

Weighting Market value-weighted


Related  MDAX, TecDAX, ÖkoDAX


Website DAX homepage [2]

The DAX (Deutscher Aktien IndeX, formerly Deutscher Aktien-Index (German stock index)) is a blue chip stock
market index consisting of the 30 major German companies trading on the Frankfurt Stock Exchange. Prices are
taken from the electronic Xetra trading system. According to Deutsche Börse, the operator of Xetra, DAX measures
the performance of the Prime Standard’s 30 largest German companies in terms of order book volume and market
The L-DAX Index is an indicator of the German benchmark DAX index's performance after the Xetra
electronic-trading system closes based on the floor trading at the Frankfurt Stock Exchange. The L-DAX Index basis
is the "floor" trade (Parketthandel) at the Frankfurt stock exchange; it is computed daily between 09:00 and 17:30
Hours CET. The L-DAX index (Late DAX) is calculated from 17:30 to 20:00 CET. The Eurex, a European
electronic futures and options exchange based in Zurich, Switzerland with a subsidiary in Frankfurt, Germany, offers
options (ODAX) and Futures (FDAX) on the DAX from 08:00 to 22:00 CET.
The Base date for the DAX is 30 December, 1987 and it was started from a base value of 1,000. The Xetra system
calculates the index after every 1 second since January 1, 2006.
DAX 10

A list of the current DAX companies, as of the quarterly review effective on 21 June 2010 where Salzgitter was
replaced by HeidelbergCement.[4] The index was left unchanged at the September and December 2010 reviews.

A display of Adidas shoes. A BMW Z4.

Inside a branch of Metro's Real hypermarket

chain in Würzburg. The RWE-owned Niederaussem Power Station.
DAX 11

The headquarters of the DAX companies

Company Prime Standard industry group Ticker symbol Index weighting (%)1

Adidas clothing and footwear ADS [5] 1.75

Allianz insurance ALV [6] 6.71

BASF speciality chemicals BAS [7] 9.24

Bayer speciality chemicals BAYN [8] 7.72

Beiersdorf personal products BEI [9] 0.69

BMW automobile manufacturers BMW [10] 3.29

Commerzbank credit banks CBK [11] 0.70

Daimler automobile manufacturers DAI [12] 7.92

Deutsche Bank credit banks DBK [13] 4.47

Deutsche Börse securities brokers DB1 [14] 1.61

Deutsche Lufthansa airlines LHA [15] 1.27

Deutsche Post logistics DPW [16] 1.75

Deutsche Telekom fixed-line telecommunication DTE [17] 4.77

E.ON multi-utilities EOAN [18] 7.06

Fresenius health care FRE [19] 0.85

Fresenius Medical Care health care FME [20] 1.36

HeidelbergCement building materials HEI [21] 1.13

Henkel personal products HEN3 [22] 1.32

Infineon Technologies semiconductors IFX [23] 1.27

DAX 12

K+S commodity chemicals SDF [24] 1.30

Linde industrial gases LIN [25] 3.16

MAN diversified industrials MAN [26] 1.50

Merck pharmaceuticals MRK [27] 0.64

Metro multiline retail MEO [28] 1.19

Munich Re re-insurance MUV2 [29] 3.14

RWE multi-utilities RWE [30] 3.37

SAP software SAP [31] 5.55

Siemens diversified industrials SIE [32] 10.65

ThyssenKrupp diversified industrials TKA [33] 1.74

Volkswagen Group automobile manufacturers VOW3 [34] 2.89

Note 1 : Weightings accurate prior to quarterly rebalancing of 20 December 2010. Source: DAX Composition 20.10.2010 , Deutsche Börse.

Former components of DAX

Following table lists the former components of DAX and the ones replaced them.

Date Component excluded Component included Reason for exclusion/ Comments

03.09.1990 Feldmühle Nobel Metallgesellschaft Takeover of Feldmühle Nobel by Stora Enso

Nixdorf Preussag (now TUI) Merged with Siemens to form Siemens-Nixdorf

18.09.1995 Deutsche Babcock SAP Replaced by SAP because of lower market capitalisation

22.07.1996 Kaufhof METRO Merger of Kaufhof and Metro Cash & Carry

23.09.1996 Continental Münchener Rück Continental was added back to the DAX on 22 September 2003, though it was
demoted again in 2008

18.11.1996 Metallgesellschaft Deutsche Telekom IPO of Deutsche Telekom

22.06.1998 Bayerische Hypotheken- adidas Merger of Vereinsbank and Hypobank to form HypoVereinsbank

und Wechselbank

Bayerische Vereinsbank HypoVereinsbank

21.12.1998 Daimler-Benz DaimlerChrysler Merger of Daimler-Benz with Chrysler

(now Daimler)

22.03.1999 Degussa Degussa-Hüls Merger of Degussa AG with Hüls AG and renaming to Degussa-Hüls AG

25.03.1999 Thyssen ThyssenKrupp Merger of Thyssen and Krupp

20.09.1999 Hoechst Fresenius Medical Care Merger of Hoechst and Rhône-Poulenc with Aventis

14.02.2000 Mannesmann Epcos Takeover of Mannesmann by Vodafone

19.06.2000 Veba E.ON Merger of Veba and Viag to form E.ON

VIAG Infineon

18.12.2000 Degussa-Hüls Degussa Merger of Degussa-Hüls AG and SKW Trostberg AG to new Degussa AG

19.03.2001 KarstadtQuelle Deutsche Post IPO of Deutsche Post

23.07.2001 Dresdner Bank MLP Vz. Takeover of Dresdner Bank by Allianz

DAX 13

23.09.2002 Degussa Altana Inadequate market capitalisation

23.12.2002 Epcos Deutsche Börse [36]

Fast-exit of Epcos, as Epcos' market capitalisation became inadequate.

22.09.2003 MLP Continental Inadequate free float and market capitalisation.

31.01.2005 Lanxess Lanxess was spun off from Bayer.

01.02.2005 Lanxess

19.12.2005 HypoVereinsbank Hypo Real Estate Takeover of HypoVereinsbank by UniCredit

18.09.2006 Schering Postbank Takeover of Schering by Bayer

18.06.2007 Altana Merck [37]

After the sale of Nycomed, inadequate market capitalisation

22.09.2008 TUI K+S [38]

Fast-entry of K+S, inadequate market capitalisation of TUI

22.12.2008 Continental Beiersdorf Fast-exit of Continental because of inadequate free-float market capitalisation after
the acquisition by Schaeffler Group

22.12.2008 Hypo Real Estate Salzgitter Fast-exit of Hypo Real Estate because of inadequate free-float market
capitalisation after a stake by American investor JC Flowers, as well as huge
decline in market capitalisation during the Financial crisis of 2007–2010

23.03.2009 Deutsche Postbank Hannover Re [39]

Fast-exit due to inadequate market capitalisation
Infineon Technologies Fresenius Vz

21.09.2009 Hannover Re Infineon Technologies Inadequate market capitalisation

21.06.2010 Salzgitter HeidelbergCement Inadequate market capitalisation

[1] "DAX Weighting 30.12.2008" (http:/ / deutsche-boerse. com/ INTERNET/ IP/ ip_stats. nsf/ (KIR+ Kennzahlen+ DAX+ E)/
81B6F3137B9F3FC1C125752F00626C94/ $FILE/ DAX_Weighting_File. 20081230. xls?OpenElement). Deutsche Börse. 30 December
2008. . Retrieved 2009-03-21.
[2] http:/ / deutsche-boerse. com/ dbag/ dispatch/ en/ isg/ gdb_navigation/ private_investors/ 20_Equities/ 20_Indices/
10_DAX?module=InOverview_Index& wp=DE0008469008& wplist=DE0008469008& foldertype=_Index
[3] DAX (http:/ / deutsche-boerse. com/ dbag/ dispatch/ en/ isg/ gdb_navigation/ private_investors/ 20_Equities/ 20_Indices/
10_DAX?module=InOverview_Index& wp=DE0008469008& wplist=DE0008469008& foldertype=_Index)
[4] "Deutsche Börse: HeidelbergCement Replaces Salzgitter in DAX" (http:/ / dax-indices. com/ EN/ index. aspx?pageID=21& NewsID=33).
Deutsche Börse. 4 June 2010. . Retrieved 6 June 2010.
[5] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=ADS
[6] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=ALV
[7] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=BAS
[8] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=BAYN
[9] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=BEI
[10] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=BMW
[11] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=CBK
[12] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=DAI
[13] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=DBK
[14] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=DB1
[15] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=LHA
[16] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=DPW
[17] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=DTE
[18] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=EOAN
[19] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=FRE
[20] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=FME
[21] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=HEI
[22] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=HEN3
[23] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=IFX
[24] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=SDF
DAX 14

[25] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=LIN

[26] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=MAN
[27] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=MRK
[28] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=MEO
[29] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=MUV2
[30] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=RWE
[31] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=SAP
[32] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=SIE
[33] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=TKA
[34] http:/ / www. boerse-frankfurt. de/ EN/ index. aspx?pageID=23& Query=VOW3
[35] http:/ / dax-indices. com/ MediaLibrary/ Document/ WeightingFiles/ 12/ DAX_ICR. 20101220. xls
[36] Deutsche Börse: Deutsche Börse ab dem 23. Dezember im DAX (http:/ / deutsche-boerse. com/ dbag/ dispatch/ de/ notescontent/
gdb_navigation/ press/ 10_Latest_Press_Releases/ 10_All/ INTEGRATE/
mr_pressreleases?notesDoc=92B7DA7B354D09EAC12573D5004E4579& newstitle=deutscheboerseabdem23. dezember& location=press)
Pressemitteilung, 12. November 2002
[37] Frankfurter Allgemeine Zeitung: Merck ersetzt Altana im DAX (http:/ / www. faz. net/ s/
RubC8BA5576CDEE4A05AF8DFEC92E288D64/ Doc~E3978D7E828BC40709D96F5A2B3076A86~ATpl~Ecommon~Scontent. html)
[38] Deutsche Börse: K+S ersetzt TUI in DAX (http:/ / deutsche-boerse. com/ dbag/ dispatch/ de/ notescontent/ gdb_navigation/ press/
10_Latest_Press_Releases/ INTEGRATE/ mr_pressreleases?notesDoc=B34593A00B1F173CC12574B900704103& newstitle=k+
sersetzttuiindax& location=press) Pressemitteilung, 3rd September 2008
[39] Deutsche Börse: (http:/ / deutsche-boerse. com/ dbag/ dispatch/ de/ notescontent/ gdb_navigation/ press/ 10_Latest_Press_Releases/ 10_All/
INTEGRATE/ mr_pressreleases?notesDoc=C1FE03E5595BB30DC125757D00270C0D& newstitle=vorlaeufigeszenariorechnungfue&
location=press) Pressemitteilung, 18th March 2009

External links
• DAX homepage (
• Bloomberg page for DAX:IND (
• DAX Fourier Components (
• DAX 30 Profle at Wikinvest
Dow Jones Industrial Average 15

Dow Jones Industrial Average

The Dow Jones Industrial Average
(DJIA), also referred to as the
Industrial Average, the Dow Jones,
the Dow 30, or simply the Dow, is a
stock market index, and one of several
indices created by Wall Street Journal
editor and Dow Jones & Company
co-founder Charles Dow. It is now
owned by the CME Group, which is
the majority owner of Dow Jones
Indexes. The average is named after Recent logarithmic graph of the DJIA from Jan 2000 through Oct 2009.
Dow and one of his business
associates, statistician Edward Jones. It
is an index that shows how 30 large,
publicly owned companies based in the
United States have traded during a
standard trading session in the stock
market.[1] It is the second oldest U.S.
market index after the Dow Jones
Transportation Average, which was
also created by Dow.

The Industrial portion of the name is

largely historical, as many of the Historical logarithmic graph of the DJIA from the 1890s to the 2010s.
modern 30 components have little or
nothing to do with traditional heavy industry. The average is price-weighted, and to compensate for the effects of
stock splits and other adjustments, it is currently a scaled average. The value of the Dow is not the actual average of
the prices of its component stocks, but rather the sum of the component prices divided by a divisor, which changes
whenever one of the component stocks has a stock split or stock dividend, so as to generate a consistent value for the

Along with the NASDAQ Composite, the S&P 500 Index, and the Russell 2000 Index, the Dow is among the most
closely watched benchmark indices tracking targeted stock market activity. Although Dow compiled the index to
gauge the performance of the industrial sector within the American economy, the index's performance continues to
be influenced by not only corporate and economic reports, but also by domestic and foreign political events such as
war and terrorism, as well as by natural disasters that could potentially lead to economic harm. Components of the
Dow trade on both the NASDAQ OMX and the NYSE Euronext, two of the largest stock market companies.
Derivatives of the Dow trade on the Chicago Board Options Exchange and through CME Group, the world's largest
futures exchange company, which owns 90% of the indexing business founded by Dow Jones, including the
Industrial Average.[2] [3]
Dow Jones Industrial Average 16

The Dow Jones Industrial Average currently consists of the following 30 major American companies:[4]

Company Symbol Industry Date Added

3M MMM Conglomerate 1976-08-09 (as Minnesota Mining and Manufacturing)

Alcoa AA Aluminum 1959-06-01 (as Aluminum Company of America)

American Express AXP Consumer finance 1982-08-30

AT&T T Telecommunication 1999-11-01 (as SBC Communications)

Bank of America BAC Banking 2008-02-19

Boeing BA Aerospace and defense 1987-03-12

Caterpillar CAT Construction and mining equipment 1991-05-06

Chevron Corporation CVX Oil & gas 2008-02-19

Cisco Systems CSCO Computer networking 2009-06-08

Coca-Cola KO Beverages 1987-03-12

DuPont DD Chemical industry 1935-11-20 (also 1924-01-22 to 1925-08-31)

ExxonMobil XOM Oil & gas 1928-10-01 (as Standard Oil)

General Electric GE Conglomerate 1907-11-07

Hewlett-Packard HPQ Technology 1997-03-17

The Home Depot HD Home improvement retailer 1999-11-01

Intel INTC Semiconductors 1999-11-01

IBM IBM Computers and technology 1979-06-29

Johnson & Johnson JNJ Pharmaceuticals 1997-03-17

JPMorgan Chase JPM Banking 1991-05-06 (as J.P. Morgan & Company)

Kraft Foods KFT Food processing 2008-09-22

McDonald's MCD Fast food 1985-10-30

Merck MRK Pharmaceuticals 1979-06-29

Microsoft MSFT Software 1999-11-01

Pfizer PFE Pharmaceuticals 2004-04-08

Procter & Gamble PG Consumer goods 1932-05-26

Travelers TRV Insurance 2009-06-08

United Technologies Corporation UTX Conglomerate 1939-03-14 (as United Aircraft)

Verizon Communications VZ Telecommunication 2004-04-08

Wal-Mart WMT Retail 1997-03-17

Walt Disney DIS Broadcasting and entertainment 1991-05-06

Dow Jones Industrial Average 17

Former components
The components of the DJIA have changed 48 times in its 114 year history. When companies are replaced, the scale
factor used to calculate the index is adjusted so that the value of the average remains the same. A summary of the
more recent changes to the index include the following:
On February 19, 2008, Chevron and Bank of America replaced Altria Group and Honeywell. Chevron had
previously been a Dow component from July 18, 1930, to November 1, 1999. During Chevron's absence, its
split-adjusted price per share had gone from forty-four dollars to eighty-five, while the price of petroleum had risen
from twenty-four dollars to a hundred. On September 22, 2008, Kraft Foods replaced the American International
Group (AIG) in the index.[5] On June 8, 2009, General Motors and Citigroup were replaced by The Travelers
Companies and Cisco Systems, which became the third company traded on the NASDAQ to be part of the Dow.[6]


Early years
The Dow Jones Industrial Average was founded by Charles Dow on May 26, 1896, and represented the dollar
average of 12 stocks from leading American industries. Previously in 1884, Dow had composed an initial stock
average called the Dow Jones Averages, which contained nine railroads and two industrial companies that appeared
in the Customer's Afternoon Letter, a daily two-page financial news bulletin which was the precursor to The Wall
Street Journal. Of the original 12 stocks forming the Dow Jones Industrial Average compiled later in 1896, no
longer railroad stocks, but purely industrial stocks, only General Electric is currently part of that index.[7] The other
11 were:[8]
• American Cotton Oil Company, a predecessor company to Bestfoods, now part of Unilever.
• American Sugar Company, became Domino Sugar in 1900, now Domino Foods, Inc.
• American Tobacco Company, broken up in a 1911 antitrust action.
• Chicago Gas Company, bought by Peoples Gas Light in 1897, now an operating subsidiary of Integrys Energy
• Distilling & Cattle Feeding Company, now Millennium Chemicals, formerly a division of LyondellBasell, the
latter of which is now in Chapter 11 bankruptcy.
• Laclede Gas Company, still in operation as the Laclede Group, Inc., removed from the Dow Jones Industrial
Average in 1899.
• National Lead Company, now NL Industries, removed from the Dow Jones Industrial Average in 1916.
• North American Company, an electric utility holding company, broken up by the U.S. Securities and Exchange
Commission (SEC) in 1946.
• Tennessee Coal, Iron and Railroad Company in Birmingham, Alabama, bought by U.S. Steel in 1907.
• U.S. Leather Company, dissolved in 1952.
• United States Rubber Company, changed its name to Uniroyal in 1961, merged with private B.F. Goodrich in
1986, bought by Michelin in 1990.
When it was first published in the late 1890s, the index stood at a level of 40.94, but ended up hitting its all-time low
of 28.48 during the summer of 1896 during the depths of what later became known as the Panic of 1896. Many of
the biggest percentage price moves in the Dow occurred early in its history, as the nascent industrial economy
matured. A brief war in 1898 between the U.S. and the Spanish Empire might have only had a minor impact in the
Dow's direction.
The decade of the 1900s would see the Dow halt its momentum as it worked its way through a pair of cataclystic
financial crises; the Panic of 1901 and the Panic of 1907. The Dow would be stuck in a trading range of between the
50 and 100 point levels till late 1909. The negativity surrounding the 1906 San Francisco earthquake did little to
improve the economic climate. International disturbances such as the Russo-Japanese War were few and far between
Dow Jones Industrial Average 18

and seemed to have little if any influence on the Dow. The average would end off the decade near the vicinity of the
100 point level.
At the start of the 1910s, the decade would begin with the Panic of 1910–1911 stifling economic growth for a
lengthy period of time. History would later take its course on July 30, 1914; as the average stood at a level of 71.42
when a decision was made to close down the New York Stock Exchange, and suspend trading for a span of 4½
months. Some historians believe the exchange closed because of a concern that markets would plunge as a result of
panic over the onset of World War I. An alternative explanation is that the Secretary of the Treasury, William Gibbs
McAdoo, closed the exchange because he wanted to conserve the U.S. gold stock in order to launch the Federal
Reserve System later that year, with enough gold to keep the U.S. at par with the gold standard. When the markets
reopened on December 12, 1914, the index closed at 54, a drop of 24.39%.[9] Also, in trying to explain the huge
percentage drop, there was a new recalculation performed on the index in September 1916. Additions to the index
raised the number of companies to 20, resulting in a mathematical inconsistency to the average from previous years
in the past including 1914.[10] Following World War I, the U.S. would experience another downturn in economic
activity in what became known as the Post-World War I recession. The Dow's performance would remain virtually
unchanged from the closing value of the previous decade, adding only around 5%, from about the 100 level to 105.
During the 1920s, specifically in 1928, the components of the Dow were increased to 30 stocks near the economic
height of that decade, which was nicknamed the Roaring Twenties. The prosperous nature of the economic climate,
muted the negative influence of an early 1920s recession plus certain international conflicts such as the Polish-Soviet
war, the Irish Civil War, the Turkish War of Independence and the initial phase of the Chinese Civil War. The Crash
of 1929 and the ensuing Great Depression returned the average to its starting point, almost 90% below its peak. By
July 8, 1932, following its intra-day low of 40.56, the Dow would end up closing the session at 41.22. The high of
381.17 on September 3, 1929, would not be surpassed until 1954, in inflation-adjusted numbers. However, the
bottom of the 1929 Crash came just 2½ months later on November 13, 1929, when intra-day it was at the 195.35
level, closing slightly higher at 198.69.[11] For the decade, the Dow would end off with a healthy 173% gain from
around the 105 level to a level of 286.
Marked by global instability, the 1930s contended with several consequential European and Asian outbreaks of war,
leading up to catastrophic World War II; including the Spanish Civil War, the Second Italo-Abyssinian War, the
Soviet-Japanese Border War and the Second Sino-Japanese War. On top of that, the U.S. dealt with a painful
recession in 1937 and 1938. The largest one-day percentage gain in the index, 15.34%, happened on March 15, 1933,
in the depths of the 1930s bear market. However, as a whole, the Dow posted some of its worst performances, for a
negative return. For the decade, the average was down from around the 286 level to 148, a loss of about 48%.

Post-war years
Post-war reconstruction during the 1940s, along with renewed optimism of peace and prosperity, brought about a
39% surge in the Dow from around the 148 level to 206. The strength in the Dow occurred despite a brief recession
in 1949 and other global conflicts which started a short time later including the latter stages of the Chinese Civil
War, the Greek Civil War, the Indo-Pakistani War of 1947 and the 1948 Arab-Israeli War.
During the 1950s, the Korean War, the Algerian War, the Cold War and other political tensions such as the Cuban
Revolution, as well as widespread political and economic changes in Africa during the initial stages of European
Decolonization, did not stop the Dow's bullish climb higher. Additionally, the U.S. would also make its way through
two grinding recessions; one in 1953 and another in 1958. A 200% increase in the average from a level of 206 to 616
ensued over the course of that decade.
The Dow's bullish behavior began to stall during the 1960s as the U.S. became entangled with foreign political issues
such as the Bay of Pigs Invasion involving Cuba, the Vietnam War, the Portuguese Colonial War, the Colombian
Civil War which the U.S. assisted with short-lived counter-guerrilla campaigns, and domestic issues such as the Civil
Rights Movement. For the decade though, and despite a mild recession between 1960 and 1961, the average still
Dow Jones Industrial Average 19

managed a respectable 30% gain from the 616 level to 800.

The 1970s marked a time of economic uncertainty and troubled relations between the U.S. and certain
Middle-Eastern countries. To begin with, the decade started off with the ongoing Recession of 1969–70. Following
that, the 1973–75 recession, the 1973 Oil Crisis as well as the 1979 energy crisis began as a prelude to a disastrous
economic climate injected with stagflation; the combination between high unemployment and high inflation.
However, on November 14, 1972, the average closed above the 1,000 mark (1,003.16) for the first time, during a
brief relief rally in the midst of a lengthy bear market. Between January 1973 and December 1974, the average lost
48% of its value in what became known as the 1973–1974 Stock Market Crash. The situation was exacerbated
following the events surrounding the Yom Kippur War and the series of 1970s Energy Crisis' which followed it soon
after. Although the Vietnam War ended in 1975, new tensions arose towards Iran surrounding the Iranian Revolution
in 1979. Other notable disturbances such as the Lebanese Civil War, the Ethiopian Civil War, the Indo-Pakistani
War of 1971 and the Angolan Civil War which the U.S. and Soviet Union considered critical to the global balance of
power, seemed to have had little influence towards the financial markets. Performance-wise for the decade, gains
remained virtually flat, rising less than 5% from about the 800 level to 838.
The 1980s saw a rapid increase in the average, though severe
corrections did occur along the way. The largest one-day percentage
drop occurred on Black Monday; October 19, 1987, when the average
fell 22.61%. There were no clear reasons given to explain the crash,
but program trading appeared to be a major contributing factor. On
October 13, 1989, the Dow stumbled into another downfall, the 1989
Mini-Crash which initiated the collapse of the junk bond market as the
Dow registered a loss of almost 7%. However, for the rest of the 1980s
as a whole, the Dow made a profound 228% increase from the 838
level to 2,753; despite the market crashes, an Early 1980s recession,
and other political distractions such as the Soviet War in Afghanistan,
the Falklands War, the Iran-Iraq War, the Second Sudanese Civil War The Dow fell 22.61% on Black Monday (1987)
and the First Intifada in the Middle East. from about the 2,500 level to around 1,750. Two
days later, it rose 10.15% above the 2,000 level
for a mild recovery attempt.
Dot-com boom
The 1990s brought on rapid advances in technology along with the introduction of the dot-com era.
To start off, the markets contended with the 1990 oil price shock compounded with the effects of the Early 1990s
recession. Certain influential foreign conflicts such as the 1991 Soviet coup d'état attempt which took place as part of
the initial stages of the Dissolution of the USSR and the Fall of Communism; the First and Second Chechen Wars,
the Persian Gulf War and the Yugoslav Wars failed to dampen economic enthusiasm surrounding the ongoing
Information Age and the "Irrational Exuberance" (a phrase coined by Alan Greenspan) of the Internet Boom. Even
the occurrences of the Rwandan Genocide and the Second Congo War, termed as "Africa's World War" that involved
8 separate African nations which together between the two killed over 5 million people; didn't seem to have any
noticeable negative financial impact on the Dow either. Between late 1992 and early 1993, the Dow staggered
through the 3,000 level making only modest gains as the Biotechnology sector suffered through the downfall of the
Biotech Bubble; as many biotech companies saw their share prices rapidly rise to record levels and then
subsequently fall to new all-time lows.
Dow Jones Industrial Average 20

On November 21, 1995, the DJIA closed above the 5,000

level (5,023.55) for the first time. Over the following two
years, the Dow would rapidly tower above the 6,000 level
during the month of October in 1996, and the 7,000 level
in February 1997. On its march higher into record
territory, the Dow easily made its way through the 8,000
level in July 1997. However, later in that year during
October, the events surrounding the Asian Financial Crisis
plunged the Dow into a 554 point loss to a close of
7,161.15; a retrenchment of 7.18% in what became known
as the 1997 Mini-Crash. Although internationally there
A linear chart which approximates the shape of the rise in the
was negativity surrounding the 1998 Russian financial
DJIA during the 1990s acceleration. From a trading low of under
crisis, the Dow would go on to surpass the 9,000 level 4,000 in 1990 to above the 12,000 mark in the year 2000 with
during the month of April in 1998, making its sentimental intermittent slides throughout the decade.
push towards the symbolic 10,000 level. On March 29,
1999, the average closed above the 10,000 mark (10,006.78) after flirting with it for two weeks. This prompted a
celebration on the trading floor, complete with party hats. The scene at the exchange made front page headlines on
many U.S. newspapers such as The New York Times. On May 3, 1999, the Dow achieved its first close above the
11,000 mark (11,014.70). Total gains for the decade exceeded 315%; from the 2,753 level to 11,497.

The Dow averaged a 5.3% return compounded annually for the 20th century, a record Warren Buffett called "a
wonderful century"; when he calculated that to achieve that return again, the index would need to close at about
2,000,000 by December 2099.[12]
Even during the height of the dot-com era, authors James K. Glassman and Kevin A. Hassett went so far as to
publish a book entitled: Dow 36,000. Their theory was to imply that stocks were still cheap and it was not too late to
benefit from rising prices during the Internet boom.
Characterized by fear on the part of newer investors, the uncertainty of the 2000s brought on a significant bear
market. There was indecision on whether the cyclical bull market represented a prolonged temporary bounce or a
new long-term trend. Ultimately, there was widespread resignation and disappointment as the lows were revisited,
and in some cases, surpassed near the end of the decade.

September 11 attacks
The third largest one-day point drop in DJIA history, and largest at the time, occurred on September 17, 2001, the
first day of trading after the September 11, 2001 attacks, when the Dow fell 684.81 points, or 7.1%. It should be
noted that the Dow had been in a downward trend for virtually all of 2001 prior to Sept 11, losing well over 1000
points between Jan 2 and Sept. 10, and had lost 187.51 points on Sept. 6, followed by losing 235.4 points on Sept.
7.[13] By the end of that week, the Dow had fallen 1,369.70 points, or 14.3%. However, the Dow began an upward
trend shortly after the attacks and quickly regained all lost ground to close above the 10,000 level for the year.
Dow Jones Industrial Average 21

During 2002, the average remained subdued without making

substantial gains due to the Stock market downturn of 2002 as well as
the lingering effects of the Dot-com bubble.
In 2003, the Dow held steady within the 7,000 to 9,000 point level
range by the Early 2000s Recession, the Afghan War and the Iraq War.
But by December of that year, the Dow remarkably returned to the
10,000 mark.
In October 2006, four years after its bear market low, the DJIA set
fresh record theoretical, intra-day, daily close, weekly, and monthly
highs for the first time in almost seven years, closing above the 12,000
level for the first time on the 19th anniversary of Black Monday
(1987). The Dow fell 14.3% from the mid-9,000 level to
the low 8,000 level after the September 11, 2001
On February 27, 2007, the Dow Jones Industrial Average fell 3.3% attacks. Exchanges were closed between
(415.30 points), its biggest point drop since 2001. The initial drop was September 10 and September 17.

caused by a global sell-off after Chinese Stocks experienced a

Mini-Crash, yet by April 25, the Dow passed the 13,000 level in trading and closed above that milestone for the first
On July 19, 2007, the average passed the 14,000 level, completing the fastest 1,000-point advance for the index since
1999. One week later, a 450 point intra-day loss, owing to turbulence in the U.S. sub-prime mortgage market and the
soaring value of the yuan,[14] [15] initiated another correction falling below the 13,000 mark, about 10% from its
On October 9, 2007, the Dow Jones Industrial Average closed at the record level of 14,164.53. Two days later on
October 11, the Dow would trade at its highest intra-day level ever, at the 14,198.10 mark.[16] In what would
normally take many years to accomplish; numerous reasons were cited for the Dow's extremely rapid rise from the
11,000 level in early 2006, to the 14,000 level in late 2007. They included future possible takeovers and mergers,
healthy earnings reports particularly in the tech sector, and moderate inflationary numbers; fueling speculation the
Federal Reserve would not raise interest rates. Roughly on par with the 2000 record when adjusted for inflation, this
represented the final high of the cyclical bull.

Financial crisis
On September 15, 2008, a wider financial crisis became evident when Lehman Brothers filed for Chapter 11
bankruptcy along with the economic effect of record high oil prices which reached almost $150 per barrel two
months earlier. The DJIA lost more than 500 points for only the sixth time in history, returning to its mid-July lows
below the 11,000 level. A series of "bailout" packages, including the Emergency Economic Stabilization Act of
2008, proposed and implemented by the Federal Reserve and U.S. Treasury, as well as FDIC-sponsored bank
mergers, did not prevent further losses. After two months of extreme volatility during which the Dow experienced its
largest one day point loss, largest daily point gain, and largest intra-day range (more than 1,000 points), the index
closed at a new twelve-year low of 6,547.05 on March 9, 2009 (after an intra-day low of 6,469.95[17] during the
March 6 session), its lowest close since April 1997, and had lost 20% of its value in only six weeks. Towards the
latter half of 2009, the average rallied towards the 10,000 level amid optimism that the Late-2000s Recession, the
United States Housing Bubble and the Global Financial Crisis of 2008–2009, were easing and possibly coming to an
end. For the decade, the Dow saw a rather substantial pullback for a negative return from the 11,497 level to 10,428,
a loss of a little over 9%.
During the early part of the 2010s, the Dow made a fairly notable rally attempt in the face of growing global
concerns such as the 2010 European sovereign debt crisis and the Dubai debt crisis. Although for the most part just a
Dow Jones Industrial Average 22

political event, the Dow closed at the 10,785.89 level on March 22, 2010 following the passage of the landmark
Patient Protection and Affordable Care Act in Washington. On May 6, 2010, just after 2:30 pm EDT, the Dow Jones
Industrial Average plunged by 998.50 points, an intra-day loss of 9.2%. The event later became known as the 2010
Flash Crash or the "Flash Crash".[18] Although there was an immediate recovery, it was the biggest intra-day fall
ever. This would have put the trading day as the fifth-worst market sell-off on a percentage basis as well. The Dow
bottomed out at 9,869, and then recovered quickly, eventually ending at 10,520.32, a loss of 347.80 points or
3.2%.[18] On February 1, 2011, the Dow settled at the 12,040.16 level, reaching past the 12,000 mark for the first
time in over two and a half years.[19]

Investing in the DJIA is made widely accessible in equities through exchange-traded funds (ETFs) as well as in
derivatives through option contracts and futures contracts.

Within the equities world, asset manager SSgA State Street Global Advisors, issue a family of ETFs the SPDRs [20];
one of which attempts to match the daily performance of the index, the DIAMONDS, introduced in 1998
(NYSE: DIA [21]). Another asset management firm, ProFunds, issue other related DJIA ETFs through ProShares [22]
such as the Inverse Performance (NYSE: DOG [23]) for a bearish strategy on the average. That is, when the Dow
trades in negative territory, the ETF trades higher; thus, making it not needed to sell short if one has a bearish goal in
Due to the advent of pre-market trading, the DIAMONDS ETF provides a very accurate opening value for the
average. As an example, if the ETF opens the trading session with a 76¢ loss; then that would strongly indicate
roughly a 76-point loss for the Dow within the first few seconds or so, even before all of its components open for
trade. Likewise, if the ETF starts the trading session higher by $1.12, then that would signal an approximate gain for
the Dow of 112 points at the open, even if some components begin trading at 9:31 am or 9:33 am due to a delay.

Leveraged equities
Profunds also issues the 2x (NYSE: DDM [24]), which attempts to match the daily performance of the DJIA by 200%
and the Inverse 2x (NYSE: DXD [25]), which attempts to match the inverse daily performance by 200%. In the case
of 2x performance, the ETF increases the buying power by leveraging money without using margin. Currently, there
are also 3x performance ETFs issued by ProShares that exist too; which attempt to replicate (300% leverage) against
the Dow. For 3x performance, the symbol is (NYSE: UDOW [26]), and for Inverse 3x performance, it is
(NYSE: SDOW [27]).[28] [29]

Futures contracts
In the derivatives market, the CME Group through its subsidiaries the Chicago Mercantile Exchange (CME) and the
Chicago Board of Trade (CBOT), issues Futures Contracts; including the E-mini Dow ($5) Futures (YM) [30], the
DJIA ($10) Futures (DJ) [31] and the Big Dow DJIA ($25) Futures (DD) [32] which track the average and trade on
their exchange floors respectively. Trading is typically carried out in an Open Outcry auction, or over an electronic
network such as CME's Globex platform.
Dow Jones Industrial Average 23

Options contracts
The Chicago Board Options Exchange (CBOE) issues Options Contracts on the Dow through the root symbol DJX
in combination with long term expiration options called DJX LEAPS [34]. Concerning equities, the exchange
issues options contracts on Performance ETFs [35], Inverse Performance ETFs [36], 2x Performance ETFs [37],
Inverse 2x Performance ETFs [38], 3x Performance ETFs [39], and Inverse 3x Performance ETFs [40].

To calculate the DJIA, the sum of the prices of all 30 stocks is divided by a Divisor, the Dow Divisor. The divisor is
adjusted in case of stock splits, spinoffs or similar structural changes, to ensure that such events do not in themselves
alter the numerical value of the DJIA. Early on, the initial divisor was composed of the original number of
component companies; which made the DJIA at first, a simple arithmetic average. The present divisor, after many
adjustments, is less than one (meaning the index is larger than the sum of the prices of the components). That is:

where p are the prices of the component stocks and d is the Dow Divisor.
Events like stock splits or changes in the list of the companies composing the index alter the sum of the component
prices. In these cases, in order to avoid discontinuity in the index, the Dow Divisor is updated so that the quotations
right before and after the event coincide:

The Dow Divisor is currently 0.132129493.[41] Presently, every $1 change in price in a particular stock within the
average, equates to a 7.57 (1/0.132129493) point movement.

With the current inclusion of just 30 stocks, critics like Ric Edelman argue that the DJIA is not a very accurate
representation of overall market performance. Still, it is the most cited and most widely recognized of the stock
market indices.[42] [43] Additionally, the DJIA is criticized for being a price-weighted average, which gives
higher-priced stocks more influence over the average than their lower-priced counterparts, but takes no account of
the relative industry size or market capitalization of the components. For example, a $1 increase in a lower-priced
stock can be negated by a $1 decrease in a much higher-priced stock, even though the lower-priced stock
experienced a larger percentage change. In addition, a $1 move in the smallest component of the DJIA has the same
effect as a $1 move in the largest component of the average. The Dow would see the negative effects of this price
weighted average during September–October 2008 with a former component AIG. Before its reverse-split adjusted
stock price change, the stock collapsed from $22.76 on September 8 to $1.35 on October 27; contributing to sending
the Dow down roughly 3,000 points.[44]
As of January 2011, IBM and Caterpillar are among the highest priced stocks in the average and therefore have the
greatest influence on it. Alternatively, Bank of America and Alcoa are among the lowest priced stocks in the average
and have the least amount of sway in the price movement. Many critics of the DJIA recommend the float-adjusted
market-value weighted S&P 500 or the Wilshire 5000, the latter of which includes all U.S. equity securities, as better
indicators of the U.S. stock market.
Dow Jones Industrial Average 24

[1] Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action (http:/ / www. pearsonschool. com/ index.
cfm?locator=PSZ3R9& PMDbSiteId=2781& PMDbSolutionId=6724& PMDbCategoryId=& PMDbProgramId=12881& level=4). Upper
Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 290. ISBN 0-13-063085-3. .
[2] Berman, Dennis K. and McCracken, Jeffrey (February 11, 2010). "CME Buys 90% of Dow Jones Indexes" (http:/ / online. wsj. com/ article/
SB10001424052748703455804575057433840097028. html). The Wall Street Journal. Retrieved February 11, 2010.
[3] TheStreet Staff (February 11, 2010). "CME Buys 90% of Dow Jones Indexes" (http:/ / www. thestreet. com/ _yahoo/ story/ 10679248/ 1/
cme-buys-90-of-dow-jones-indexes. html?cm_ven=YAHOO& cm_cat=FREE& cm_ite=NA). Retrieved February 11, 2010.
[4] Dow Jones Indexes Symbols and Components (http:/ / www. djindexes. com/ mdsidx/ index. cfm?event=components& symbol=DJI). Dow
Jones Indexes. Retrieved March 14, 2010.
[5] Dow Jones (2008-02-11). "Dow Jones to change the composition of the Dow Jones Industrial Average" (http:/ / www. djindexes. com/
mdsidx/ html/ pressrelease/ press-release-archive. html#20080211). Press release. . Retrieved 2008-02-11.
[6] Browning, E.S. (2009-06-01). "Travelers, Cisco Replace Citi, GM in Dow" (http:/ / online. wsj. com/ article/ SB124386244318072033. html).
Wall Street Journal (Dow Jones & Company). . Retrieved 2009-06-02.
[7] Dow Jones Indexes Website (http:/ / www. djindexes. com). Dow Jones Indexes. Retrieved March 14, 2010.
[8] What happened to the original 12 companies in the DJIA? (http:/ / www. djindexes. com/ mdsidx/ index. cfm?event=showavgDecades&
decade=1895). Dow Jones Indexes. Retrieved March 14, 2010.
[9] Dow Jones Indexes Events and Statistics (http:/ / www. djindexes. com/ mdsidx/ index. cfm?event=showavgstats#no4). Dow Jones Indexes.
Retrieved March 14, 2010.
[10] Setting the Record Straight on the Dow Drop (http:/ / www. nytimes. com/ 1987/ 10/ 26/ business/
setting-the-record-straight-on-the-dow-drop. html?pagewanted=1). The New York Times. Retrieved March 22, 2010.
[11] Anderson, Benjamin (1949). Economics and the Public Welfare: A Financial and Economic History of the United States, 1914–1946.
LibertyPress (2nd ed., 1979). p. 219.
[12] Buffett, Warren (February 2008). "Letter to Shareholders" (http:/ / www. berkshirehathaway. com/ letters/ 2007ltr. pdf) (PDF). Berkshire
Hathaway. . Retrieved 2008-03-04.
[13] Dow Jones Industrial Average Historical Prices (http:/ / finance. yahoo. com/ q/ hp?s=^DJI& a=10& b=1& c=2000& d=08& e=19&
f=2001& g=d& z=66& y=132). Yahoo Finance. Retrieved March 14, 2010.
[14] McHugh, Robert D. (July 1, 2007). July 26, 2007…Black Thursday? (http:/ / www. gold-eagle. com/ editorials_05/ mchugh072707. html).
Gold Eagle Financial News. Retrieved February 14, 2010.
[15] Murchie, Kay (August 17, 2007). Black Thursday on Stock Market (http:/ / www. financemarkets. co. uk/ 2007/ 08/ 17/
black-thursday-on-stock-market/ ). Retrieved February 14, 2010.
[16] Dow Jones Industrial Average Historical Prices (http:/ / www. google. com/ finance/ historical?cid=983582& startdate=Oct+ 8,+ 2007&
enddate=Oct+ 12,+ 2007). Google Finance. Retrieved March 14, 2010.
[17] Dow Jones Industrial Average Historical Prices (http:/ / www. google. com/ finance/ historical?cid=983582& startdate=Mar+ 05,+ 2009&
enddate=Mar+ 09,+ 2009). Google Finance. Retrieved March 14, 2010.
[18] Paradis, Tim (May 6, 2010). Wall St. rollercoaster: Stocks fall nearly 10 pct (http:/ / finance. yahoo. com/ news/
Wall-St-rollercoaster-Stocks-apf-892184148. html?x=0). Associated Press. Retrieved May 7, 2010.
[19] Dow over 12,000 as remarkable bull market rolls on (http:/ / finance. yahoo. com/ news/ Dow-over-12000-as-remarkable-apf-328784585.
html?x=0). Yahoo Finance. Retrieved February 2, 2011.
[20] http:/ / www. spdrs. com/
[21] http:/ / www. nyse. com/ about/ listed/ quickquote. html?ticker=dia
[22] http:/ / www. proshares. com/
[23] http:/ / www. nyse. com/ about/ listed/ quickquote. html?ticker=dog
[24] http:/ / www. nyse. com/ about/ listed/ quickquote. html?ticker=ddm
[25] http:/ / www. nyse. com/ about/ listed/ quickquote. html?ticker=dxd
[26] http:/ / www. nyse. com/ about/ listed/ quickquote. html?ticker=udow
[27] http:/ / www. nyse. com/ about/ listed/ quickquote. html?ticker=sdow
[28] IndexUniverse Staff (February 8, 2010). "ProShares Plans More 300% Geared ETFs" (http:/ / finance. yahoo. com/ news/
ProShares-Plans-More-300-indexuniverse-704896806. html?x=0& . v=5). Retrieved February 10, 2010.
[29] S.E.C. (February 5, 2010). "ProShares Registration Statement" (http:/ / www. sec. gov/ Archives/ edgar/ data/ 1174610/
000119312510023274/ d485bpos. htm). S.E.C.. Retrieved February 10, 2010.
[30] http:/ / www. cmegroup. com/ trading/ equity-index/ us-index/ e-mini-dow. html
[31] http:/ / www. cmegroup. com/ trading/ equity-index/ us-index/ dow. html
[32] http:/ / www. cmegroup. com/ trading/ equity-index/ us-index/ big-dow-djia. html
[33] http:/ / www. cboe. com/ micro/ djx/ introduction. aspx
[34] http:/ / www. cboe. com/ Products/ indexopts/ djxl_spec. aspx
[35] http:/ / www. cboe. com/ DelayedQuote/ QuoteTable. aspx?ticker=dia
[36] http:/ / www. cboe. com/ DelayedQuote/ QuoteTable. aspx?ticker=dog
Dow Jones Industrial Average 25

[37] http:/ / www. cboe. com/ DelayedQuote/ QuoteTable. aspx?ticker=ddm

[38] http:/ / www. cboe. com/ DelayedQuote/ QuoteTable. aspx?ticker=dxd
[39] http:/ / www. cboe. com/ DelayedQuote/ QuoteTable. aspx?ticker=udow
[40] http:/ / www. cboe. com/ DelayedQuote/ QuoteTable. aspx?ticker=sdow
[41] Dow Jones Industrial Average Historical Divisor Changes (http:/ / www. cmegroup. com/ trading/ equity-index/ files/ djia-history-divisor.
pdf). CME Group. Retrieved March 2, 2011.
[42] Edelman, Ric (December 23, 2003). The Truth About Money 3rd Edition. Harper Paperbacks. p. 126. ISBN 978-0060566586.
[43] How Dow Jones Wrecked The Dow Jones Industrial Average (http:/ / www. businessinsider. com/
henry-blodget-those-dow-people-sure-are-crappy-stockpickers-2009-4). Business Insider. Retrieved March 14, 2010.
[44] La Monica, Paul (September 15, 2008). Toss AIG from the Dow! (http:/ / money. cnn. com/ 2008/ 09/ 14/ markets/ thebuzz/ ). CNN.
Retrieved September 21, 2010.

External links
• Official website (
• Dow Jones Industrial Average at NASDAQ (
• Dow Jones Industrial Average at NYSE Euronext (
• Dow Jones Industrial Average at the Chicago Board Options Exchange (
• Dow Jones Industrial Average Component Quotes (^DJI) from Yahoo!

Nikkei 225
The Nikkei 225 (日経平均株価 Nikkei
heikin kabuka, 日経225), more commonly
called the Nikkei, the Nikkei index, or the
Nikkei Stock Average[1] [2] (English
pronunciation: /ˈnɪk.eɪ/, /ˈniː.keɪ/, or /nɪˈkeɪ/), is
a stock market index for the Tokyo Stock
Exchange (TSE). It has been calculated
daily by the Nihon Keizai Shimbun (Nikkei)
newspaper since 1950. It is a price-weighted
average (the unit is yen), and the
components are reviewed once a year.
Currently, the Nikkei is the most widely Nikkei 225

quoted average of Japanese equities, similar

to the Dow Jones Industrial Average. In fact, it was known as the "Nikkei Dow Jones Stock Average" from 1975 to

The Nikkei 225 began to be calculated on September 7, 1950, retroactively calculated back to May 16, 1949.
Since January 2010 the index is updated every 15 seconds during trading sessions.
Nikkei 225 26

The Nikkei 225 Futures, introduced at

Singapore Exchange (SGX) in 1986, the
Osaka Securities Exchange (OSE) in 1988,
Chicago Mercantile Exchange (CME) in
1990, is now an internationally recognized
futures index.[4]

Nikkei 225 (USD)

The Nikkei average has deviated sharply from the textbook model of stock averages which grow at a steady
exponential rate. The average hit its all-time high on December 29, 1989, during the peak of the Japanese asset price
bubble, when it reached an intra-day high of 38,957.44 before closing at 38,915.87, having grown six-fold during the
decade. Subsequently it lost nearly all these gains, closing at 7,054.98 on March 10, 2009 -- 81.9% below its peak
twenty years earlier.
Another major index for the Tokyo Stock Exchange is the Topix.
On March 15, 2011, the second working day after the massive earthquake in the northeast part of Japan, the index
dropped over 10% to finish at 8605.15.

Weighting and modifications

Stocks are weighted on the Nikkei 225 by giving an equal weighting based on a par value of 50 yen per share. Events
such as stock splits, removals and additions of constituents impact upon the effective weighting of individual stocks
and the divisor. The Nikkei 225 is designed to reflect the overall market, so there is no specific weighting of

Changes to the components

Stocks are reviewed annually and announcements of review results are made in September. Changes, if required, are
made at the beginning of October. Changes may also take place at any time if a stock is found to be ineligible (e.g.,
delisting). All proposed changes will be announced in Nikkei's Japanese newspapers and will appear on NNI.
After a stock has been replaced, the divisor is reviewed and modified to ensure a smooth transition of the stock
Nikkei 225 27

As of June 2009, the Nikkei 225 consists of the following companies: (Japanese securities identification code in

• Ajinomoto Co., Inc. (TYO: 2802 [5])
• Asahi Breweries, Ltd. (TYO: 2502 [6])
• Japan Tobacco Inc. (TYO: 2914 [7])
• Kikkoman Corp. (TYO: 2801 [8])
• Kirin Brewery Co., Ltd. (TYO: 2503 [9])
• Meiji Holdings Company, Limited (TYO: 2269 [10])
• Nichirei Corp. (TYO: 2871 [11])
• Nippon Meat Packers, Inc. (TYO: 2282 [12])
• Nisshin Seifun Group Inc. (TYO: 2002 [13])
• Sapporo Holdings Ltd. (TYO: 2501 [14])
• Takara Holdings Inc. (TYO: 2531 [15])

Textiles & apparel

• Kuraray Co., Ltd. (TYO: 3405 [16])
• Mitsubishi Rayon Co., Ltd. (TYO: 3404 [17])
• Nisshinbo Industries, Inc. (TYO: 3105 [18])
• Teijin Ltd. (TYO: 3401 [19])
• Toray Industries, Inc. (TYO: 3402 [20])
• Toyobo Co., Ltd. (TYO: 3101 [21])
• Unitika, Ltd. (TYO: 3103 [22])

Pulp & paper

• Hokuetsu Paper Mills, Ltd. (TYO: 3865 [23])
• Mitsubishi Paper Mills Ltd. (TYO: 3864 [24])
• Nippon Paper Group, Inc. (TYO: 3893 [25])
• Oji Paper Co., Ltd. (TYO: 3861 [26])

• Asahi Kasei Corp. (TYO: 3407 [27])
• Denki Kagaku Kogyo K.K. (TYO: 4061 [28])
• Fujifilm Holdings Corp. (TYO: 4901 [29])
• Kao Corp. (TYO: 4452 [30])
• Mitsubishi Chemical Holdings Corp. (TYO: 4188 [31])
• Mitsui Chemicals, Inc. (TYO: 4183 [32])
• Nippon Kayaku Co., Ltd. (TYO: 4272 [33])
• Nippon Soda Co., Ltd. (TYO: 4041 [34])
• Nissan Chemical Industries, Ltd. (TYO: 4021 [35])
• Shin-Etsu Chemical Co., Ltd. (TYO: 4063 [36])
• Shiseido Co., Ltd. (TYO: 4911 [37])
• Showa Denko K.K. (TYO: 4004 [38])
• Sumitomo Chemical Co., Ltd. (TYO: 4005 [39])
Nikkei 225 28

• Tosoh Corp. (TYO: 4042 [40])

• Ube Industries, Ltd. (TYO: 4208 [41])

• Astellas Pharma Inc. (TYO: 4503 [42])
• Chugai Pharmaceutical Co., Ltd. (TYO: 4519 [43])
• Daiichi Sankyo Co., Ltd. (TYO: 4568 [44])
• Dainippon Sumitomo Pharma Co., Ltd. (TYO: 4506 [45])
• Eisai Co., Ltd. (TYO: 4523 [46])
• Kyowa Hakko Kirin Co., Ltd. (TYO: 4151 [47])
• Shionogi & Co., Ltd. (TYO: 4507 [48])
• Takeda Pharmaceutical Company, Ltd. (TYO: 4502 [49])

Oil & coal products

• Nippon Mining Holdings, Inc. (TYO: 5016 [50])
• Nippon Oil Corp. (TYO: 5001 [51])
• Showa Shell Sekiyu K.K. (TYO: 5002 [52])

Rubber products
• Bridgestone Corp. (TYO: 5108 [53])
• The Yokohama Rubber Co., Ltd. (TYO: 5101 [54])

Glass & ceramics

• Asahi Glass Co., Ltd. (TYO: 5201 [55])
• NGK Insulators, Ltd. (TYO: 5333 [56])
• Nippon Sheet Glass Co., Ltd. (TYO: 5202 [57])
• Nitto Boseki Co., Ltd. (TYO: 3110 [58])
• Sumitomo Osaka Cement Co., Ltd. (TYO: 5232 [59])
• Taiheiyo Cement Corp. (TYO: 5233 [60])
• Tokai Carbon Co., Ltd. (TYO: 5301 [61])
• Toto Ltd. (TYO: 5332 [62])

Steel products
• JFE Holdings, Inc. (TYO: 5411 [63])
• Kobe Steel, Ltd. (TYO: 5406 [64])
• Nippon Steel Corp. (TYO: 5401 [65])
• Pacific Metals Co., Ltd. (TYO: 5541 [66])
• Sumitomo Metal Industries, Ltd. (TYO: 5405 [67])
Nikkei 225 29

Nonferrous metals
• Dowa Holdings Co., Ltd. (TYO: 5714 [68])
• Fujikura Ltd. (TYO: 5803 [69])
• Furukawa Co., Ltd. (TYO: 5715 [70])
• The Furukawa Electric Co., Ltd. (TYO: 5801 [71])
• Mitsubishi Materials Corp. (TYO: 5711 [72])
• Mitsui Mining & Smelting Co., Ltd. (TYO: 5706 [73])
• Nippon Light Metal Co., Ltd (TYO: 5701 [74])
• SUMCO Corp. (TYO: 3436 [75])
• Sumitomo Electric Industries, Ltd. (TYO: 5802 [76])
• Sumitomo Metal Mining Co., Ltd. (TYO: 5713 [77])
• Toho Zinc Co., Ltd. (TYO: 5707 [78])
• Toyo Seikan Kaisha, Ltd. (TYO: 5901 [79])

• Chiyoda Corp. (TYO: 6366 [80])
• Daikin Industries, Ltd. (TYO: 6367 [81])
• Ebara Corp. (TYO: 6361 [82])
• Hitachi Construction Machinery Co., Ltd. (TYO: 6305 [83])
• Hitachi Zōsen Corporation (TYO: 7004 [84])
• IHI Corp. (TYO: 7013 [85])
• The Japan Steel Works, Ltd. (TYO: 5631 [86])
• JTEKT Corp. (TYO: 6473 [87])
• Komatsu Ltd. (TYO: 6301 [88])
• Kubota Corp. (TYO: 6326 [89])
• Mitsubishi Heavy Industries, Ltd. (TYO: 7011 [90])
• NSK Ltd. (TYO: 6471 [91])
• NTN Corp. (TYO: 6472 [92])
• Okuma Holdings, Inc. (TYO: 6103 [93])
• Sumitomo Heavy Industries, Ltd. (TYO: 6302 [94])

Electric machinery
• Advantest Corp. (TYO: 6857 [95])
• Alps Electric Co., Ltd. (TYO: 6770 [96])
• Canon Inc. (TYO: 7751 [97])
• Casio Computer Co., Ltd. (TYO: 6952 [98])
• Clarion Co., Ltd. (TYO: 6796 [99])
• Denso Corp. (TYO: 6902 [100])
• Fanuc Ltd. (TYO: 6954 [101])
• Fuji Electric Holdings Co., Ltd. (TYO: 6504 [102])
• Fujitsu Ltd. (TYO: 6702 [103])
• GS Yuasa Corp. (TYO: 6674 [104])
• Hitachi, Ltd. (TYO: 6501 [105])
• Kyocera Corp. (TYO: 6971 [106])
• Panasonic Corp. (TYO: 6752 [107])
• Panasonic Electric Works Co., Ltd. (TYO: 6991 [108])
Nikkei 225 30

• Meidensha Corp. (TYO: 6508 [109])

• Minebea Co., Ltd. (TYO: 6479 [110])
• Mitsubishi Electric Corp. (TYO: 6503 [111])
• Mitsumi Electric Co., Ltd. (TYO: 6767 [112])
• NEC Corp. (TYO: 6701 [113])
• Oki Electric Industry Co., Ltd. (TYO: 6703 [114])
• Pioneer Corporation (TYO: 6773 [115])
• Sanyo Electric Co., Ltd. (TYO: 6764 [116])
• Sharp Corp. (TYO: 6753 [117])
• Sony Corp. (TYO: 6758 [118])
• Taiyo Yuden Co., Ltd. (TYO: 6976 [119])
• TDK Corp. (TYO: 6762 [120])
• Tokyo Electron Ltd. (TYO: 8035 [121])
• Toshiba Corp. (TYO: 6502 [122])
• Yokogawa Electric Corp. (TYO: 6841 [123])

• Kawasaki Heavy Industries, Ltd. (TYO: 7012 [124])
• Mitsui Engineering & Shipbuilding Co., Ltd. (TYO: 7003 [125])

• Fuji Heavy Industries Ltd. (TYO: 7270 [126])
• Hino Motors, Ltd. (TYO: 7205 [127])
• Honda Motor Co., Ltd. (TYO: 7267 [128])
• Isuzu Motors Ltd. (TYO: 7202 [129])
• Mazda Motor Corp. (TYO: 7261 [130])
• Mitsubishi Motors Corp. (TYO: 7211 [131])
• Nissan Motor Co., Ltd. (TYO: 7201 [132])
• Suzuki Motor Corp. (TYO: 7269 [133])
• Toyota Motor Corp. (TYO: 7203 [134])

Precision instruments
• Citizen Holdings Co., Ltd. (TYO: 7762 [135])
• Konica Minolta Holdings, Inc. (TYO: 4902 [136])
• Nikon Corp. (TYO: 7731 [137])
• Olympus Corp. (TYO: 7733 [138])
• Ricoh Co., Ltd. (TYO: 7752 [139])
• Terumo Corp. (TYO: 4543 [140])
Nikkei 225 31

Other manufacturing
• Dai Nippon Printing Co., Ltd. (TYO: 7912 [141])
• Hoshizaki Electric Co., Ltd. (TYO: 6465 [142])
• Toppan Printing Co., Ltd. (TYO: 7911 [143])
• Yamaha Corp. (TYO: 7951 [144])

• Nippon Suisan Kaisha, Ltd. (TYO: 1332 [145])
• Maruha Nichiro Holdings, Inc. (TYO: 1334 [146])

• Inpex Corp. (TYO: 1605 [147])

• Comsys Holdings Corp. (TYO: 1721 [148])
• Daiwa House Industry Co., Ltd. (TYO: 1925 [149])
• JGC Corporation (TYO: 1963 [150])
• Kajima Corp. (TYO: 1812 [151])
• Obayashi Corp. (TYO: 1802 [152])
• Sekisui House, Ltd. (TYO: 1928 [153])
• Shimizu Corp. (TYO: 1803 [154])
• Taisei Corp. (TYO: 1801 [155])

Trading companies
• Itochu Corp. (TYO: 8001 [156])
• Marubeni Corp. (TYO: 8002 [157])
• Mitsubishi Corp. (TYO: 8058 [158])
• Mitsui & Co., Ltd. (TYO: 8031 [159])
• Softbank Corp. (TYO: 9984 [160])
• Sojitz Corp. (TYO: 2768 [161])
• Sumitomo Corp. (TYO: 8053 [162])
• Toyota Tsusho Corp. (TYO: 8015 [163])

• Aeon Co., Ltd. (TYO: 8267 [164])
• Fast Retailing Co., Ltd. (TYO: 9983 [165])
• Isetan Mitsukoshi Holdings Ltd. (TYO: 3099 [166])
• J. Front Retailing Co., Ltd. (TYO: 3086 [167])
• Marui Group Co., Ltd. (TYO: 8252 [168])
• Seven & I Holdings Co., Ltd. (TYO: 3382 [169])
• Takashimaya Co., Ltd. (TYO: 8233 [170])
• Uny Co., Ltd. (TYO: 8270 [171])
Nikkei 225 32

• The Bank of Yokohama, Ltd. (TYO: 8332 [172])
• The Chiba Bank, Ltd. (TYO: 8331 [173])
• Chuo Mitsui Trust Holdings, Inc. (TYO: 8309 [174])
• Fukuoka Financial Group, Inc. (TYO: 8354 [175])
• Mitsubishi UFJ Financial Group, Inc. (TYO: 8306 [176])
• Mizuho Financial Group, Inc. (TYO: 8411 [177])
• Mizuho Trust & Banking Co., Ltd. (TYO: 8404 [178])
• Resona Holdings, Inc. (TYO: 8308 [179])
• Shinsei Bank, Ltd. (TYO: 8303 [180])
• The Shizuoka Bank, Ltd. (TYO: 8355 [181])
• Sumitomo Mitsui Financial Group, Inc. (TYO: 8316 [182])
• The Sumitomo Trust and Banking Co., Ltd. (TYO: 8403 [183])

• Daiwa Securities Group Inc. (TYO: 8601 [184])
• Matsui Securities Co., Ltd. (TYO: 8628 [185])
• Nomura Holdings, Inc. (TYO: 8604 [186])
• Mizuho Securities Co., Ltd. (TYO: 8606 [187])

• Mitsui Sumitomo Insurance Group Holdings, Inc. (TYO: 8725 [188])
• Sompo Japan Insurance Inc. (TYO: 8755 [189])
• T&D Holdings, Inc. (TYO: 8795 [190])
• Tokio Marine Holdings, Inc. (TYO: 8766 [191])

Other financial services

• Credit Saison Co., Ltd. (TYO: 8253 [192])

Real estate
• Heiwa Real Estate Co., Ltd. (TYO: 8803 [193])
• Mitsubishi Estate Co., Ltd. (TYO: 8802 [194])
• Mitsui Fudosan Co.,Ltd (TYO: 8801 [195])
• Sumitomo Realty & Development Co., Ltd. (TYO: 8830 [196])
• Tokyu Land Corp. (TYO: 8815 [197])
Nikkei 225 33

• East Japan Railway Company (TYO: 9020 [198])
• Keio Corp. (TYO: 9008 [199])
• Keisei Electric Railway Co., Ltd. (TYO: 9009 [200])
• Odakyu Electric Railway Co., Ltd. (TYO: 9007 [201])
• Tobu Railway Co., Ltd. (TYO: 9001 [202])
• Tokyu Corp. (TYO: 9005 [203])
• West Japan Railway Company (TYO: 9021 [204])

Other land transport

• Nippon Express Co., Ltd. (TYO: 9062 [205])
• Yamato Holdings Co., Ltd. (TYO: 9064 [206])

Marine transport
• Kawasaki Kisen Kaisha, Ltd. (TYO: 9107 [207])
• Mitsui O.S.K. Lines, Ltd. (TYO: 9104 [208])
• Nippon Yusen K.K. (TYO: 9101 [209])

Air transport
• All Nippon Airways Co., Ltd. (TYO: 9202 [210])
• Japan Airlines Corp. (TYO: 9205 [211])

• Mitsubishi Logistics Corp. (TYO: 9301 [212])

• KDDI Corp. (TYO: 9433 [213])
• Nippon Telegraph and Telephone Corp. (TYO: 9432 [214])
• NTT Data Corp. (TYO: 9613 [215])
• NTT DoCoMo, Inc. (TYO: 9437 [216])
• Sky Perfect JSAT Holdings Inc. (TYO: 9412 [217])

Electric power
• Chubu Electric Power Co., Inc. (TYO: 9502 [218])
• The Kansai Electric Power Co., Inc. (TYO: 9503 [219])
• The Tokyo Electric Power Co., Inc. (TYO: 9501 [220])

• Osaka Gas Co., Ltd. (TYO: 9532 [221])
• Tokyo Gas Co., Ltd. (TYO: 9531 [222])
Nikkei 225 34

• CSK Holdings Corp. (TYO: 9737 [223])
• Dentsu Inc. (TYO: 4324 [224])
• Konami Corp. (TYO: 9766 [225])
• Secom Co., Ltd. (TYO: 9735 [226])
• Tokyo Dome Corp. (TYO: 9681 [227])
• Toho Co., Ltd. (TYO: 9602 [228])
• Trend Micro Inc. (TYO: 4704 [229])
• Yahoo Japan Corp. (TYO: 4689 [230])

[1] (http:/ / dictionary. cambridge. org/ dictionary/ british/ the-nikkei-index)
[2] (http:/ / education. yahoo. com/ reference/ dictionary/ entry/ Nikkei)
[3] Nikkei Definition via Wikinvest
[4] Nikkei Net Interactive (http:/ / www. nni. nikkei. co. jp/ FR/ SERV/ nikkei_indexes/ nifaq225. html#gen4)
[5] http:/ / www. bloomberg. com/ apps/ quote?ticker=2802:JP
[6] http:/ / www. bloomberg. com/ apps/ quote?ticker=2502:JP
[7] http:/ / www. bloomberg. com/ apps/ quote?ticker=2914:JP
[8] http:/ / www. bloomberg. com/ apps/ quote?ticker=2801:JP
[9] http:/ / www. bloomberg. com/ apps/ quote?ticker=2503:JP
[10] http:/ / www. bloomberg. com/ apps/ quote?ticker=2269:JP
[11] http:/ / www. bloomberg. com/ apps/ quote?ticker=2871:JP
[12] http:/ / www. bloomberg. com/ apps/ quote?ticker=2282:JP
[13] http:/ / www. bloomberg. com/ apps/ quote?ticker=2002:JP
[14] http:/ / www. bloomberg. com/ apps/ quote?ticker=2501:JP
[15] http:/ / www. bloomberg. com/ apps/ quote?ticker=2531:JP
[16] http:/ / www. bloomberg. com/ apps/ quote?ticker=3405:JP
[17] http:/ / www. bloomberg. com/ apps/ quote?ticker=3404:JP
[18] http:/ / www. bloomberg. com/ apps/ quote?ticker=3105:JP
[19] http:/ / www. bloomberg. com/ apps/ quote?ticker=3401:JP
[20] http:/ / www. bloomberg. com/ apps/ quote?ticker=3402:JP
[21] http:/ / www. bloomberg. com/ apps/ quote?ticker=3101:JP
[22] http:/ / www. bloomberg. com/ apps/ quote?ticker=3103:JP
[23] http:/ / www. bloomberg. com/ apps/ quote?ticker=3865:JP
[24] http:/ / www. bloomberg. com/ apps/ quote?ticker=3864:JP
[25] http:/ / www. bloomberg. com/ apps/ quote?ticker=3893:JP
[26] http:/ / www. bloomberg. com/ apps/ quote?ticker=3861:JP
[27] http:/ / www. bloomberg. com/ apps/ quote?ticker=3407:JP
[28] http:/ / www. bloomberg. com/ apps/ quote?ticker=4061:JP
[29] http:/ / www. bloomberg. com/ apps/ quote?ticker=4901:JP
[30] http:/ / www. bloomberg. com/ apps/ quote?ticker=4452:JP
[31] http:/ / www. bloomberg. com/ apps/ quote?ticker=4188:JP
[32] http:/ / www. bloomberg. com/ apps/ quote?ticker=4183:JP
[33] http:/ / www. bloomberg. com/ apps/ quote?ticker=4272:JP
[34] http:/ / www. bloomberg. com/ apps/ quote?ticker=4041:JP
[35] http:/ / www. bloomberg. com/ apps/ quote?ticker=4021:JP
[36] http:/ / www. bloomberg. com/ apps/ quote?ticker=4063:JP
[37] http:/ / www. bloomberg. com/ apps/ quote?ticker=4911:JP
[38] http:/ / www. bloomberg. com/ apps/ quote?ticker=4004:JP
[39] http:/ / www. bloomberg. com/ apps/ quote?ticker=4005:JP
[40] http:/ / www. bloomberg. com/ apps/ quote?ticker=4042:JP
[41] http:/ / www. bloomberg. com/ apps/ quote?ticker=4208:JP
[42] http:/ / www. bloomberg. com/ apps/ quote?ticker=4503:JP
[43] http:/ / www. bloomberg. com/ apps/ quote?ticker=4519:JP
[44] http:/ / www. bloomberg. com/ apps/ quote?ticker=4568:JP
Nikkei 225 35

[45] http:/ / www. bloomberg. com/ apps/ quote?ticker=4506:JP

[46] http:/ / www. bloomberg. com/ apps/ quote?ticker=4523:JP
[47] http:/ / www. bloomberg. com/ apps/ quote?ticker=4151:JP
[48] http:/ / www. bloomberg. com/ apps/ quote?ticker=4507:JP
[49] http:/ / www. bloomberg. com/ apps/ quote?ticker=4502:JP
[50] http:/ / www. bloomberg. com/ apps/ quote?ticker=5016:JP
[51] http:/ / www. bloomberg. com/ apps/ quote?ticker=5001:JP
[52] http:/ / www. bloomberg. com/ apps/ quote?ticker=5002:JP
[53] http:/ / www. bloomberg. com/ apps/ quote?ticker=5108:JP
[54] http:/ / www. bloomberg. com/ apps/ quote?ticker=5101:JP
[55] http:/ / www. bloomberg. com/ apps/ quote?ticker=5201:JP
[56] http:/ / www. bloomberg. com/ apps/ quote?ticker=5333:JP
[57] http:/ / www. bloomberg. com/ apps/ quote?ticker=5202:JP
[58] http:/ / www. bloomberg. com/ apps/ quote?ticker=3110:JP
[59] http:/ / www. bloomberg. com/ apps/ quote?ticker=5232:JP
[60] http:/ / www. bloomberg. com/ apps/ quote?ticker=5233:JP
[61] http:/ / www. bloomberg. com/ apps/ quote?ticker=5301:JP
[62] http:/ / www. bloomberg. com/ apps/ quote?ticker=5332:JP
[63] http:/ / www. bloomberg. com/ apps/ quote?ticker=5411:JP
[64] http:/ / www. bloomberg. com/ apps/ quote?ticker=5406:JP
[65] http:/ / www. bloomberg. com/ apps/ quote?ticker=5401:JP
[66] http:/ / www. bloomberg. com/ apps/ quote?ticker=5541:JP
[67] http:/ / www. bloomberg. com/ apps/ quote?ticker=5405:JP
[68] http:/ / www. bloomberg. com/ apps/ quote?ticker=5714:JP
[69] http:/ / www. bloomberg. com/ apps/ quote?ticker=5803:JP
[70] http:/ / www. bloomberg. com/ apps/ quote?ticker=5715:JP
[71] http:/ / www. bloomberg. com/ apps/ quote?ticker=5801:JP
[72] http:/ / www. bloomberg. com/ apps/ quote?ticker=5711:JP
[73] http:/ / www. bloomberg. com/ apps/ quote?ticker=5706:JP
[74] http:/ / www. bloomberg. com/ apps/ quote?ticker=5701:JP
[75] http:/ / www. bloomberg. com/ apps/ quote?ticker=3436:JP
[76] http:/ / www. bloomberg. com/ apps/ quote?ticker=5802:JP
[77] http:/ / www. bloomberg. com/ apps/ quote?ticker=5713:JP
[78] http:/ / www. bloomberg. com/ apps/ quote?ticker=5707:JP
[79] http:/ / www. bloomberg. com/ apps/ quote?ticker=5901:JP
[80] http:/ / www. bloomberg. com/ apps/ quote?ticker=6366:JP
[81] http:/ / www. bloomberg. com/ apps/ quote?ticker=6367:JP
[82] http:/ / www. bloomberg. com/ apps/ quote?ticker=6361:JP
[83] http:/ / www. bloomberg. com/ apps/ quote?ticker=6305:JP
[84] http:/ / www. bloomberg. com/ apps/ quote?ticker=7004:JP
[85] http:/ / www. bloomberg. com/ apps/ quote?ticker=7013:JP
[86] http:/ / www. bloomberg. com/ apps/ quote?ticker=5631:JP
[87] http:/ / www. bloomberg. com/ apps/ quote?ticker=6473:JP
[88] http:/ / www. bloomberg. com/ apps/ quote?ticker=6301:JP
[89] http:/ / www. bloomberg. com/ apps/ quote?ticker=6326:JP
[90] http:/ / www. bloomberg. com/ apps/ quote?ticker=7011:JP
[91] http:/ / www. bloomberg. com/ apps/ quote?ticker=6471:JP
[92] http:/ / www. bloomberg. com/ apps/ quote?ticker=6472:JP
[93] http:/ / www. bloomberg. com/ apps/ quote?ticker=6103:JP
[94] http:/ / www. bloomberg. com/ apps/ quote?ticker=6302:JP
[95] http:/ / www. bloomberg. com/ apps/ quote?ticker=6857:JP
[96] http:/ / www. bloomberg. com/ apps/ quote?ticker=6770:JP
[97] http:/ / www. bloomberg. com/ apps/ quote?ticker=7751:JP
[98] http:/ / www. bloomberg. com/ apps/ quote?ticker=6952:JP
[99] http:/ / www. bloomberg. com/ apps/ quote?ticker=6796:JP
[100] http:/ / www. bloomberg. com/ apps/ quote?ticker=6902:JP
[101] http:/ / www. bloomberg. com/ apps/ quote?ticker=6954:JP
[102] http:/ / www. bloomberg. com/ apps/ quote?ticker=6504:JP
[103] http:/ / www. bloomberg. com/ apps/ quote?ticker=6702:JP
Nikkei 225 36

[104] http:/ / www. bloomberg. com/ apps/ quote?ticker=6674:JP

[105] http:/ / www. bloomberg. com/ apps/ quote?ticker=6501:JP
[106] http:/ / www. bloomberg. com/ apps/ quote?ticker=6971:JP
[107] http:/ / www. bloomberg. com/ apps/ quote?ticker=6752:JP
[108] http:/ / www. bloomberg. com/ apps/ quote?ticker=6991:JP
[109] http:/ / www. bloomberg. com/ apps/ quote?ticker=6508:JP
[110] http:/ / www. bloomberg. com/ apps/ quote?ticker=6479:JP
[111] http:/ / www. bloomberg. com/ apps/ quote?ticker=6503:JP
[112] http:/ / www. bloomberg. com/ apps/ quote?ticker=6767:JP
[113] http:/ / www. bloomberg. com/ apps/ quote?ticker=6701:JP
[114] http:/ / www. bloomberg. com/ apps/ quote?ticker=6703:JP
[115] http:/ / www. bloomberg. com/ apps/ quote?ticker=6773:JP
[116] http:/ / www. bloomberg. com/ apps/ quote?ticker=6764:JP
[117] http:/ / www. bloomberg. com/ apps/ quote?ticker=6753:JP
[118] http:/ / www. bloomberg. com/ apps/ quote?ticker=6758:JP
[119] http:/ / www. bloomberg. com/ apps/ quote?ticker=6976:JP
[120] http:/ / www. bloomberg. com/ apps/ quote?ticker=6762:JP
[121] http:/ / www. bloomberg. com/ apps/ quote?ticker=8035:JP
[122] http:/ / www. bloomberg. com/ apps/ quote?ticker=6502:JP
[123] http:/ / www. bloomberg. com/ apps/ quote?ticker=6841:JP
[124] http:/ / www. bloomberg. com/ apps/ quote?ticker=7012:JP
[125] http:/ / www. bloomberg. com/ apps/ quote?ticker=7003:JP
[126] http:/ / www. bloomberg. com/ apps/ quote?ticker=7270:JP
[127] http:/ / www. bloomberg. com/ apps/ quote?ticker=7205:JP
[128] http:/ / www. bloomberg. com/ apps/ quote?ticker=7267:JP
[129] http:/ / www. bloomberg. com/ apps/ quote?ticker=7202:JP
[130] http:/ / www. bloomberg. com/ apps/ quote?ticker=7261:JP
[131] http:/ / www. bloomberg. com/ apps/ quote?ticker=7211:JP
[132] http:/ / www. bloomberg. com/ apps/ quote?ticker=7201:JP
[133] http:/ / www. bloomberg. com/ apps/ quote?ticker=7269:JP
[134] http:/ / www. bloomberg. com/ apps/ quote?ticker=7203:JP
[135] http:/ / www. bloomberg. com/ apps/ quote?ticker=7762:JP
[136] http:/ / www. bloomberg. com/ apps/ quote?ticker=4902:JP
[137] http:/ / www. bloomberg. com/ apps/ quote?ticker=7731:JP
[138] http:/ / www. bloomberg. com/ apps/ quote?ticker=7733:JP
[139] http:/ / www. bloomberg. com/ apps/ quote?ticker=7752:JP
[140] http:/ / www. bloomberg. com/ apps/ quote?ticker=4543:JP
[141] http:/ / www. bloomberg. com/ apps/ quote?ticker=7912:JP
[142] http:/ / www. bloomberg. com/ apps/ quote?ticker=6465:JP
[143] http:/ / www. bloomberg. com/ apps/ quote?ticker=7911:JP
[144] http:/ / www. bloomberg. com/ apps/ quote?ticker=7951:JP
[145] http:/ / www. bloomberg. com/ apps/ quote?ticker=1332:JP
[146] http:/ / www. bloomberg. com/ apps/ quote?ticker=1334:JP
[147] http:/ / www. bloomberg. com/ apps/ quote?ticker=1605:JP
[148] http:/ / www. bloomberg. com/ apps/ quote?ticker=1721:JP
[149] http:/ / www. bloomberg. com/ apps/ quote?ticker=1925:JP
[150] http:/ / www. bloomberg. com/ apps/ quote?ticker=1963:JP
[151] http:/ / www. bloomberg. com/ apps/ quote?ticker=1812:JP
[152] http:/ / www. bloomberg. com/ apps/ quote?ticker=1802:JP
[153] http:/ / www. bloomberg. com/ apps/ quote?ticker=1928:JP
[154] http:/ / www. bloomberg. com/ apps/ quote?ticker=1803:JP
[155] http:/ / www. bloomberg. com/ apps/ quote?ticker=1801:JP
[156] http:/ / www. bloomberg. com/ apps/ quote?ticker=8001:JP
[157] http:/ / www. bloomberg. com/ apps/ quote?ticker=8002:JP
[158] http:/ / www. bloomberg. com/ apps/ quote?ticker=8058:JP
[159] http:/ / www. bloomberg. com/ apps/ quote?ticker=8031:JP
[160] http:/ / www. bloomberg. com/ apps/ quote?ticker=9984:JP
[161] http:/ / www. bloomberg. com/ apps/ quote?ticker=2768:JP
[162] http:/ / www. bloomberg. com/ apps/ quote?ticker=8053:JP
Nikkei 225 37

[163] http:/ / www. bloomberg. com/ apps/ quote?ticker=8015:JP

[164] http:/ / www. bloomberg. com/ apps/ quote?ticker=8267:JP
[165] http:/ / www. bloomberg. com/ apps/ quote?ticker=9983:JP
[166] http:/ / www. bloomberg. com/ apps/ quote?ticker=3099:JP
[167] http:/ / www. bloomberg. com/ apps/ quote?ticker=3086:JP
[168] http:/ / www. bloomberg. com/ apps/ quote?ticker=8252:JP
[169] http:/ / www. bloomberg. com/ apps/ quote?ticker=3382:JP
[170] http:/ / www. bloomberg. com/ apps/ quote?ticker=8233:JP
[171] http:/ / www. bloomberg. com/ apps/ quote?ticker=8270:JP
[172] http:/ / www. bloomberg. com/ apps/ quote?ticker=8332:JP
[173] http:/ / www. bloomberg. com/ apps/ quote?ticker=8331:JP
[174] http:/ / www. bloomberg. com/ apps/ quote?ticker=8309:JP
[175] http:/ / www. bloomberg. com/ apps/ quote?ticker=8354:JP
[176] http:/ / www. bloomberg. com/ apps/ quote?ticker=8306:JP
[177] http:/ / www. bloomberg. com/ apps/ quote?ticker=8411:JP
[178] http:/ / www. bloomberg. com/ apps/ quote?ticker=8404:JP
[179] http:/ / www. bloomberg. com/ apps/ quote?ticker=8308:JP
[180] http:/ / www. bloomberg. com/ apps/ quote?ticker=8303:JP
[181] http:/ / www. bloomberg. com/ apps/ quote?ticker=8355:JP
[182] http:/ / www. bloomberg. com/ apps/ quote?ticker=8316:JP
[183] http:/ / www. bloomberg. com/ apps/ quote?ticker=8403:JP
[184] http:/ / www. bloomberg. com/ apps/ quote?ticker=8601:JP
[185] http:/ / www. bloomberg. com/ apps/ quote?ticker=8628:JP
[186] http:/ / www. bloomberg. com/ apps/ quote?ticker=8604:JP
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[189] http:/ / www. bloomberg. com/ apps/ quote?ticker=8755:JP
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[193] http:/ / www. bloomberg. com/ apps/ quote?ticker=8803:JP
[194] http:/ / www. bloomberg. com/ apps/ quote?ticker=8802:JP
[195] http:/ / www. bloomberg. com/ apps/ quote?ticker=8801:JP
[196] http:/ / www. bloomberg. com/ apps/ quote?ticker=8830:JP
[197] http:/ / www. bloomberg. com/ apps/ quote?ticker=8815:JP
[198] http:/ / www. bloomberg. com/ apps/ quote?ticker=9020:JP
[199] http:/ / www. bloomberg. com/ apps/ quote?ticker=9008:JP
[200] http:/ / www. bloomberg. com/ apps/ quote?ticker=9009:JP
[201] http:/ / www. bloomberg. com/ apps/ quote?ticker=9007:JP
[202] http:/ / www. bloomberg. com/ apps/ quote?ticker=9001:JP
[203] http:/ / www. bloomberg. com/ apps/ quote?ticker=9005:JP
[204] http:/ / www. bloomberg. com/ apps/ quote?ticker=9021:JP
[205] http:/ / www. bloomberg. com/ apps/ quote?ticker=9062:JP
[206] http:/ / www. bloomberg. com/ apps/ quote?ticker=9064:JP
[207] http:/ / www. bloomberg. com/ apps/ quote?ticker=9107:JP
[208] http:/ / www. bloomberg. com/ apps/ quote?ticker=9104:JP
[209] http:/ / www. bloomberg. com/ apps/ quote?ticker=9101:JP
[210] http:/ / www. bloomberg. com/ apps/ quote?ticker=9202:JP
[211] http:/ / www. bloomberg. com/ apps/ quote?ticker=9205:JP
[212] http:/ / www. bloomberg. com/ apps/ quote?ticker=9301:JP
[213] http:/ / www. bloomberg. com/ apps/ quote?ticker=9433:JP
[214] http:/ / www. bloomberg. com/ apps/ quote?ticker=9432:JP
[215] http:/ / www. bloomberg. com/ apps/ quote?ticker=9613:JP
[216] http:/ / www. bloomberg. com/ apps/ quote?ticker=9437:JP
[217] http:/ / www. bloomberg. com/ apps/ quote?ticker=9412:JP
[218] http:/ / www. bloomberg. com/ apps/ quote?ticker=9502:JP
[219] http:/ / www. bloomberg. com/ apps/ quote?ticker=9503:JP
[220] http:/ / www. bloomberg. com/ apps/ quote?ticker=9501:JP
[221] http:/ / www. bloomberg. com/ apps/ quote?ticker=9532:JP
Nikkei 225 38

[222] http:/ / www. bloomberg. com/ apps/ quote?ticker=9531:JP

[223] http:/ / www. bloomberg. com/ apps/ quote?ticker=9737:JP
[224] http:/ / www. bloomberg. com/ apps/ quote?ticker=4324:JP
[225] http:/ / www. bloomberg. com/ apps/ quote?ticker=9766:JP
[226] http:/ / www. bloomberg. com/ apps/ quote?ticker=9735:JP
[227] http:/ / www. bloomberg. com/ apps/ quote?ticker=9681:JP
[228] http:/ / www. bloomberg. com/ apps/ quote?ticker=9602:JP
[229] http:/ / www. bloomberg. com/ apps/ quote?ticker=4704:JP
[230] http:/ / www. bloomberg. com/ apps/ quote?ticker=4689:JP

External links
• Nikkei 225 constituents (
• Nikkei 225 index on Yahoo! Finance (^N225&d=t)
• Nikkei 225 index on Google Finance (
• Nikkei 225 profile at Wikinvest

Hang Seng Index

The Hang Seng Index (abbreviated: HSI, Chinese: 恒生指數) is a freefloat-adjusted market capitalization-weighted
stock market index in Hong Kong. It is used to record and monitor daily changes of the largest companies of the
Hong Kong stock market and is the main indicator of the overall market performance in Hong Kong. These 45
constituent companies represent about 60% of capitalisation of the Hong Kong Stock Exchange.
It is traded between (opening value taken at 09:50) 10.00-12.30 and 14.30-16.00.Starting from 7th March, 2011,the
HKEX will extended their trading hours. In the first stage, (opening value will at 09:20 starting from that day)
09.30-12.00 and 13.30-16.00. In the second stage, from 5th March 2012, the afternoon trade will change to
13.00-16.00, that's mark with the mainland trading hours.
HSI was started on November 24, 1969, and is currently compiled and maintained by Hang Seng Indexes Company
Limited, which is a wholly owned subsidiary of Hang Seng Bank, one of the largest banks registered and listed in
Hong Kong in terms of market capitalisation. It is responsible for compiling, publishing and managing the Hang
Seng Index and a range of other stock indexes, such as Hang Seng China Enterprises Index, Hang Seng China AH
Index Series, Hang Seng China H-Financials Index, Hang Seng Composite Index Series, Hang Seng China A
Industry Top Index, Hang Seng Corporate Sustainability Index Series and Hang Seng Total Return Index Series.

When the Hang Seng Index was first published, its base of 100 points was set equivalent to the stocks' total value as
of the market close on July 31, 1964. Its all-time low is 58.61 points, reached retroactively on August 31, 1967, after
the base value was established but before the publication of the index. The Hang Seng passed the 10,000 point
milestone for the first time in its history on December 10, 1993 and, 13 years later, passed the 20,000 point milestone
on December 28, 2006. In less than 10 months, it passed the 30,000 point milestone on October 18, 2007. Its all-time
high, set on October 30, 2007, was 31,958.41 points during trading and 31,638.22 points at closing. From October
30, 2007 through March 9, 2008, the index lost 9,426 points or approximately 30%. On September 5, it fell past the
20,000 mark the first time in almost a year to a low of 19,708.39, later closing at 19,933.28. On October 8, 2008, the
index closed at 15,431.73, over 50% less than the all-time high and the lowest closing value in over two years. On
October 27, 2008, the index fell to 10,676.29 points, having fallen nearly two-thirds from its all-time peak.But stocks
passed the 20,000 point milestone again to 20,063.93 on 24 July 2009.
Hang Seng Index 39

On January 2, 1985, four sub-indices were established in order to make the index clearer and to classify constituent
stocks into four distinct sectors. There are 45 HSI constituent stocks in total. As of September 6, 2010, they are:
Hang Seng Finance Sub-index
• 0005 HSBC Holdings plc
• 0011 Hang Seng Bank Ltd
• 0023 Bank of East Asia, Ltd
• 0388 HKEx Limited
• 0939 China Construction Bank
• 1398 Industrial and Commercial Bank of China
• 2318 Ping An Insurance
• 2388 BOC Hong Kong (Holdings) Ltd
• 2628 China Life
• 3328 Bank of Communications Ltd
• 3988 Bank of China Ltd
Hang Seng Utilities Sub-index
• 0002 CLP Holdings Ltd
• 0003 Hong Kong and China Gas Company Limited
• 0006 Hong Kong Electric Holdings Ltd
• 0836 China Resources Power
Hang Seng Properties Sub-index
• 0001 Cheung Kong (Holdings) Ltd
• 0012 Henderson Land Development Co. Ltd
• 0016 Sun Hung Kai Properties Ltd
• 0083 Sino Land Co Ltd
• 0101 Hang Lung Properties Ltd
• 0688 China Overseas Land & Investment Limited
• 1109 China Resources Land Limited
Hang Seng Commerce & Industry Sub-index
• 0004 Wharf (Holdings) Ltd
• 0013 Hutchison Whampoa Ltd
• 0017 New World Development Co. Ltd.
• 0019 Swire Pacific Ltd 'A'
• 0066 MTR Corporation Ltd
• 0144 China Merchants Holdings (International) Co Ltd
• 0267 CITIC Pacific Ltd
• 0291 China Resources Enterprise, Ltd
• 0293 Cathay Pacific Airways Ltd
• 0330 Esprit Holdings Ltd
• 0386 Sinopec Corp
• 0494 Li & Fung Ltd
• 0700 Tencent Holdings Limited
• 0762 China Unicom Ltd
• 0857 PetroChina Company Limited
• 0883 CNOOC Ltd
Hang Seng Index 40

• 0941 China Mobile Ltd

• 1088 China Shenhua Energy Company Limited
• 1199 COSCO Pacific Ltd
• 1880 Belle International
• 1898 China Coal Energy
• 2038 Foxconn International Holdings Ltd
• 2600 Aluminum Corporation of China Limited (Chalco)
In the future, the number of constituent stocks will be increased to 50 in order to reflect the changes in the Hong
Kong stock market and to maintain the index as the most representative market benchmark.
The Hang Seng Composite Index Series (恒生綜合指數) was launched on October 3, 2001, targeting on providing
a broad standard of the performance of the Hong Kong stock market. It was last revamped on March 8, 2010, and
comprises 307 constituents (will become 306 from August 9, 2010). The market capitalisation of these companies
accounts for about 95% of the total capitalisation of the stocks in Hong Kong.
To ensure the impartiality of its operation, Hang Seng Indexes Company Limited established an Independent
Advisory Committee to give advice on issues pertaining to the indexes, including constituent changes and the
development of new indexes.

Hang Seng Industry Classification System

Hang Seng Industry Classification System (formerly called Hang Seng Stock Classification System) is a
comprehensive system designed for the Hong Kong stock market by Hang Seng Indexes Company Limited. It
reflects the stock performance in different sectors. It caters for the unique characteristics of the Hong Kong stock
market and maintains the international compatibility with a mapping to international industry classification
General classification guidelines:
i) The sales revenue arising from each business area of a company is the primary parameter of stock classification.
Profit or assets will also be taken into consideration where these better reflects the company's business.
ii) A company will be classified into different sectors according to its majority source of sales revenue(or profit or
assets if relevant).
iii) Re-classification of a stock's Industry Sector will occur once the company's business has undergone a major
change, such as, substantial merger or acquisition.
Industry sectors:
• Energy (能源業)
• Material (源材料業)
• Industrial Goods (工業製品業)
• Consumer Goods (消費品製造業)
• Services (服務業)
• Telecommunications (電訊業)
• Utilities (公共事業)
• Financials (金融業)
• Properties & Construction (地產建築業)
• Information Technology (資訊科技業)
• Conglomerates (綜合企業)
Source of information
The classification of each stock is based on the information available to the public, for example the annual reports
and company announcements.
Hang Seng Index 41

Selection criteria for the HSI constituent stocks

HSI constituent stocks are selected with the use of extensive analysis, together with external consultation. To be
qualified for selection, a company:
• must be among those that comprise top 90% of the total market value of all ordinary shares;
• must be among those that comprise top 90% of the total turnover on the Stock Exchange of Hong Kong Limited
"SEHK" (香港交易所);
• should have a listing history of 24 months or meet the requirements of the following Guidelines:
Guidelines for Handling Large-cap Stocks Listed for Less than 24 Months
For a newly listed large-cap stock, the minimum listing time required for inclusion in the stock universe for the HSI
review is as follows:

Average MV Rank at Time of Review Minimum Listing History

Top 5 3 Months

6–15 6 Months

16–20 12 Months

21–25 18 Months

Below 25 24 Months

Among the eligible candidates, final selections are based on their:

• market capitalisation and turnover rankings;
• representation of the respective sub-sectors within HSI; and
• financial performance.

Calculation formula for HSI

The current Hang Seng Index is calculated from this formula:

Descriptions on parameters:
• P(t):Current Price at Day t
• P(t-1):Closing Price at Day (t-1)
• IS:Issued Shares (Only H-share portion is taken into calculation in case of H-share constituents.)
• FAF:Freefloat-adjusted Factor, which is between 0 and 1, adjusted quarterly
• CF:Cap Factor, which is between 0 and 1, adjusted quarterly

Daily reports for HSI

Investors in Asian markets monitor the following reports for investment activities:
• Hang Seng Indexes Daily Bulletin
• Hang Seng Index (HSI) Constituent Stocks Performance
• Index Performance Summary
• Total Return Index Series Daily Bulletin
Hang Seng Index 42

Representativeness of the HSI

The representativeness of the HSI can be studied by the turnover of the whole stock market and by how much its
market capitalisation covers. The aggregate market value of the HSI constituent stocks is maintained at
approximately 60% of the total market value. This coverage ratio is a positive sign when compared with major
overseas stock indices.

Other related Hang Seng stock indexes

• Hang Seng China Enterprises Index (恒生中國企業指數)
• Hang Seng China-Affiliated Corporations Index (恒生香港中資企業指數)
• Hang Seng China H-Financials Index (恒生中國H股金融行業指數)
• Hang Seng Mainland 100 (恒生中國內地100)
• Hang Seng Mainland 25 (恒生中國內地25)
• Hang Seng HK 35 (恒生香港35)
• Hang Seng REIT Index (恒生房地產基金指數)
• Hang Seng Corporate Sustainability Index Series (恒生可持續發展企業指數系列)
• Hang Seng Composite Index (恒生綜合指數系列)
• Hang Seng Composite Industry Indexes (恒生綜合行業指數)
• Hang Seng Composite Size Indexes (恒生綜合市值指數)
• Hang Seng Short & Leveraged Index Series (恒生短倉及槓桿指數系列)
• Hang Seng China A Industry Top Index (恒生A股行業龍頭指數)
• Hang Seng China 50 Index (恒生神州50指數)
• Hang Seng China AH Premium Index(恒生AH股溢價指數)
• Hang Seng China AH Index Series (恒生AH指數系列)
• Hang Seng Total Return Index Series (恒生股息累計指數系列)
• Hang Seng Dividend Point Index Series (股息點指數系列)

External links
• Official website [1] (English) (Chinese)

[1] http:/ / http:/ / www. hsi. com. hk/
Article Sources and Contributors 43

Article Sources and Contributors

FTSE 100 Index  Source:  Contributors: 84user, A purple wikiuser, AK Auto, ALargeElk, Actarux, Ahoerstemeier, Alai, Alanbrett,
Alast0r, Ale jrb, Almaliq, AndrewHowse, Astrotrain, Avatars10, Avebury, Benbread, Bfinn, Brett Dunbar, Brookie, BrownHairedGirl, Bryan Derksen, BulldozerD11, CalJW, Calexico, Camw,
Carina22, Catapult, Catchpole, Cocoaguy, ColinEberhardt, Colonies Chris, Coolhawks88, Crispmuncher, DabMachine, Darkieboy236, David Edgar, Dayewalker, Deus Ex, Dewet,
Diasimon2003, DocendoDiscimus, Docu, Dominovitali, Dormskirk, ESkog, Edratzer, Ejhansen71, Errpudaeqi, Eugen Stamm, Francs2000, Fratrep, Gaius Cornelius, Gav 2000, GoldenTie,
Goudzovski, Gr1st, GraemeL, Greg Grahame, Gtjohnson, HamTin, Hayabusa future, Hooverbag, Horkana, Huaiwei, Ian3055, JLaTondre, JMcDermott, James Kemp, JamesBWatson, Java13690,
Jbarton1987, Jeffthejiff, Jerryseinfeld, Jonkerz, Joolz, Jpg, Jxan3000, Kakanana87, Kappa, Kavomix, Kinitawowi, Kjnpbr, Koavf, Korg, Kwamikagami, LeaveSleaves, Leszek Jańczuk,
Lightmouse, Luwilt, MARMOT, MER-C, MFlet1, Maproom, Mark06, Mark83, MarkS, Matthewmayer, Mauls, Max Naylor, Meco, Merrybrit, Miremare, Moondyne, Naneradio, NeilTarrant,
Nick, Noisy, Nomony, Nonagonal Spider, Nonlinearnjs, OS2Warp, Ohpuu, Oliver Chettle, Olivier, Orthorhombic, PRiis, Pafcool2, Paulmallon, Pcpcpc, Perfectblue97, Petrochik, Philbradley,
Piperh, Pjlon, Portsmouth&Southsea, R'n'B, Rangoon11, Reedshoes, Rich Farmbrough, Rnt20, SamuelTheGhost, Scartboy, ScottDavis, Shreshth91, Simon123, Sloman, Steved424, Sumit Desai,
Tabletop, Tamstrad, TechAnalysis, TexMurphy, Thebrid, Themfromspace, Thingg, Throup, Tiger888, Triffid, Viewfinder, Vilesy, Wadewocks, Wik, Wikidea, Woohookitty, Wuhwuzdat, Zigger,
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DAX  Source:  Contributors:, Ahuskay, Alast0r, Beetstra, Build-a-lot, Cdlw93, Chris the speller, ClickRick, Conversion
script, Cristiano Toàn, Da Joe, Dan Granahan, DocendoDiscimus, Dysprosia, Edward, Ghalas, Gpvos, Gr1st, History2007, Iamunknown, IceCreamAntisocial, Ischgucke, Jerryseinfeld, Jusjih,
Kappa, Kolja21, LOL, Lerdsuwa, Louis3ham, MPLX, Marcschulz, Markko, Molinari, Mulad, Mushroom, Myscrnnm, Olivier, OnePt618, Outriggr, PPerviz, Plastikspork, Renesis, Rjwilmsi, S.K.,
Sinn, Sircus, SlaveToTheWage, THOMAS, Teutonic Tamer, Tim Shell, Tsaiight, Tumadoireacht, UrbanBard, UweD, Villevav, Wapcaplet, Wzwz, Zencv, 95 anonymous edits

Dow Jones Industrial Average  Source:  Contributors: 113Bl643Y, 117.65.987aa, 1959er, 37.186, 7, AEMoreira042281, Aaron
Brenneman, Aboalbiss, Acn1994, Actarux, Adzling7, Alabimma, Alanscottwalker, Alansohn, Ale jrb, AlexanderHaas, AlexiusHoratius, AllGloryToTheHypnotoad, Allternitor, Alsandro, Amore
Mio, AnOddName, Andre Engels, Andres, Andrewpmk, Andy Marchbanks, Angelastic, Angoodkind, Anna Lincoln, Antandrus, Anti Internet, Argent71, Arthena, Astuishin, Atlantuhh,
Austin512, Avenue, Avono, BHAJAN PARTAP SEKHON, BarkerJr, Beagley, Bear21, BeefFatty, Beelerboehm, Beetstra, Befeel, Befell, BellAree, Bellon09, BenFrantzDale, Bender235,
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anonymous edits

Nikkei 225  Source:  Contributors: 0, ACSE, Alexambroz, Allenroulautstein, Andrevan, Andycjp, Apoc2400, Ark25, Arthena, Aseca21,
AtikuX, Ato basehore, AyaseHarukazeboy, Beagel, BigT27, C.m.brandenburg, CR85747, Chris 73, Chubbles, Cianpeco, Clawed, Cristiano Toàn, DaveRusin, Ddgonzal, Donarreiskoffer,
EddEdmondson, Espoo, Fg2, FirstPrinciples, Galuboo, Ganryuu, Harley peters, Hu12, Jamcib, Jburati, Jef-Infojef, Joseph Solis in Australia, Kappa, Kcowolf,, Kintetsubuffalo,
Krtek2125, Lightmouse, MChew, Mailer diablo, Mark06, Martarius, MikeJ9919, Naval Scene, Neier, Nikkul, Nixeagle, Nurg, Omodaka, One, OneiroPhobia, Outriggr, Pauly04, Pearle,
PrincessBrat, Rdsmith4, Riana, Ricky@36, Sabbut, Shinkansen Fan, SimonP, Sloman, Snoyes, Stevenmitchell, Takanoha, TakuyaMurata, Tangotango, Vespristiano, YourEyesOnly, Youssefsan,
セフィロス, 朝彦, 63 anonymous edits

Hang Seng Index  Source:  Contributors: 24hoichingyeung, 40steve, 41gulzehra, 41kinbi, 43chun, 44AlanChan, 44sunnychan, 45uland,
46gabrielau, AEMoreira042281, Ahoerstemeier, Alexius08,, Andycjp, Antandrus, Avaragado, Avono, Axlq, Caiaffa, CaliforniaAliBaba, Catgut, Chargersfan111, Chengdi,
ChiragPatnaik, Cjfsyntropy, Cjusticehk, Clarityfiend, Colfer2, DJBullfish, Davburns, Davidpage, Dengero, Discospinster, DocWatson42, Docboat, Edmondchan7, Enlil Ninlil, FitzColinGerald,
Giftlite, Gilliam, Gr1st, Graham87, HenryLi, Heroeswithmetaphors, HongQiGong, Horaceli, Hsilservices, Instantnood, Isnow, Ixfd64, Java17, Jerryseinfeld, JohnCD, Jonkerz, Joseph Solis in
Australia, Kaihsu, Kappa, KathrynLybarger, Klasnicinhk, Kuru, LG4761, LedgendGamer, Leeyc0, MER-C, Madchester, Mark06, Martinf hk, Matthew hk, Michael Hardy, Ndenison,
Nealcardwell, Nskillen, Ohconfucius, Olivier, Outriggr, Paul Barlow, Pauly04, Quicksilvre, Ricky@36, Roscoe x, Ru40342, SDC, Satori Son, SchmuckyTheCat, Slb nsk, Super-Magician,
Supernorton, Takamaxa, TechAnalysis, Themfromspace, Theoneintraining, TonyW, Unamed102, Vikramparsani, WadeSimMiser, Whiskeydog, Wonghang, Wtmitchell, Yacht, Zhjul,
滑天下之大稽, 204 anonymous edits
Image Sources, Licenses and Contributors 44

Image Sources, Licenses and Contributors

File:Boerse Frankfurt inside.jpg  Source:  License: GNU Free Documentation License  Contributors: user:aka
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Timeshifter, 2 anonymous edits
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File:DJIA during 911.svg  Source:  License: Public Domain  Contributors: Original uploader was Lalala666 at en.wikipedia
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License 45

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