Construction group Hochtief will join Germany’s benchmark DAX index for the first time on June 22. The Essen-based company replaces Porsche Automobil Holding SE, which drops to the MDAX.
ISS STOXX, a subsidiary of Deutsche Börse, announced the index changes on Wednesday evening. Hochtief benefits from a strong share price run fueled by the data center boom, infrastructure programs and rising defense spending. Through its US subsidiary Turner Construction the company recorded sharp order growth in North America. New orders rose 48 percent to 12.1 billion dollars by the end of May, while the order backlog grew 34 percent to 48.9 billion dollars. Elmos Semiconductor, Siltronic and Süss MicroTec will also join the MDAX. Redcare Pharmacy, Ströer and Jungheinrich move to the SDAX.