STOXX Ltd. posted information on component changes taking place in its Blue-Chip indexes on Friday. As of March 18th this year, Finnish technology company Nokia (OMXH: NOK1V) will no longer be a part of Euro Stoxx 50, the leading such index for the Eurozone involving leading companies in their sector in Euro area. Replacing Nokia will be the European Aeronautic Defence and Space Company N.V. EADS (Euronext: EAD, BMAD: EAD, FWB: EAD).
Since index funds that are tracking the indices need to act accordingly, such events tend to have an effect in the stock market price at least in the short term. Nokia has been a Stoxx 50 component since 1998. It was taken away from STOXX Europe 50 in 2011. Following a period of strong performance, Nokia has been lagging in recent days. The company is not paying dividends for fiscal year 2012 as it continues to try to turn around its fortunes.
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