By Scott Kanowsky
Investing.com -- Shares in Siemens Energy AG (ETR:ENR1n) jumped by more than 3% in afternoon European trading, after the company was once again promoted to Germany's DAX index.
In a statement, stock market operator Deutsche Boerse (ETR:DB1Gn) said Siemens Energy - a spin-off of the gas and power division of Siemens Group - will enter the German blue-chip benchmark on September 19.
The DAX includes some of the biggest German listed companies based on factors like market value and profitability. A sweeping restructuring effort last year saw the number of firms on the index expanded to 40 from 30.
Siemens Energy will replace meal-kit delivery service HelloFresh SE (ETR:HFGG), which will in turn drop into the mid-cap MDAX index. Shares in HelloFresh rose on Tuesday, but have fallen by 74.5% over the past one-year period as the group grapples with a post-pandemic slowdown in customer demand and increased competition.
Siemens Energy, which returns to the DAX after it was previously ousted in March, has a market value of €10.6B. Its shares are lower by more than 44% over the last year.