Steel giant Thyssenkrupp to leave Germany's DAX index

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German steel giant Thyssenkrupp AG will have to leave Germany's benchmark DAX index on September 23, the Deutsche Boerse announced on Wednesday evening.

Thyssenkrupp will be replaced by German aircraft engine manufacturer MTU Aero Engines AG, the Deutsche Boerse said. After its exit from the DAX, Thyssenkrupp will be included in the MDAX index, the Xinhua news agency reported.

In August, the German industrial giant with more than 200 years of history reported a pre-tax profit slump of 85 per cent between April and June this year from the same period last year.

The benchmark DAX is a blue chip stock market index consisting of 30 major German companies trading on the Frankfurt Stock Exchange. The MDAX is the second stock market league consisting of 60 companies.

The DAX index closed 0.96 per cent higher at 12,025.04 on Wednesday. Stocks of Thyssenkrupp rose by 3.48 per cent to close at 11.00 Euros ($12.14) per share.

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