Companies taken off Nemax 50, MDAX indexes
BERLIN — Already at rock bottom, share prices in troubled German film companies Kinowelt Medien and VCL Film + Medien saw little change Monday as they were respectively booted off the Nemax 50 and MDAX indexes as part of a cleanup effort by the Deutsche Boerse, Germany’s stock exchange.
Earlier this month, Kinowelt reported higher than expected half-year losses of $176 million. It is still trading on the Neuer Markt, which lists 300 media and high-tech companies. While company’s stock price saw a 15% drop on Monday, it was up again by nearly the same amount Tuesday to about 49¢.
VCL’s shares fell 4.2% to $1.25 on Monday but rose again to around $1.32. Company, which has production deals with Woody Allen and Francis Ford Coppola, has indicated it will soon be merging with an unnamed media company.
The MDAX is the Deutsche Boerse’s index for medium-sized companies.