New market

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The New Market was a segment of the German stock exchange that was set up in 1997 in the wake of the euphoria surrounding the New Economy, based on the model of the American technology exchange NASDAQ . As a stock index (performance index ) it should reflect the market segment of the "new technologies" and offer young companies in so-called future industries , such as information technology , multimedia , biotechnology and telecommunications as well as producers of research-intensive products, a possibility of equity financing via an IPO. (The industry criterion was interpreted broadly; the retirement home operator Refugium AG was also represented.) The first two shares traded on the Neuer Markt on March 10, 1997 were those of Mobilcom (telecommunications) and Bertrandt AG ( engineering services ).

Development of the new market

The Neuer Markt recorded rapid growth between 1997 and 2000. At the peak, more than 300 companies in this segment listed . The German banks did the business with the IPO ( Initial Public Offering ), i. H. the first public offering of shares on the stock exchange, neglected. So was led by Dietrich Walther , the Gold-Zack AG or ascend its affiliated Gontard & MetallBank one of the leading issuing houses for shares in the new market.

Deutsche Börse first introduced the Neuer Markt index Nemax . On July 1, 1999, the Nemax 50 was added. It consisted of the 50 largest stocks in terms of market capitalization and stock exchange turnover. The previous Nemax was renamed Nemax All Share (or Nemax AS) and still contained all values.

Due to the apparently explosive growth, especially in the area of ​​the Internet ( dot-com bubble ), the Nemax 50, which was calculated back to 1000 points on December 31, 1997, rose on March 10, 2000 to its all-time high of 9666 points.

In parallel to the development on the international stock exchanges , the quotations also fell on the Neuer Markt from March 2000 onwards. First lists of potential bankruptcy candidates were published on the Internet and in the press. In September 2000, Gigabell actually became the first company in what would later become an endless series of bankruptcies . Caused a stir u. a. the insolvency of Infomatec AG in May 2001, which had previously published fraudulent ad hoc reports in series. 2001 tried by a forced the German stock market, the growing number of insolvent companies delisting from penny stocks to disguise. However, many of the companies concerned sued against this. The rule was later dropped; the portal page neuermarkt.com of Deutsche Börse was closed at the end of 2001 for this purpose.

In 2002 the downward trend was intensified by numerous scandals at some of the listed companies. The most spectacular case of fraud was the telematics provider ComROAD , whose business activities consisted almost exclusively of bogus sales with itself. Company founder Bodo Schnabel was arrested and later sentenced to seven years in prison. The EM.TV case with the brothers Thomas and Florian Haffa also kept the criminal and civil courts busy for years. Other company boards were convicted of insider trading and price fraud. The Nemax reached a level of only 318 points on October 9, 2002 and thus lost over 96 percent of its value (over 200 billion euros) in just 31 months. Many of the stocks , which at the height of the speculative bubble in March 2000 were still valued at more than 100 euros in some cases, were found as penny stocks.

The development was fueled by investor magazines and actual or supposed experts, so-called stock market gurus , who (in some cases probably also for selfish motives) continued to drive the prices with new buy recommendations. This applies e.g. B. for recommendations from Bernd Förtsch . The fund manager Kurt Ochner also contributed to some price exaggerations. In addition, some companies published misleading metrics, hiding their losses. At the height of the speculative bubble, individual Neuer Markt companies had a higher market value than large industrial groups. Even at this point in time, enthusiastic buy recommendations with utopian price targets still dominated the relevant media . The countermovement of the market then took place all the more violently.

As a result of the sharp drop in the share price, Deutsche Börse decided to fundamentally re-segment the shares, to which the Neuer Markt segment fell victim. It was closed on June 5, 2003. As the successor to the Nemax 50, the TecDAX was installed, which now consists of only 30 (instead of 50) values ​​and has been officially calculated since March 2003; The Technology All Share followed the Nemax All Share. Most of the stocks initially contained in the TecDAX were, however, already members of the NEMAX 50. In order to guarantee continuity, especially in the processing of derivatives , the NEMAX 50 was calculated until December 30, 2004. Both TecDAX and NEMAX 50 have been able to recover from their lows since March 2003.

NEMAX 50 company

At the time of its final discontinuation on December 30, 2004, the NEMAX 50 was composed of the following stock corporations . Companies marked with * belonged to January 2011 and those marked with (*) have since belonged to its successor index TecDAX .

However, the above list with the final score is not representative of the composition of the NEMAX 50 during the decisive years of the Neuer Markt, as it contains many stragglers who were added late to the index. The composition of the NEMAX 50 has been subject to continuous major changes during the few years of its existence. In addition to the involuntary departure due to failure to meet the criteria for the NEMAX 50, there have been cases in recent years that companies have left the Neuer Markt stock exchange segment of their own accord. This applies particularly to the date at the end of March 2003, when 14 titles were exchanged at the same time. Of the 50 titles on the list from the end of 2004, only 11 (or 13, since 1 & 1 was absorbed into United Internet and Bintec into Funkwerk) were already included in the index on July 1, 1999. At that time, when the New Market received a lot of attention, the NEMAX 50 consisted of the following companies:

1 & 1 (merged into United Internet), ADVA Optical Networking , Aixtron , artnet , Basler , BB Biotech , Bintec Communication , Brain International (software provider), Brokat , CE Consumer Electronic , CineMedia Film , Consors , CPU Softwarehouse , Cybernet, Edel Music , EM.TV , Endemann Internet, Fortunecity.com, Heyde , Highlight Communications , IDS Scheer , I: FAO, Infomatec , Infor business solution (merged into Infor Global Solutions ), Intershop Communications , Intertainment , IXOS Software, Jumptec, Kinowelt , LHS Group, mb Software, Medion , Micrologica, Mobilcom, Nemetschek , NSE Software, Pfeiffer Vacuum , Primacom , Qiagen , Realtech , SCM Microsys., Senator Film , SER Systems, Singulus , STEAG HamaTech, TelDaFax , Telegate , Teleplan International , Teles , Utimaco Safeware.

In the meantime, the NEMAX 50 also included the following companies: Augusta Technologie , Balda , Biodata , Comdirect , ComROAD , DAB Bank , D.Logistics , Gericom , Lambda Physik , m + s Elektronik , Nordex , Pixelpark , ricardo.de , Thiel Logistik .

See also

Web links

Individual evidence

  1. ↑ Refugium AG is now being liquidated after the bankruptcy . World online. September 20, 2001. Retrieved August 14, 2012.
  2. ↑ Gontard Emissions: The List of Horror . manager magazine. May 8, 2002. Retrieved August 13, 2012.
  3. ^ Günter Ogger : The stock market fraud. How shareholders and investors are being fooled, C. Bertelsmann Verlag, Munich 2001, pp. 204f.
  4. ↑ The Guru of the New Market . The mirror. October 16, 2000. Retrieved August 21, 2012.
  5. ^ New market: misleading investors . Mirror online. September 8, 2000. Retrieved September 21, 2012.
  6. ↑ Nemax50 calculated for the last time - a downer for stock market junkies. Retrieved August 23, 2013 .
  7. ↑ a b NEMAX 50 - Brief information (as of July 2003) (PDF; 43 kB) Deutsche Börse Group. Archived from the original on December 20, 2013. Info: The archive link was automatically inserted and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice. Retrieved September 8, 2012. @1@ 2Template: Webachiv / IABot / deutsche-boerse.com