While Nokia has been making a comeback lately, it seems that the Gods are still not behind it.
The outfit has been dropped from the Euro Stoxx 50 Index in a move that could damage its share price. Nokia was ranked 34th in the 15-year old listing which is supposed to include 50 of the top stocks from across the Eurozone. However it looks like Nokia will be replaced by French aerospace firm EADS on March 18 as part of a regular index review.
That’s a set back for the firm, which posted an improved quarter of business when it revealed a $584 million operating profit on $10.7 billion in net sales for the fourth quarter of 2012. During the “solid” quarter it sold 4.4 million Lumia devices and 9.3 million Asha units.
Stocks included in the Euro Stoxx 50 Index are commonly used by mutual funds and other investors. It does mean that some funds could cash in their shares in favour of those that remain on the list. However it could always come back. Nokia was dropped by Euro Stoxx back in September 2011, so it may yet stage another comeback.