S&P/ASX 200

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The S&P/ASX 200 index is a market-capitalization weighted and float-adjusted stock market index of stocks listed on the Australian Securities Exchange. The index is maintained by Standard & Poor's and is considered the benchmark for Australian equity performance. It is based on the 200 largest ASX listed stocks, which together account for about 82% (as at March 2017) of Australia’s sharemarket capitalisation.[1]

The ASX 200 was started on 31 March 2000 with a value of 3133.3,[2] equal to the value of the All Ordinaries at that date. The ASX 200 reached 6,000 points for the first time on Thursday 15 February 2007.[3] On 22 December 2017, the ASX 200 was 6,069.[4]

Bloomberg, CNBC, Yahoo! Finance and Wikinvest use respectively the symbols AS51[5] .AXJO[6] ^AXJO[7] and AXJO[8] to refer to this index.

Calculations[edit]

The ASX 200 is capitalization-weighted, meaning a company's contribution to the index is relative to its total market value i.e. share price multiplied by the number of tradeable shares. The ASX 200 is also float adjusted, meaning the absolute numerical contribution to the index is relative to the stock's value at the float of the stock.[9]

Although the calculation starts with a sum of the market capitalisation of the constituent stocks, it's intended to reflect changes in share price, NOT market capitalisation. Therefore, a fudge factor called the "Divisor" is used to ensure that the index value only changes when stock prices change, not whenever market capitalisation changes. For example, if a company increases its market capitalisation by issuing new shares, the Divisor is adjusted so that the ASX 200 index value does not change.

Eligibility[edit]

To be eligible for inclusion in the ASX 200 Index:[10]

  • Market capitalization: A stock’s weight in the index is determined by the float-adjusted market capitalization of the stock. This is a function of current index shares, the latest available stock price and the Investable weight factor (IWF). The IWF represents the float-adjusted portion of a stock’s equity capital. Therefore, any strategic holdings that are classified as either corporate, private or government holdings reduce the IWF which, in turn, results in a reduction in the float-adjusted market capital. Shares owned by founders, directors of the company, trusts, venture capitalists and other companies are also excluded. These are also deemed strategic holders, and are considered long-term holders of a stock’s equity. Any strategic shareholdings that are greater than 5% of total issued shares are excluded from the relevant float.
  • Liquidity: The trading volume in terms of dollar value and the number of transactions must exceed at least 0.025% of the sum of all eligible securities' trading volume. To ensure that no single company dominates trading, they are capped at a maximum of 15% for value, volume and transactions.
  • Listing: Only stocks listed on the Australian Stock Exchange will be considered for inclusion in any of the S&P/ASX indices.

Constituent companies[edit]

The number of companies in the index is highly dynamic and does not always revert to exactly 200. On average, the index is rebalanced every quarter by Standard & Poors.:[11]

As of 5 July 2018, the constituent stocks of the ASX 200 in alphabetical order by symbol are[12]

Code Company Sector HQ
A2M The a2 Milk Company Food, Beverage & Tobacco Sydney
AAD Ardent Leisure Group Consumer Discretionary Sydney
AAC Australian Agricultural Limited Consumer Staples Brisbane
ABC Adelaide Brighton Materials Adelaide
ABP Abacus Property Group Financials Sydney
APT Afterpay Financials Sydney
AGL AGL Energy Ltd Utilities Sydney
AHG Automotive Holdings Consumer Discretionary Perth
AHY Asaleo Care Ltd Consumer Staples
ALL Aristocrat Leisure Consumer Discretionary Sydney
ALQ ALS Limited Industrials Brisbane
ALU Altium Ltd Information Technology
AMC Amcor Ltd Materials Melbourne
AMP AMP Ltd Financials Sydney
ANN Ansell Ltd Health Care Melbourne
ANZ ANZ Banking Group Ltd Financials Melbourne
AOG Aveo Group Financials
APA APA Group Utilities
API Australian Pharmaceutical Industries Health Care
APO APN Outdoor Group Consumer Discretionary
ARB ARB Corporation Energy
AST AusNet Services Ltd Utilities
ASX ASX Ltd Financials Sydney
AWC Alumina Ltd Materials Brisbane
AZJ Aurizon Holdings Ltd Industrials Brisbane
BAP Bapcor Ltd Consumer Discretionary
BEN Bendigo and Adelaide Financials Melbourne
BGA Bega Cheese Ltd Consumer Staples Bega
BHP BHP Billiton Ltd Materials Melbourne / London
BKL Blackmores Ltd Consumer Staples Sydney
BKW Brickworks Ltd Materials
BLD Boral Ltd Materials
BOQ Bank of Queensland Financials Brisbane
BPT Beach Energy Ltd Energy
BRG Breville Group Ltd Consumer Discretionary
BSL BlueScope Steel Ltd Materials
BTT BT Investment Management Financials
BWP BWP Trust Financials
BXB Brambles Ltd Industrials Sydney
CAR Carsales.com Ltd Information Technology
CBA Commonwealth Bank Financials Sydney
CCL Coca-Cola Amatil Consumer Staples Sydney
CCP Credit Corp Group Industrials
CGC Costa Group Holdings Financials
CGF Challenger Ltd Financials
CHC Charter Hall Group Financials
CIM Cimic Group Ltd Industrials
CMW Cromwell Property Financials
CNU Chorus Ltd Telecommunication Services
COH Cochlear Ltd Health Care Sydney
CPU Computershare Ltd Information Technology Melbourne
CQR Charter Hall Retail Financials
CSL CSL Ltd Health Care Melbourne
CSR CSR Ltd Materials
CTD Corp Travel Ltd Financials
CTX Caltex Australia Energy
CWN Crown Resorts Ltd Consumer Discretionary Melbourne
CWY Cleanaway Waste Ltd Commercial & Professional Services
CYB CYBG Plc Banks
DLX Duluxgroup Ltd Materials
DMP Domino PIZZA Enterprises Financials
DOW Downer Edi Ltd Industrials
DXS Dexus Units FP Stapled Real Estate Sydney
ECX Eclipx Group Ltd Diversified Financials
EHE Estia Health Ltd Health Care
EVN Evolution Mining Ltd Materials
FBU Fletcher Building Foreign Exempt NZX Materials
FLT Flight Centre Travel Consumer Discretionary
FMG Fortescue Metals Group Materials Perth
FPH Fisher & Paykel H Foreign Exempt NZX Health Care
FXJ Fairfax Media Ltd Financials
FXL Flexigroup Ltd Financials
GEM G8 Education Ltd Financials
GMA Genworth Mortgage Financials
GMG Goodman Group Financials Sydney
GNC GrainCorp Ltd Consumer Staples
GOZ Growthpoint Property Financials
GPT GPT Group Financials Sydney
GTY Gateway Lifestyle Financials
GUD G.U.D. Holdings Financials
GWA GWA Group Ltd Industrials
GXL Greencross Ltd Health Care
GXY Galaxy Resources Materials
HSO Healthscope Ltd Health Care
HT1 HT&E Ltd Media
HVN Harvey Norman Consumer Discretionary Sydney
IAG Insurance Australia Group Financials Sydney
IFL IOOF Holdings Ltd Financials
IFN Infigen Energy Stapled Securities FP Utilities
IGO Independence Group Materials
ILU Iluka Resources Materials Perth
INM Iron Mountain Real Estate
IOF Investa Office Fund Financials
IPH IPH Ltd Commercial & Professional Services
IPL Incitec Pivot Materials Melbourne
IRE Iress Ltd Information Technology
ISD Isentia Group Ltd Information Technology
IVC Invocare Ltd Consumer Discretionary Sydney
JBH JB Hi-Fi Ltd Consumer Discretionary Melbourne
JHC Japara Healthcare LT Health Care
JHG Janus Henderson Diversified Financials
JHX James Hardie Industries Materials
LLC Lendlease Financials Sydney
LNK Link Admin HLDG Software & Services
MFG Magellan Fin Group Ltd Financials
MGR Mirvac Group Financials Sydney
MIN Mineral Resources Industrials Perth
MMS Mcmillan Shakespeare Industrials
MND Monadelphous Group Industrials Perth
MPL Medibank Private Ltd Financials Melbourne
MQA Macquarie Atlas Roads Industrials
MQG Macquarie Group Ltd Financials Sydney
MTR Mantra Group Ltd Consumer Discretionary
MTS Metcash Ltd Consumer Staples
MYO Myob Group Ltd Information Technology
MYR Myer Holdings Ltd Consumer Discretionary Melbourne
MYX Mayne Pharma Ltd Health Care
NAB National Australia Bank Financials Melbourne
NAN Nanosonics Ltd Health Care Equipment & Services
NCM Newcrest Mining Materials Melbourne
NEC Nine Entertainment Consumer Discretionary Sydney
NSR National Storage Financials
NST Northern Star Materials Perth
NUF Nufarm Ltd Materials Melbourne
NVT Navitas Ltd Consumer Discretionary Perth
NWS News Corp Class B Consumer Discretionary
NXT NEXTDC Ltd Software & Services
OML Ooh!Media Ltd Media
ORA Orora Ltd Materials
ORE Orocobre Ltd Materials
ORG Origin Energy Energy Sydney
ORI Orica Ltd Materials Melbourne
OSH Oil Search Ltd Energy Port Moresby
OZL OZ Minerals Materials
PGH Pact Group Holdings Ltd Materials
PMV Premier Investments Consumer Discretionary
PPT Perpetual Ltd Financials
PRY Primary Health Care Health Care
PTM Platinum Asset Management Financials
QAN Qantas Airways Industrials Sydney
QBE QBE Insurance Group Financials Sydney
QUB QUBE Holdings Ltd Industrials
REA REA Group Consumer Discretionary
REG Regis Healthcare Ltd Health Care
RFG Retail Food Group Consumer Discretionary
RHC Ramsay Health Care Health Care
RIO RIO Tinto Ltd Materials Melbourne / London
RMD Resmed Inc Health Care
RRL Regis Resources Materials Perth
RSG Resolute Mining Materials
RWC Reliance Worldwide Capital Goods
S32 SOUTH32 Ltd Materials Perth
SAR Saracen Mineral Materials
SBM ST Barbara Ltd Materials
SCG Scentre Group Financials
SCP SCA Property Group Financials
SDA Speedcast Int Ltd Telecommunication Services
SDF Steadfast Group Ltd Financials
SEK Seek Ltd Commercial Services & Supplies Melbourne
SFR Sandfire Resources Materials Perth
SGM Sims Metal Management Ltd Materials
SGP Stockland Group Financials Sydney
SGR The Star Ent Group Financials
SHL Sonic Healthcare Health Care Sydney
SIG Sigma Health Ltd Health Care Equipment & Services
SKC Skycity Ent Group Ltd Consumer Discretionary
SKI Spark Infrastructure Utilities
SKT Sky Network Consumer Discretionary
SPK Spark New Zealand Telecommunication Services
SRX Sirtex Medical Health Care
STO Santos Ltd Energy Adelaide
SUL Super Retail Group Ltd Consumer Discretionary
SUN Suncorp Group Ltd Financials Brisbane
SVW Seven Group Holdings Industrials
SWM Seven West Media Ltd Consumer Discretionary Perth
SXL STHN Cross Media Consumer Discretionary
SYD SYD Airport FP Stapled Securities US Prohibited Industrials Sydney
SYR Syrah Resources Materials
TAH Tabcorp Holdings Ltd Consumer Discretionary Melbourne
TCL Transurban Group Ordinary Shares/Units FP Triple Stapled Industrials Melbourne
TGR Tassal Group Ltd Consumer Staples Hobart
TLS Telstra Corporation Telecommunications Services Melbourne
TME Trade Me Group Consumer Discretionary
TNE Technology One Information Technology
TPM TPG Telecom Ltd Telecommunication Services
TTS Tatts Group Ltd Consumer Discretionary
TWE Treasury Wine Estate Consumer Staples Melbourne
VCX Vicinity Centres Financials
VOC Vocus Group Ltd Telecommunication Services
VRT Virtus Health Ltd Health Care
VVR Viva Energy REIT Real Estate
WBC Westpac Banking Corp Financials Sydney
WEB Webjet Ltd Retailing
WES Wesfarmers Ltd Industrials Perth
WFD Westfield Corp Financials Sydney
WHC Whitehaven Coal Energy
WOR Worleyparsons Ltd Energy Sydney
WOW Woolworths Ltd Consumer Staples Sydney
WPL Woodside Petroleum Energy Perth
WSA Western Areas Ltd Materials
WTC Wisetech Global Ltd Information Technology Sydney
XRO Xero Ltd Software

Past constituents[edit]

See also[edit]

References[edit]

  1. ^ ASX Top 200 Companies
  2. ^ "Aussie market breaks 5000 point barrier". Sydney Morning Herald. Fairfax Media. 20 March 2006. Retrieved 3 March 2008.
  3. ^ Burrow, Vanessa (16 February 2007). "Three cheers for the mighty 6000 as the record keeps on playing". The Age. Retrieved 8 August 2011.
  4. ^ ASX rallies into Christmas break on miners, banks
  5. ^ AS51 Quote - S&P/ASX 200 Index - Bloomberg Markets
  6. ^ CNBC quote for S&P/ASX 200
  7. ^ ^AXJO: Summary for S&P/ASX 200-Yahoo! Finance
  8. ^ Index: S&P/ASX 200 Index (AXJO) - Wikinvest
  9. ^ "Index Mathematics Methodology" (PDF). Standard & Poor's. Archived from the original (PDF) on 6 November 2011. Retrieved 24 November 2011.
  10. ^ ASX 200 eligibility rules via Wikinvest
  11. ^ "S&P/ASX200". Standard & Poors.
  12. ^ http://www.marketindex.com.au/asx200

External links[edit]