ProCredit Holding joins SDAX as Nagarro exits

Deutsche Börse said the reshuffle follows Nagarro’s effective loss of investable float, with SDAX rules requiring at least 10% of shares to remain freely tradable. Once a strategic or financial buyer controls the overwhelming majority of a company, index providers typically remove it from the basket to keep the benchmark investable for passive money.

ProCredit, which trades under ticker PCZ.DE, has been relatively steady in recent sessions around 8.72 euros, with its 50-day moving average near 8.59 euros and the 200-day average around 8.05 euros, suggesting the stock has already been firming before the index change takes effect. Nagarro, meanwhile, has been far more volatile this year and was last at 77.55 euros, but its SDAX exit is now driven by ownership structure rather than price action.

The move fits a broader pattern of turnover in Germany’s small-cap segment, where corporate transactions and float changes can matter more than earnings revisions in the short term. The next catalyst is the actual index-effective date, when passive rebalancing flows should hit both stocks.