The Fonterra Shareholders' Fund, whose units soared 26 percent on their first day of trading, will tip wool carpetmaker Cavalier Corp out of the benchmark NZX 50 index this month.
The Fonterra fund, which has surged by a third from its $5.50 offer price, has met the ranking and liquidity requirements and will join the benchmark index on January 21, the stock exchange operator says in a statement after the close of business.
Cavalier, which has shed 23 percent over the past 12 months, will leave the top 50, being the lowest-ranked stock.
Units in the Fonterra fund, which give investors a slice of Fonterra Cooperative Group's dividend stream, rose 0.8 percent to $7.31 in trading today, while Cavalier shares gained 1.8 percent to $1.71.
The reshuffle comes after retirement village operators and developers Metlifecare and Summerset Group joined the top 50 at the expense of Goodman Fielder and New Zealand Refining in the December quarterly review.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Soccer shocker: beIN won't launch standalone streaming service in NZ
- Will a merged Tesla-SolarCity put a solar-powered battery in every home?
- Air NZ’s CHRISTOPHER LUXON opens up on competition and declining earnings
- Cannabis reform needed but please cut the crap
- Why do media keep reporting claims obviously false?
Most listened to
- Sunday Business Episode 26: Air New Zealand CEO Christopher Luxon
- 'Grumpy as hell' Bill Bennett says he'll use a VPN to connect to Chelsea's club channel
- “Cut the cuteness about cannabis reform” - Matthew Hooton
- Rodney Hide thinks Winston Peters will be the future Maori king
- Ethical investment in KiwiSaver - David Cohen vs. Matt Nippert