Summerset, Metlifecare join NZX 50, ousting NZ Refining, Goodman Fielder

Retirement village operators and developers Summerset Group and Metlifecare will join the stock exchange's benchmark NZX 50 Index next week, replacing Goodman Fielder and NZ Refining.

Summerset, with a market cap of $474.8 million, and Metlifecare, valued at $560.7 million, met the stock exchange's liquidity and ranking criteria and will join the top 50 on December 24, the NZX says in a statement.

They replace dual-listed food ingredients maker Goodman Fielder and NZ Refining, which is controlled by the major petrol companies, after both failed to meet liquidity requirements in the last two quarterly reviews.

Joining the NZX 50 means institutional investment funds that track indices will have to buy shares in the two new companies, while exiting their holdings in the departed.

Shares in Summerset fell 0.9 percent to $2.21 in trading today, while Metlifecare slid 0.3 percent to $3.04. NZ Refining shares dropped 0.8 percent to $2.60, while Goodman Fielder was unchanged at 85 cents.

(BusinessDesk)


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NZ Market Snapshot

Forex

Sym Price Change
USD 0.6617 0.0000 0.00%
AUD 0.9312 0.0000 0.00%
EUR 0.5883 0.0000 0.00%
GBP 0.4560 0.0000 0.00%
HKD 5.1599 0.0000 0.00%
JPY 74.9170 0.0000 0.00%

Commods

Commodity Price Change Time
Gold Index 1237.4 -9.140 2016-02-12T00:
Oil Brent 34.0 -0.490 2016-02-12T00:
Oil Nymex 31.9 3.190 2016-02-12T00:
Silver Index 15.8 0.000 2016-02-12T00:

Indices

Symbol Open High Last %
NZX 50 5987.0 5987.0 5987.0 -0.89%
NASDAQ 4307.3 4340.1 4266.8 1.66%
DAX 8854.4 8967.5 8752.9 2.45%
DJI 15691.6 15974.0 15660.2 2.00%
FTSE 5537.0 5707.6 5537.0 3.08%
HKSE 18278.8 18482.3 18545.8 -1.22%
NI225 15426.3 15437.2 15713.4 -4.84%