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

Free audio stream, including stories that are padlocked on our site. Listen on any device, anywhere. Updated twice daily. The audio stream takes several seconds to start on Android devices.

Launch Radio player

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)


This article is tagged with the following keywords. Find out more about MyNBR Tags

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7608 0.0001 0.01%
AUD 0.9732 0.0025 0.26%
EUR 0.7024 0.0030 0.43%
GBP 0.5027 0.0017 0.34%
HKD 5.8961 0.0017 0.03%
JPY 90.7270 0.2670 0.30%

Commods

Commodity Price Change Time
Gold Index 1179.0 -14.680 2015-04-24T00:
Oil Brent 65.3 1.460 2015-04-24T00:
Oil Nymex 57.1 -0.480 2015-04-24T00:
Silver Index 15.6 -0.190 2015-04-24T00:

Indices

Symbol Open High Last %
NZX 50 5757.9 5776.4 5757.9 0.13%
NASDAQ 5096.3 5100.4 5056.1 0.71%
DAX 11881.2 11901.9 11810.9 0.03%
DJI 18056.4 18108.9 18058.7 0.12%
FTSE 7070.7 7106.9 7070.7 0.02%
HKSE 28245.1 28588.5 28061.0 1.33%
NI225 20063.8 20069.2 20020.0 -0.18%