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.
This article is tagged with the following keywords. Find out more about MyNBR Tags
Most listened to
- Nevil Gibson examines the sceptics' view of the Paris climate change talks
- Matthew Hooton rates Steven Joyce's chances of being next National leader
- NZIER's Kirden Lees and Rob Hosking discuss changing how the Reserve Bank targets interest rates
- Hellaby’s new managing director Alan Clarke says he isn’t expecting a pickup at Number 1 Shoes any time soon