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
- Housing stats show just about everything's getting worse
- Sir Bob Jones: Why the newspaper industry is deservedly dying
- Brash, Wall clash over Hobson's Pledge campaign
- Air NZ reiterates warning to shareholders of increased competition
- Christchurch City Holdings pays out all underlying profit to council owner
Most listened to
- Week in Review: a wrap of NBR Radio's top stories, interviews and analysis
- Matthew Hooton: Little leaves centre wide open for Peters and Greens
- ASB's Kim Mundy and Realestate.co.nz's Vanessa Taylor on the latest housing statistics
- Rob Hosking: Winston’s hour is coming
- Hunter's Corner: High stakes for both sides of Warminger case