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

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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 0.6709 -0.0001 -0.01%
AUD 0.8770 -0.0017 -0.19%
EUR 0.6058 -0.0023 -0.38%
GBP 0.4297 -0.0002 -0.05%
HKD 5.1996 -0.0010 -0.02%
JPY 82.7140 -0.0010 -0.00%

Commods

Commodity Price Change Time
Gold Index 1169.3 -2.700 2015-07-01T00:
Oil Brent 62.5 1.290 2015-07-01T00:
Oil Nymex 56.9 -2.070 2015-07-01T00:
Silver Index 15.6 -0.021 2015-07-01T00:

Indices

Symbol Open High Last %
NZX 50 5794.4 5830.1 5794.4 0.58%
NASDAQ 5029.1 5038.6 4986.9 0.53%
DAX 11050.3 11283.8 10945.0 2.15%
DJI 17638.1 17801.8 17619.5 0.79%
FTSE 6521.0 6637.3 6521.0 1.34%
HKSE 26459.4 26459.4 26250.0 0.54%
NI225 20565.9 20601.7 20329.3 1.16%