Who takes F&P's NZX50 spot

Steel & Tube Holdings (NZX: STU) will take Fisher & Paykel Appliances' place in the NZX50, the market operator has announced.

Yesterday, Chinese whiteware giant Haier reached the 90% compulsory acquisition mark of F&P, allowing it to delist the company.

NZX senior strategy analyst John Fernandes says Steel & Tube met all criteria for inclusion in the NZX50 at the time of F&P's notice of dominant ownership.

The change will be made after the market's close on Tuesday and be effective from the following day – the day of Steel & Tube's annual meeting in Wellington.

At the current share price of $2.13, just two cents higher than it started the year, the local steel products maker is valued at $188 million.

The company's ASX-listed owner Arium sold its majority stake in Steel & Tube last month – at which time the company said it wanted to return to the NZX50.

Entry into a benchmark index typically benefits a stock because index-weighted funds are required to hold it in their portfolio.


Got a question about this story? Leave it in Comments & Questions below.

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

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7280 -0.0004 -0.05%
AUD 0.9481 0.0015 0.16%
EUR 0.6491 0.0002 0.03%
GBP 0.5593 0.0008 0.14%
HKD 5.6430 -0.0022 -0.04%
JPY 73.9870 0.4700 0.64%

Commods

Commodity Price Change Time
Gold Index 1321.0 -5.860 2016-09-28T00:
Oil Brent 49.2 2.720 2016-09-28T00:
Oil Nymex 47.0 2.380 2016-09-28T00:
Silver Index 19.1 -0.050 2016-09-28T00:

Indices

Symbol Open High Last %
NZX 50 7305.4 7349.8 7290.4 0.73%
NASDAQ 5311.3 5317.0 5318.6 -0.47%
DAX 10545.6 10575.3 10438.3 -0.52%
DJI 18322.9 18366.2 18339.2 -0.24%
FTSE 6849.4 6941.1 6849.4 0.94%
HKSE 23828.6 23828.6 23619.7 0.51%
NI225 16606.3 16756.4 16465.4 1.39%
ASX 5412.4 5473.3 5412.4 1.09%