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 0.7113 -0.0081 -1.13%
AUD 0.9508 -0.0043 -0.45%
EUR 0.6400 0.0046 0.72%
GBP 0.5202 0.0267 5.41%
HKD 5.5327 -0.0493 -0.88%
JPY 72.5690 -2.8270 -3.75%

Commods

Commodity Price Change Time
Gold Index 1322.4 67.410 2016-06-24T00:
Oil Brent 49.0 -2.570 2016-06-24T00:
Oil Nymex 47.6 -2.510 2016-06-24T00:
Silver Index 17.8 0.440 2016-06-24T00:

Indices

Symbol Open High Last %
NZX 50 6821.4 6853.1 6821.4 -2.25%
NASDAQ 4715.8 4798.2 4910.0 -4.12%
DAX 9237.6 9720.1 10257.0 -6.82%
DJI 17946.6 17946.6 18011.1 -3.39%
FTSE 6338.1 6338.6 6338.1 -3.15%
HKSE 20483.5 21034.2 20868.3 -2.92%
NI225 16333.9 16389.2 16238.4 -7.92%
ASX 5280.7 5325.4 5280.7 -3.17%