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 0.6584 -0.0016 -0.24%
AUD 0.9023 -0.0028 -0.31%
EUR 0.5993 -0.0041 -0.68%
GBP 0.4218 -0.0012 -0.28%
HKD 5.1100 -0.0061 -0.12%
JPY 81.6180 -0.2810 -0.34%

Commods

Commodity Price Change Time
Gold Index 1094.9 6.310 2015-07-31T00:
Oil Brent 52.2 -1.100 2015-07-31T00:
Oil Nymex 47.1 -1.410 2015-07-31T00:
Silver Index 14.8 0.060 2015-07-31T00:

Indices

Symbol Open High Last %
NZX 50 5891.9 5937.6 5891.9 0.49%
NASDAQ 5148.2 5155.0 5128.8 -0.01%
DAX 11271.3 11309.0 11257.1 0.46%
DJI 17755.9 17783.6 17746.0 -0.32%
FTSE 6668.9 6705.4 6668.9 0.41%
HKSE 24650.9 24661.2 24498.0 0.56%
NI225 20506.5 20585.2 20522.8 0.30%