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

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)


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

Comments & Questions

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7190 -0.0085 -1.17%
AUD 0.9129 -0.0036 -0.39%
EUR 0.6108 -0.0028 -0.46%
GBP 0.5358 -0.0038 -0.70%
HKD 5.6146 -0.0703 -1.24%
JPY 80.7540 -0.5560 -0.68%

Commods

Commodity Price Change Time
Gold Index 1307.1 13.250 2017-09-25T00:
Oil Brent 58.4 2.190 2017-09-25T00:
Oil Nymex 52.2 1.560 2017-09-25T00:
Silver Index 17.1 0.163 2017-09-25T00:

Indices

Symbol Open High Last %
NZX 50 7869.8 7887.2 7869.8 0.22%
NASDAQ 6403.1 6408.1 6426.9 -0.88%
DAX 12557.4 12629.9 12594.8 0.17%
DJI 22320.5 22359.9 22349.6 -0.24%
FTSE 7301.3 7311.8 7301.3 0.07%
HKSE 27308.6 27567.9 27500.3 0.05%
NI225 20349.3 20385.5 20397.6 -0.33%
ASX 5683.7 5698.5 5683.7 -0.22%