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.
Entry into a benchmark index typically benefits a stock because index-weighted funds are required to hold it in their portfolio.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Vodafone promises 'all the free mobile data your household needs' if landline broadband goes down
- Bitter family fallout over $4m Hawke’s Bay farm
- Experts say Auckland Council not spending enough on social media
- Angel investment up 17% this year
- Commissioner wants to raise retirement age to 67, Goldsmith disagrees
Most listened to
- Sunday Business Episode 34 featuring Hayden Cox
- Matthew Hooton on what a National win in Mt Roskill could mean for Labour
- Tim Hunter on Sky's awkward Chinese problem
- Paul Goldsmith's attempt at insolvency law reform has been hijacked by a 'basked of deplorables' says Damien Grant
- Business Week in Review with Grant Walker & Andrew Patterson