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 0.7046 0.0031 0.44%
AUD 0.9465 0.0056 0.60%
EUR 0.6298 0.0039 0.62%
GBP 0.5504 0.0076 1.40%
HKD 5.4891 0.0245 0.45%
JPY 78.3890 0.0010 0.00%

Commods

Commodity Price Change Time
Gold Index 1266.7 11.460 2017-05-26T00:
Oil Brent 52.5 0.720 2017-05-26T00:
Oil Nymex 49.8 0.910 2017-05-26T00:
Silver Index 17.3 0.130 2017-05-26T00:

Indices

Symbol Open High Last %
NZX 50 7434.5 7441.6 7434.5 0.10%
NASDAQ 6207.0 6211.5 6205.2 0.08%
DAX 12604.4 12611.5 12621.7 -0.15%
DJI 21070.2 21092.8 21083.0 -0.01%
FTSE 7517.7 7554.2 7517.7 0.40%
HKSE 25671.0 25724.4 25630.8 0.03%
NI225 19798.5 19801.6 19813.1 -0.64%
ASX 5789.6 5789.6 5789.6 -0.65%