Trade Me taps Methven out of the NZX50

Friday, 10 February 2012, 5:46 pm
Article: BusinessDesk

Trade Me taps Methven out of the NZX50

Feb. 10 (BusinessDesk) – Online auction site Trade Me will oust tapmaker Methven in the NZX 50 Index from Feb. 20, the stock exchange operator said today.

After its monthly review of the benchmark index, NZX decided Trade Me met liquidity requirements to be added to the top 50. That means Methven will drop out of the index again, having rejoined the NZX 50 last year at Abano Healthcare’s expense.

Trade Me, which is two-thirds owned by Australia’s Fairfax Media, has a market capitalisation of $1.21 billion, while Methven is valued at $67.9 million on the same basis.

Shares in Trade Me rose 1 percent to $3.07, while Methven stock dropped 2.9 percent to $1.02.

(BusinessDesk)

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