Summerset, Metlifecare join NZX 50, ousting NZ Refining, Goodman Fielder
Dec. 12 (BusinessDesk) - 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 Dec. 24, the NZX said 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 declined 0.3 percent to $3.04. NZ Refining shares dropped 0.8 percent to $2.60 while Goodman Fielder was unchanged at 85 cents.