Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Summerset, Metlifecare join NZX 50 Index

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.


© Scoop Media

Business Headlines | Sci-Tech Headlines


DIY: Kiwi Ingenuity And Masking Tape Saves Chick

Kiwi ingenuity and masking tape has saved a Kiwi chick after its egg was badly damaged endangering the chick's life. The egg was delivered to Kiwi Encounter at Rainbow Springs in Rotorua 14 days ago by a DOC worker with a large hole in its shell and against all odds has just successfully hatched. More>>


Trade: Key To Lead Mission To India; ASEAN FTA Review Announced

Prime Minister John Key will lead a trade delegation to India next week, saying the pursuit of a free trade agreement with the protectionist giant is "the primary reason we're going" but playing down the likelihood of early progress. More>>



MYOB: Digital Signatures Go Live

From today, Inland Revenue will begin accepting “digital signatures”, saving businesses and their accountants a huge amount of administration time and further reducing the need for pen and paper in the workplace. More>>

Oil Searches: Norway's Statoil Quits Reinga Basin

Statoil, the Norwegian state-owned oil company, has given up oil and gas exploration in Northland's Reinga Basin, saying the probably of a find was 'too low'. More>>


Modern Living: Auckland Development Blowouts Reminiscent Of Run Up To GFC

The collapse of property developments in Auckland is "almost groundhog day" to the run-up of the global financial crisis in 2007/2008 as banks refuse to fund projects due to blowouts in construction and labour costs, says John Kensington, the author of KPMG's Financial Institutions Performance Survey. More>>


Health: New Zealand's First ‘No Sugary Drinks’ Logo Unveiled

New Zealand’s first “no sugary drinks logo” has been unveiled at an event in Wellington... It will empower communities around New Zealand to lift their health and wellbeing and send a clear message about the damage caused by too much sugar in our diets. More>>


Get More From Scoop

Search Scoop  
Powered by Vodafone
NZ independent news