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

 

Pacific Edge to join NZX 50, replacing Hallenstein

Pacific Edge rewarded for surging stock with entry to NZX 50 as Hallenstein leaves

By Suze Metherell

March 13 (BusinessDesk) – Pacific Edge, the bladder cancer test developer whose shares have soared in the past year, will join the NZX 50 Index this month, replacing retailer Hallenstein Glasson Holdings, whose stock has tumbled in the same period.

Hallenstein’s share price has declined 44 percent in the past 12 months while Pacific Edge has surged 118 percent, outpacing the benchmark index’s 17 percent rise. Pacific Edge’s market cap has grown to $445.1 million while Hallenstein’s is at about $184 million.

Shares of Pacific Edge extended their gains last month after the company said it signed a deal allowing its Cxbladder test to be used by District Health Boards. It inked two agreements with US healthcare network providers last year, giving it access to 44 million Americans.

Hallenstein has been the benchmark’s worst performer this year, falling 20 percent. The clothing chain has cut earning guidance three times since June last year against a back drop of tougher competition and rising online apparel sales.

The retailer was unchanged at $3.09 in morning trade, while Pacific Edge rose 1.4 percent.

The move is part of stock market operator NZX’s quarterly rebalance and the benchmark index will include Pacific Edge from March 24.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

'Irregular Accounting': Voluntary Suspension Of Fuji Xerox Govt Contracting

This suspension gives the Ministry of Business, Innovation, and Employment time to understand the full implications of the report from FUJIFILM Holdings into irregular accounting practices at FXNZ. More>>

ALSO:

MPI: Cow Disease Detected In NZ For First Time

MPI is responding to the detection of the cattle disease Mycoplasma bovis in a dairy herd in South Canterbury... The disease is commonly found in cattle globally, including in Australia, but it’s the first detection of it in New Zealand. More>>

South Island Flooding: Focus Moves To Recovery

As water recedes throughout flood-impacted areas of the South Island, Minister of Civil Defence Nathan Guy has praised the efforts of those who were involved in the response to the flooding... More>>

ALSO:

Superu Report: Land Regulation Drives Auckland House Prices

Land use regulation is responsible for up to 56 per cent of the cost of an average house in Auckland according to a new research report quantifying the impact of land use regulations, Finance Minister Steven Joyce says. More>>

ALSO:

Fund For PPP Plans: Govt Embraces Targeted Rates To Spur Urban Infrastructure

The government's latest response to the Auckland housing shortage will see central government and private sector firms invest in 'special purpose vehicles' to fund essential roading, water and drains that Auckland Council can't fund without threatening its credit rating. More>>

ALSO: