Fonterra's dairy trumps Cavalier's wool in NZX 50 reshuffle

The Fonterra Shareholders' Fund, whose units soared 26 percent on their first day of trading, will tip wool carpetmaker Cavalier Corp out of the benchmark NZX 50 index this month.

The Fonterra fund, which has surged by a third from its $5.50 offer price, has met the ranking and liquidity requirements and will join the benchmark index on January 21, the stock exchange operator says in a statement after the close of business.

Cavalier, which has shed 23 percent over the past 12 months, will leave the top 50, being the lowest-ranked stock.

Units in the Fonterra fund, which give investors a slice of Fonterra Cooperative Group's dividend stream, rose 0.8 percent to $7.31 in trading today, while Cavalier shares gained 1.8 percent to $1.71.

The reshuffle comes after retirement village operators and developers Metlifecare and Summerset Group joined the top 50 at the expense of Goodman Fielder and New Zealand Refining in the December quarterly review.

(BusinessDesk)

This article is tagged with the following keywords. Find out more about My Tags

Comment & Question

Commenter icon key: Subscriber Verified

Post New comment or question

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.

NZ Market Snapshot

Forex

Sym Price Change
USD 0.7839 0.0011 0.14%
AUD 0.8930 -0.0011 -0.12%
EUR 0.6196 0.0008 0.13%
GBP 0.4889 0.0006 0.12%
HKD 6.0819 0.0099 0.16%
JPY 84.7970 0.1500 0.18%

Commods

Commodity Price Change Time
Gold Index 1228.6 -12.490 2014-10-23T00:
Oil Brent 86.8 2.120 2014-10-23T00:
Oil Nymex 82.0 1.530 2014-10-23T00:
Silver Index 17.1 -0.080 2014-10-23T00:

Indices

Symbol Open High Last %
NZX 50 5292.8 5344.4 5292.8 0.77%
NASDAQ 4427.4 4475.6 4382.9 1.60%
DAX 9008.6 9044.9 9047.3 -0.38%
DJI 16468.1 16767.5 16461.3 1.32%
FTSE 6419.1 6419.1 6419.1 -0.24%
HKSE 23311.9 23352.6 23333.2 -0.13%
NI225 15354.4 15377.0 15139.0 1.01%