At a Quarterly Index Review, companies eligible for the NZX 50 Index are ranked by free float market capitalisation. This quarter, Tenon ranked 56th of the companies eligible for the NZX 50 Index, one place below the ranking of 55th required to maintain a place in the NZX 50 Index. Restaurant Brands qualified for the NZX 50 Index by being the highest ranked company not in the Index at the time of Tenon's removal.
Restaurant Brands operates the New Zealand outlets of KFC, Pizza Hut and Starbucks Coffee. The company listed with NZX in 1997, and was a foundation member of the NZX 50 Index at the Index's launch in 2003, until falling out of the Index in October 2005. Restaurant Brands will rank around 48th in the NZX 50 Index.
Tenon will replace Restaurant Brands in the NZX SmallCap Index. Tenon will be joined in the NZX SmallCap Index by recent listings Delegat's Group Limited and Rakon Limited, which will be added at the same time.
Other NZX Equity Indices to change at the Quarterly include the NZX 50 Portfolio Index and NZX MidCap Index.
Summary of key index changes effective 3 July 2006:
- NZX 50 Index, NZX 50 Portfolio Index, NZX MidCap Index
Restaurant Brands NZ Limited (RBD) will be added to the above indices.
Tenon Limted (TEN) will be deleted.
- NZX SmallCap Index
Delegat's Group Limited (DGL), Rakon Limited (RAK) and Tenon Limited (TEN) will be added to the NZX SmallCap Index.
Restaurant Brands NZ Limited (RBD) will be deleted from the NZX SmallCap Index.
Changes to the NZX Equity Indices in no way reflect an opinion on any NZX Listed Issuer – they are determined solely by the NZX Index Methodology.
