Biotech minnow exits NZX50 in index rejig
NZ Refining to join benchmark index.
Dunedin-based biotech company Pacific Edge [NZX: PEB] will be removed from the NZX50 and NZX50 Portfolio indices in the latest quarterly rebalance by Standard & Poor’s.
It will be replaced by NZ Refining, operator of the oil refinery at Marsden Point near Whangarei.
NZ Refining has a market capitalisation of $1 billion and its liquidity has improved since the sale of an 11.4% stake by Chevron in late May. The buyers were a range of institutional and retail investors, who paid $2.33 a share, or $82.8m in total.
NZ Refining shares are currently trading around $3.22.
Pacific Edge, marketer of a non-invasive test for bladder cancer, has a market capitalisation of $173m.
The changes take place after market close on September 18.
In other changes, Air New Zealand enters the NZX15 index at the expense of Goodman Property Trust and Pacific Edge replaces NZ Refining in the Small Cap Index.
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Biotech minnow exits NZX50 in index rejig
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