11 Mar 2010

Allied to be considered for listing at next NZX review

8:20 pm on 11 March 2010

Stock market operator NZX says it will consider the inclusion of Allied Farmers in its top 50 index when it next reviews the list in June.

The NZX recently announced it will no longer be issuing memos about possible changes to the index, and will only issue final decisions.

If follows an incident last month when Allied Farmers' share price spiked after the stock exchange sent out a note to a limited number of market players, that the company would be included in the NZX50 index at the March review.

The NZX later reversed its decision, and the share price dipped.

In its latest quarterly review of the index, the NZX says it will consider Allied Farmer's inclusion at next review in June, when the shares will have had nearly six months of trading since the company bought Hanover and United Finance's loanbooks.

The only change in the composition of NZX Equity Indices made at the latest review, is the removal of Sunseeker Energy from the NZX SciTech Index and NZAX All Index.

The company is suspended from trading on the NZAX and has not traded for 12 months.