NZX to fast-track Goodman Fielder into top 50

The New Zealand Stock Exchange (NZX) is likely to "fast-track" Goodman Fielder's admission onto the NZX-50 index and NZX-50 portfolio index.

Moderate-sized new listings usually have to have a 20-day trading history before they can move into the top 50. But companies that rank in the top 35 of eligible issuers by free float capitalisation qualify for fast track admission into the index.

Goodman Fielder is likely to have a rank of between 13 and 17 on the New Zealand market. The company will be dual-listed in both Australia and New Zealand and is expected to list on December 19.

The NZX is due to make review the make up of its indices five days before the end of the year. "At this time NZX will announce all issuers to be added or deleted from the NZX Equity Indices, including a provisional announcement of an issuer to be removed from the NZX 50 Index to make way for Goodman Fielder," NZX said in a statement.

Goodman Fielder could then be included in the top 50 index from January 1, providing it meets liquidity and market capitalisation expectations.

- NZPA