The S&P Dow Jones Indices has announced the March 2019 quarterly rebalance of the S&P/ASX Indices.
Every quarter the S&P looks at the S&P/ASX Index hierarchy to decide if there needs to be any alterations. In the S&P/ASX 20 and S&P/ASX 50 there were no changes. However, there are changes in other indices which will take effect at the open on 18 March 2019.
S&P/ASX 100 Index
Financials business IOOF Holdings Limited (ASX: IFL) has been removed due to its heavy suffering from the Royal Commission and APRA action. Painfully for IOOF shareholders, its share price has fallen more than 40%.
Taking IOOF’s place is investment company Washington H. Soul Pattinson and Co. Ltd (ASX: SOL), a stalwart of the ASX. The Soul Patts share price has risen by more than 70% over the past year thanks to a strong performance from TPG Telecom Ltd (ASX: TPM), which is Soul Patts’ largest holding.
S&P/ASX 200 Index
Investment management company Pinnacle Investment Management Group Ltd (ASX: PNI) and financial technology business Hub24 Ltd (ASX: HUB) have been added to the ASX 200.
Meanwhile, renewable energy business Infigen Energy Ltd (ASX: IFN) and car dealership company Automotive Holdings Group Ltd (ASX: AHG) have been kicked out.
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