Agricultural and rubber goods manufacturer Skellerup Holdings will replace Pike River Coal on the NZX 50 after the mining company's biggest creditor, New Zealand Oil & Gas, called in the receivers yesterday.
Shares in Skellerup rose 5.1 per cent to $1.04 on the news, and have gained 92 per cent in value so far this year.
The New Zealand Stock Exchange said the change will take effect from Monday.
"PRC will be removed from all NZX Equity Indices, including the NZX 50 Index," a statement from the stock exchange said.
The NZX said it would consult the market to determine a price at which Pike River Coal exits the NZX 50.
Pike River Coal shares last traded at 88c on November 19.
The West Coast mine has not been operating since the first of a series of explosions ripped through it last month. The bodies of 29 miners remain in the mine.
The company earlier said it did not want trading in its shares resumed until it had an indication of what it could cost to rebuild the business.
The company and its receivers PricewaterhouseCoopers were due to meet with workers this morning.
Skellerup replaces Pike River on the NZX 50
The Skellerup factory in Christchurch. Photo / Simon Baker
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