OceanaGold, operator of the Macraes gold field, is to join the NZX 50 Index on September 19 as APN News & Media drops out after the bourse's latest quarterly review.
Dual-listed OceanaGold ranks above the requirement for inclusion in the benchmark index while Australia's APN is being removed after failing to meet minimum liquidity requirements, according to a statement from the NZX.
APN, the publisher of nzherald.co.nz and the New Zealand Herald newspaper, has its primary listing on the ASX, where it is more frequently and heavily traded. Shares of APN, which took a charge in its latest results to write down the value of its titles, have tumbled 57 per cent in the past 12 months and last traded at $1.04.
Shares of OceanaGold have fallen 38 per cent in the past 12 months and traded recently at $2.90.
