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Coal miner Pike River Coal Ltd will replace investment company Hellaby Holdings in the benchmark top-50 index, exchange operator NZX said yesterday.
Pike River was promoted to the index following the NZX's June quarterly review, and will rank around 43rd as of Tuesday, July 1. Pike River will also be added to the NZX 50 Portfolio Index and NZX MidCap Index.
Shares in Pike River have followed their 31 percent owner NZ Oil and Gas to record highs in recent months.
While production at its mine near Greymouth on the West Coast is yet to begin, the company expects to hit the coal seam in July followed by full production a year later.
Pike River shares closed up 8c, or at a record $2.01, giving the stock a market capitalisation of about $536 million. Hellaby shares fell 7c, or 4.2 per cent, to $1.58, giving it a market capitalisation of $79.3m. The stock hit a 10-year low of $1.50 this week.
