KEY POINTS:
Shares in Rakon jumped over 3 per cent today after the stock exchange announced the electronics firm is to be promoted to the benchmark top 50 share index.
Rakon, a maker of components for global positioning equipment, will replace insurer Promina, which has been taken over, in the NZSX-50 index from March 12.
The company, which has a market capitalisation of $550 million, has only been listed on the NZX since May last year after a $66 million initial public offering.
Rakon shares were up 14 cents to $4.54 today.
Last month, the stock jumped 10 per cent as investors applauded the technology company's successful raising of $60 million to fund an offshore acquisition.
Rakon made a stunning debut on the market in May 2006, its shares rising 50 per cent to an intraday high of $2.40 on the first day.
- NZPA
