Contact Energy added to the MSCI Global Standard Index
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The news: New Zealand electricity retailer Contact Energy has been added to the MSCI Global Standard Index, while six Australian companies were removed.
The numbers: Contact shares climbed 2% to $8.47 in early trading on the ASX, extending gains of more than 10% over the last 12 months.
The context: Fellow New Zealand utilities company Mercury NZ (-0.4%) was deleted from the index.
Six Australian companies — Endeavour Group (0.2%), Mineral Resources (-0.7%), Mirvac Group (-1.1%), Orica (-1.4%), Ramsay Health Care (-1.2%) and Seek (0.6%) — were also removed.
The changes will take effect after the close of markets on 28 February.
The MSCI Global Standard Index captures large- and mid-cap stocks across developed and emerging markets.
The index weighs stocks according to their market capitalisation, and is used as a benchmark for global equity portfolios.
The source: ASX announcement
