MORE than a dozen property companies and listed property trusts have been removed from the seven S&P/ASX indices.
In the Standard & Poor’s September quarterly rebalance, the biggest casualty was Stockland which was removed from the S&P/ASX 20.
Standard & Poor’s Index Services associate director Simon Karaban said the quarterly rebalance considers the aggregate market capitalisation and liquidity of stocks for the preceding six months for 2008 as a basis for eligibility.
“The aggregate out-performance of resources stocks relative to the broader market over the last six-months has significantly boosted the index eligibility of resources firms.
“It therefore comes at no surprise that approximately 75% of the inclusions to the S&P/ASX 300 were resources-based securities, which includes energy and metals and mining stocks,” Karaban concluded.
In the S&P/ASX 50 index, Mirvac and investment firm Babcock & Brown were removed.
The S&P/ASX 100 index saw the exit of financial services and fund management group Challenger Financial Services Group and ABC Learning Centres.
In the S&P/ASX 200 index Allco Finance Group; APN European Retail Property Group; Centro and Octaviar Limited were omitted.
Meanwhile in the S&P/ASX 300, there was an addition in rural property investor PrimeAG
But at the same time, Octaviar Limited; Record Realty; Rubicon America Trust; Rubicon Japan Trust; Rubicon Europe Trust; City Pacific and Australian Education Trust left.
Finally in the S&P/ASX All Australian 200, Becton Property Group was removed.
Australian Property Journal
