Eroad shares surge as it joins NZX 50

Eroad shares surge as it joins NZX 50
Eroad provides fleet management software and hardware. (Photo: supplied)
Dan Brunskill
Fleet management company Eroad shares jumped 8% as it was added to New Zealand’s benchmark index after growing its market valuation by $165 million in the past year.   The S&P/NZX 50 Index fell 59.6 points, or 0.5%, to 12,717.94.Turnover was $345m in an extended session for the quarterly rebalance of the S&P/NZX and FTSE Russell Indices.The big change in the rebalance was Eroad replacing Napier Port in the top 50 stocks, having met the market capitalisation requirement of $475m.Eroad’s share price peaked at $6.70 i...