Fonterra's dairy trumps Cavalier's wool in NZX 50 reshuffle

Fri, 11 Jan 2013

Jan. 11 (BusinessDesk) - The Fonterra Shareholders' Fund, whose units soared 26 percent on their first day of trading, will tip wool carpetmaker Cavalier Corp out of the benchmark NZX 50 index this month. The Fonterra fund, which has surged by a third from their $5.50 offer price, has met the ranking and liquidity requirements and will join the benchmark index on Jan. 21, the stock exchange operator said in a statement after the close of business. Cavalier, which has shed 23 percent over the past 12 months, will leave the top 50 being the l...

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