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NovaGold Resources Inc. Message Board

  • mmjohntx mmjohntx Sep 2, 2004 1:47 PM Flag

    S&P / TSX Composite Index

    TORONTO, Sept 1 (Reuters) - The Toronto Stock Exchange's
    main equity index could see as many as six companies added and
    three removed when Standard & Poor's conducts its next
    quarterly review, an analyst said on Wednesday.

    The adjustments would leave the S&P/TSX composite index
    <.GSPTSE> with 226 listings, and would mark the fifth-straight
    quarter S&P has added more than it has deleted from Canada's
    main equity index.

    The quarterly adjustments take effect on the third Friday
    of the month of the review -- in this case Sept. 17 -- and S&P
    typically makes the announcement about a week ahead of time.

    The former TSE300 has been whittled down substantially
    since S&P set strict inclusion criteria in 2002, casting aside
    firms with small trading volumes and low market capitalizations
    in an effort to make the index more attractive to foreign
    investors.

    But since bottoming out at around 210 names last year, S&P
    has added more than it has cut as rising stock prices have
    boosted market capitalizations and sparked higher trading
    volumes.

    In a research note, CIBC World Markets analyst Yin Luo said
    Bennett Environmental Inc. , Conjuchem Inc. ,
    and Miramar Mining Corp. could all be removed for
    failing to meet requirements.

    Companies likely to be added are NovaGold Resources Inc.
    and Calfrac Well Services . Transat AT Inc., the parent company of Air Transat, and Algoma Steel
    are expected to return to the index after being
    removed in earlier reviews.

    Pason Systems Inc. , an oil services company, and
    Western Silver Corp. are close calls that may or may
    not be added to the index, the analyst said.

    Index standards call for the removal of companies with a
    relative index weighting of less than 0.025 percent, as well as
    those that fail to meet a formula for trading volume.

    To be added, a company must have a relative weighting of at
    least 0.05 percent and meet the volume requirements.

    Companies removed from the composite will still trade on
    the exchange, but will fall off the radar screens of index
    traders. However, removal from the index typically has little
    long-term effect on an issue.

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