Having recently completed an annual review of trading activity on the composite 300 index, The Toronto Stock Exchange is dropping six mining issues from the index and adding one. To disappear from the index Feb. 1 are Brenda Mines (TSE), Canamax Resources (TSE), Denison (TSE) A shares, Muscocho Explorations (TSE), Belmoral Mines (TSE), Equity Silver Mines (TSE) and Glamis Gold (TSE).
The TSE elected to drop these issues after calculating their weighted average quoted market value over the past three years. “Any company that falls below 325 in the rankings automatically gets deleted,” said composite spokesperson Maria Finney.
By contrast, any non-index issue that ranks above 275 when the weighted averages are added up is eligible to be listed on the composite 300 as long as its meets other criteria set out by the TSE.
Of the 18 stocks to be added to the 300 index this year, Bema Gold (TSE) is the only mining issue.
As part of the annual revision, the exchange will rename on Feb. 1 five of the index’s sub-groups to more accurately reflect the nature of the businesses of their component companies.
The Uranium and Coal group, for example, will be called Non- Base Metal Mining when the changes come into effect. Management companies will henceforth be known as conglomerates.
The composite 300 index represents a wide measure of Canadian share values.
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