14 Dec 2010

Skellerup moves into NZX50

12:45 pm on 14 December 2010

Plastic and rubber manufacturer Skellerup will replace Pike River Coal on the sharemarket's index of top fifty companies.

Pike River Coal shares were suspended from trading last month after the first of a series of explosions at its West Coast mine, in which 29 workers died.

The company was on Monday placed into receivership.

Stock exchange operator NZX says it doesn't want a non-trading stock on the index, so Skellerup will replace Pike River from Monday 20 December.

It's the second change to the NZ50 this year.

DNZ Property Fund took Farming Systems Uruguay's spot in August, after the company was taken over by the Singaporean dairy company Olam International.

Skellerup shares rose 5 cents by midday Tuesday to $1.04.