S&P unveils changes to main S&P/TSX Canadian Indices
Ratings and stock index maker Standard & Poor's unveiled changes to its range of Canadian stock indices revealing a shift from cyclical stocks into defensives for its main index.
The changes will be effective at the market open on June 18, 2012.
In its second-quarter review of the Canada's main S&P/TSX Composite Index, energy companies such as Black Diamond Group (TSE:BDI), Enbridge Income Fund (TSE:ENF) and Poseidon Concepts (TSE:PSN) were included in the index.
Also joining the main index are metal fabrications company Martinrea International (TSE:MRE) and real estate firm Northern Property REIT (TSE:NPR.UN).
Leaving the main index are mining amd materials-focused companies such as Extorre Gold Mines (TSE:XG), Guyana Goldfields (TSE:GUY) and Great Basin Gold (TSE:GBG). Mercator Minerals (TSE:ML) and energy firm NuVista Energy (TSE:NVA) are also leaving the S&P/TSX Composite.
For the S&P/TSX Global Gold Index, Rainy River Resources (TSE:RR) and Tanzanian Royalty Exploration (TSE:TNX) are being included while International Tower Hill Mines (TSE:ITH), Jaguar Mining (TSE:JAG), Timmins Gold (TSE:TMM) and Exeter Resource Corp. (AMEX:XRA) are being moved out of the gold index by S&P.
S&P included Orbite Aluminae (TSE:ORT) as well as Rainy River and Tanzanian Royalty in the S&P/TSX Global Mining Index. Amongst the companies being moved out of the Global Mining Index are Avalon Rare Metals (TSE:AVL), Baja Mining Corp (TSE:BAJ), James River Coal Co. (NASDAQ:JRCC) and Scorpio Mining (TSE:SPM).
In the Base Metals Index, S&P has included Orbite while Cline Mining (TSE:CMK), Mirabela Nickel (TSE:MNB) and Nevada Copper (TSE:NCU) are being taken out of the index.
S&P Indices is a unit of McGraw-Hill Companies (NYSE:MHP) which maintains a wide variety of investable and benchmark indices to meet an array of investor needs.
Over $1.45 trillion is directly indexed to its indices, which includes the benchmark S&P 500 and the S&P/Case-Shiller Home Price Indices.
Further details of the index changes can be found at: www.standardandpoors.com/indices.