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Dunedin cancer diagnostic company Pacific Edge has edged high street clothing retailer Hallenstein Glasson out of the stock exchange's NZX top 50 index.
Pacific Edge's share price is $1.47, giving it market capitalisation of $468 million, while Hallenstein's is $3.08, with a market cap at $184 million.
Craigs Investment Partners broker Peter McIntyre said market cap was not the only measure for index consideration, but also the percentage of freely traded shares, as opposed to block holders not trading, available within the total pool. Institutional investors take keener interest in top 50 stocks.
Also changing its position yesterday was Chorus, which slipped out of the NZX top 15 index, to be replaced by the Kiwi Income Property Trust.