Restaurant Brands is moving up to the sharemarket’s Top 50 index, replacing Tenon.
At a quarterly review of the NZX-50, wood products specialist Tenon slipped to 56th in ranking, by free float market capitalisation.
That’s one place below the 55th ranking needed to remain in the index’s buffer zone.
Tenon will now go to the NZX small cap index, joined by recent listings Delegat’s Group and Rakon.
Restaurants Brands – which operates Pizza Hut, Starbucks and KFC in New Zealand – returns to the NZX in 48th place, after falling off the index in October last year.
It was the highest ranked company not in the index at the time of Tenon’s removal.
The shake-up also affects the NZX-50 portfolio index and NZX midcap index.