06/03/2015 - 14:09

West not best in index reshuffle

06/03/2015 - 14:09

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Listed companies from Western Australia are on the outer in the most recent quarterly reshuffle of the S&P Dow Jones ASX Indices, with high-profile absentees including Iluka Resources, Mineral Resources and Monadelphous Group.

West not best in index reshuffle
Fewer WA companies are flying the flag on the ASX's benchmark indices.

Listed companies from Western Australia are on the outer in the most recent quarterly reshuffle of the S&P Dow Jones ASX Indices, with high-profile absentees including Iluka Resources, Mineral Resources and Monadelphous Group.

The indices, which are used as benchmarks for portfolio managers, will be updated at the close of trading on March 20.

The moves are emblematic of the slowdown in WA, particularly in the resources sector, with mineral sands producer Iluka Resources joining Sydney-based WorleyParsons, which has had substantial WA operations, in exiting the S&P/ASX 50.

Recently floated healthcare giant Medibank Private and job finder Seek were added in their place.

Engineering services provider Monadelphous Group and miner Mineral Resources both exited the S&P ASX 100, with Medibank and Magellan Financial Group nabbing their spots.

There was also a substantial exodus from the S&P ASX 200, with Atlas Iron, BC Iron, Beadell Resources, and Mount Gibson Iron all WA-based exits, with Horzion Oil and Lynas Corporation also leaving the index.

Regis Healthcare, granite player Syrah Resources, Estiah Health, Dick Smith Holdings, Corporate Travel Management and Australian Agricultural Company all entered the index, showing a trend towards technology-related and healthcare stocks.

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