Updated stockmarket indices announced today have highlighted the rising fortunes of telco iiNet and junior miner Papillon Resources, in sharp contrast to the falling value of uranium miner Paladin Energy and publishing group Seven West Media.
Paladin, Seven West Media and drilling contractor Boart Longyear have all been dropped from the S&P/ASX 100 Index, which is essentially a listing of the 100 largest companies by market value on the Australian Securities Exchange.
Seven West Media recently revised down its forecast first half earnings as it aims to cut costs and restructure the business. Billionaire Kerry Stokes has added to his stake in the group to 35 per cent.
Paladin announced cost-cutting measures last month as it declared that uranium prices would need to rise significantly for a new mine to be commercially viable.
Dow Jones Indices also announced that Perth-based engineering and construction contractor Macmahon Holdings was one of four companies to be removed from the S&P/ASX200 index.
Macmahon announced today that it had been awarded $130 million by the New South Wales government in a 50:50 contract with Bouygues Travaux Publics Australia to deliver the North Strathfield Rail Underpass Project.
New entrants to the S&P/ASX 200 include Subiaco-based iiNet. Dow Jones has also updated the S&P/ASX All Australian 200 index, with Paillon Resources added and gold miner Ramelius Resources dropped.
Papillon increased its market capitalisation from $112 million to $238 million in the year to June 2012, following its success in completing a large investment in gold assets in Mali, West Africa.