In today’s briefing:
- Goodman Group (GMG AU): Much Bigger Index Impact of US$2.5bn Equity Offering
- S&P/ASX Index Rebalance Preview: Changes Stable as Adds Outperform Deletes Bigly
Goodman Group (GMG AU): Much Bigger Index Impact of US$2.5bn Equity Offering
- Goodman Group went into a trading halt and then announced results and an underwritten equity placement of A$4bn (US$2.54bn) to pursue growth opportunities across logistics and data center operations.
- The stock has dropped since CIC’s stake sale in December but still continues to handily outperform peers.
- There will be some passive buying in the stock at the time of share settlement and more a few days later to mop up around 37% of the offering.
S&P/ASX Index Rebalance Preview: Changes Stable as Adds Outperform Deletes Bigly
- Nearing a few days left in the review period, there could be 39 adds/deletes across the S&P/ASX family of indices in March.
- Passive trackers will need to trade a lot of stock in the forecast changes, with the impact being especially large for the changes to the S&P/ASX 200 and S&P/ASX 300.
- Except for the S&P/ASX 200 (AS51 INDEX) that is heavily tracked, the performance of the forecast changes to the other indices has been very stable with adds outperforming deletes bigly.
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