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IOOF (ASX:IFL) Was Just Booted From The ASX100 By Soul Patts (ASX:SOL)

The S&P Dow Jones Indices has announced the March 2019 quarterly rebalance of the S&P/ASX Indices. 

The S&P Dow Jones Indices has announced the March 2019 quarterly rebalance of the S&P/ASX Indices.

Every quarter the S&P looks at the S&P/ASX Index hierarchy to decide if there needs to be any alterations. In the S&P/ASX 20 and S&P/ASX 50 there were no changes. However, there are changes in other indices which will take effect at the open on 18 March 2019.

S&P/ASX 100 Index

Financials business IOOF Holdings Limited (ASX: IFL) has been removed due to its heavy suffering from the Royal Commission and APRA action. Painfully for IOOF shareholders, its share price has fallen more than 40%.

Taking IOOF’s place is investment company Washington H. Soul Pattinson and Co. Ltd (ASX: SOL), a stalwart of the ASX. The Soul Patts share price has risen by more than 70% over the past year thanks to a strong performance from TPG Telecom Ltd (ASX: TPM), which is Soul Patts’ largest holding.

 S&P/ASX 200 Index

Investment management company Pinnacle Investment Management Group Ltd (ASX: PNI) and financial technology business Hub24 Ltd (ASX: HUB) have been added to the ASX 200.

Meanwhile, renewable energy business Infigen Energy Ltd (ASX: IFN) and car dealership company Automotive Holdings Group Ltd (ASX: AHG) have been kicked out.

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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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