WA-based Seven West Media and Paladin Energy are among the high profile companies to lose their place on the S&P/ASX100 index because of recent share price slumps.
Shares in Seven West traded at a 52-week high of $3.847 in March but slumped to a low of $1.07 last month on concerns about earnings in the flat advertising market and general negative sentiment towards media stocks. Shares in the group have since recovered to be trading at $1.587 at 8.50am.
Paladin Energy shares have slid from a 52-week high of $2.01 in March to a low of 74 cents last month on negative sentiment towards the uranium industry, poor prices for the commodity and production problems at the company’s mines in Namibia. The stock was trading up three cents at 83 cents at 8.55am.
The other company to lose its spot on the S&P/ASX100 index was drilling firm Boart Longyear, which has suffered from the recent slump in exploration and mining activity.
Additions to the index included Adelaide Brighton, Carsales.com and Flight Centre.
On the S&P/ASX200 index, the removals included WA contractor Macmahon, Linc Energy, Intrepid Mines and APN News and Media.
WA’s high flying internet service provider iiNet joined the index along with Maverick Drilling and Exploration and McMillan Shakespeare.
Gold miner Ramelius Resources lost its spot in the S&P/ASX All Australian 200 index along with Nexus Energy and Linc Energy.
Rising West African gold player Papillon Resources was an addition to the index along with McMillan Shakespeare.
The index changes will be made after the close of trade on Friday, December 21.