In today’s briefing:
- MVIS Australia Equal Weight Index Rebalance: Two Deletions & Other Changes
- Conscious De-Stapling With Uplift – The Abacus Property (ABP) Storage Spinoff
- MVIS Australia A-REITs Index Rebalance: Float & Capping Changes
MVIS Australia Equal Weight Index Rebalance: Two Deletions & Other Changes
- Ansell Ltd (ANN AU) and Challenger Ltd (CGF AU) will be deleted from the MVIS Australia Equal Weight Index at the close of trading on 16 June.
- One way turnover is 5.9% resulting in a one-way trade of A$107m. Only the two deletions have more than 1 day of ADV to sell from passive trackers.
- With the passive selling between 33-50% of short interest on the deletions, there could be short covering at the close on Friday.
Conscious De-Stapling With Uplift – The Abacus Property (ABP) Storage Spinoff
- Back in February with the H1 results announcement, Abacus Property (ABP AU) announced an intention to spin off an ASX-Listed Self Storage REIT with A$3bn in total assets.
- The stock popped 7.4% to A$3.06 but is -16% since. In April they dropped their equity holding in National Storage REIT (NSR AU), in May they updated again.
- Last week they had a big new Investor Presentation saying they would go ahead. There’s a trade in here.
MVIS Australia A-REITs Index Rebalance: Float & Capping Changes
- The upcoming rebalance of the MVIS Australia A-REIT Index will be implemented at the close on 16 June. There are no constituent changes, but there are float and capping changes.
- Estimated one-way turnover at the rebalance is 2.7% resulting in a one-way trade of A$16.6m. There is limited impact on the index constituents.
- The largest inflows are on Scentre Group, HomeCo Daily Needs REIT and Region Re, while the largest outflows are on Stockland, Mirvac Group, Dexus Property and Goodman Group.
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