In today’s briefing:
- MVIS Australia Resources Index Rebalance: 3 Adds, Capping & Float Changes
- MV Australia Equal Weight Index Rebalance: One Add & Capping Leads to A$290m Trade
- MV Global Junior Gold Miners Index Rebalance: Big Flow in Some Stocks
- MV Australia A-REITs Index Rebalance: Only Float & Capping Changes
- [Quiddity Index] MVIS Junior Gold Miners Index Dec24 Rebalance Results: Flow Expectations
- [Quiddity Index] MV Australia Equal Weight Dec 24 Rebal Results: Flow Expectations
MVIS Australia Resources Index Rebalance: 3 Adds, Capping & Float Changes
- De Grey Mining (DEG AU), Perseus Mining (PRU AU) and Sandfire Resources Limited (SFR AU) will be added to the Vaneck Vectors Australian Resources ETF (MVR AU) in December.
- Constituent changes, float changes and capping changes result in an estimated one-way turnover of 7.4% and in a round-trip trade of A$63m.
- De Grey Mining will be acquired by Northern Star Resources in the first half of 2025. The passive buying could push De Grey Mining higher in the short-term.
MV Australia Equal Weight Index Rebalance: One Add & Capping Leads to A$290m Trade
- Telix Pharmaceuticals (TLX AU) is the sole (and somewhat surprising) inclusion for the VanEck Vectors Australian Equal Weight ETF (MVW AU) in December.
- The one inclusion, float changes and capping changes result in a one-way turnover of 5.5% leading to a round-trip trade of A$290m.
- Shorts have increased in Telix Pharmaceuticals (TLX AU) this year but there has been some covering in the stock recently.
MV Global Junior Gold Miners Index Rebalance: Big Flow in Some Stocks
- No constituent changes for the VanEck Vectors Junior Gold Miners ETF (GDXJ US) in December. But there are a lot of float and capping changes.
- Estimated one-way turnover is 2.6% resulting in a round-trip trade of US$269m. There are 8 stocks with over 1x ADV to trade from passive trackers.
- Stocks with the largest flows are Evolution Mining, Pan American Silver, Westgold Resources, B2Gold, Alamos Gold, Harmony Gold Mining, Eldorado Gold, K92 Mining, IAMGOLD, Endeavour Silver and Emerald Resources.
MV Australia A-REITs Index Rebalance: Only Float & Capping Changes
- The upcoming rebalance of the MVIS Australia A-REIT Index will be implemented at the close on 20 December. There are no constituent changes, but there are float and capping changes.
- Estimated one-way turnover at the rebalance is 2.9% resulting in a one-way trade of A$17m. There is limited impact on the index constituents.
- The largest inflows are in Charter Hall, Gpt Group, Dexus Property and Region RE while the largest outflows will be from Goodman Group, Scentre Group and Vicinity Centres.
[Quiddity Index] MVIS Junior Gold Miners Index Dec24 Rebalance Results: Flow Expectations
- The MV J-Gold Miners index represents the performance of small-cap and mid-cap gold and silver mining companies listed around the world.
- There will be no index changes for the December 2024 rebal event.
- We expect a one-way flow of US$168mm for December 2024, which translates to a turnover of 3.4%.
[Quiddity Index] MV Australia Equal Weight Dec 24 Rebal Results: Flow Expectations
- The MV Australia Equal Weight Index represents the performance of large, liquid companies incorporated in Australia and listed on the ASX.
- Telix Pharmaceuticals (TLX AU) is an ADD for the December 2024 review, with no other changes to the index.
- We expect a one-way flow of $US90mm for December 2024, which translates to a turnover of 5.5%.