In today’s briefing:
- S&P/ASX Index Rebalance (Sep 2023): Mostly Expected with a Few Surprises
- MVIS Global Rare Earth/Strategic Metals Index Rebalance Preview: Review Period Complete
- Liontown Warms To Abermarle’s Bump
S&P/ASX Index Rebalance (Sep 2023): Mostly Expected with a Few Surprises
- There is 1 change for the S&P/ASX100 Index, 5 adds/ 6 deletes for the S&P/ASX 200 INDEX, and 10 adds/ 8 deletes for the S&P/ASX300 Index at the September rebalance.
- There will be 4-14 days of ADV to trade on the S&P/ASX100 Index and S&P/ASX 200 INDEX adds while the impact on the deletions is between 3-12 days of ADV.
- On average, the adds to the S&P/ASX 200 (AS51 INDEX) and S&P/ASX 300 Index have outperformed the deletes over the last few months.
MVIS Global Rare Earth/Strategic Metals Index Rebalance Preview: Review Period Complete
- The review period for the MVIS Global Rare Earth/Strategic Metals Index ended 31 August. The changes will be announced on 8 September and implemented at the close on 15 September.
- Coming in around the 85% cutoff, Rising Nonferrous Metals Share (600259 CH) is a potential inclusion. There are two stocks that are very close to the 98% deletion threshold.
- Lake Resources Nl (LKE AU) is a deletion from the S&P/ASX 200 (AS51 INDEX) at the September rebalance and there could be more to sell if deleted from this index.
Liontown Warms To Abermarle’s Bump
- Back on the 28 March, Liontown Resources (LTR AU) rejected the third proposal of $2.50/share from Albemarle (ALB US), the world’s largest lithium producer, citing terms were opportunistic.
- Then everything went quiet. There appeared to be an interested party building a stake ~$2.75/share, but nothing concrete emerged.
- Now Albemarle has returned with a revised indicative proposal of $3.00/share – best and final. Due diligence has been granted. The board is supportive if terms are firmed.
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