CXR dropped from two indexes today, end of dayS&P/TSX COMPOSITE DIVIDEND INDEX
S&P/TSX COMPOSITE HIGH BETA INDEX
This usually means that fund managers will get notified that the stock no longer meets their criteria. Does anyone know how many days fund managers have to exit a stock that is no longer in these composite indexes.
It seems that a number of quoting system still has Concordia paying dividends even if that was cancelled during the last quarter. How long does that take to be corrected. I can imagine a number of investor reviewing this during the weekend maybe holding on hope if they think it still pays dividends?
I only see more downward pressure here. And the boulder just picked up speed today going down the hill?
This was announced on the 9th but is in effect as of the close today.
https://www.marketwatch.com/story/sp-dow-jones-indices-announces-changes-to-the-sptsx-canadian-indices-2016-09-09-17202150-1477275996