Globe says... Globe says Hut 8, others joining S&P/TSX Comp Index
2021-12-07 08:04 ET - In the News
See In the News (C-HUT) Hut 8 Mining Corp
The Globe and Mail reports in its Tuesday edition that S&P Dow Jones Indices, manager of the S&P/TSX Composite Index, said it will add a dozen new members prior to the open of trading on Dec. 20. The Globe's David Milstead writes that all the companies currently list on the Toronto Stock Exchange. Hut 8 Mining, which traded for less than $2 a year ago, now has a market capitalization of nearly $2-billion at recent trades of about $12.
The volatile stock crossed the $20 mark last month but is now down by nearly half. It posted $65.8-million in profit on $128.9-million in revenue in the 12 months ended Sept. 30. Lion Electric has a market capitalization of more than $2.2-billion despite being more than 50 per cent off its 52-week high.
Advantage Energy, Baytex Energy, Energy Fuels, Freehold Royalties, Peyto Exploration & Development, Paramount Resources, Secure Energy Services, Tamarack Valley Energy and Topaz Energy. Funeral services provider Park Lawn is also joining.
With the growth of index funds and other passive-investing strategies, whether a stock is part of a major index can have a meaningful effect on share prices. The stocks can see a price bump before and even after inclusion.