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Quarterly rebalance: Afterpay added to ASX 100, Syrah Resources kicked out of ASX 200

A number of shares could be on the move on Friday after S&P Dow Jones Indices announced its June 2019 quarterly rebalance of the S&P/ASX Indices.

Below is a summary of the changes that have been made, effective at the open of trading on June 24.

S&P/ASX 20 index changes.

The impressive run by the Goodman Group (ASX: GMG) share price in 2019 has led to the property group being included in the S&P/ASX 20 index at the expense of supermarket giant Coles Group Ltd (ASX: COL). The Goodman Group share price is up around 37% this year, taking its market capitalisation up to $26.5 billion.

S&P/ASX 100 index changes.

Australia’s top 100 listed companies has a couple of new faces this quarter. Payments company Afterpay Touch Group Ltd (ASX: APT) and energy producer Beach Energy Ltd (ASX: BPT) have been added to the index. They have replaced building materials company Adelaide Brighton Ltd (ASX: ABC) and fund manager Janus Henderson PLC (ASX: JHG).

S&P/ASX 200 index changes.

The benchmark S&P/ASX 200 index has seen three changes this quarter. Ship builder Austal Limited (ASX: ASB), fast-growing pharmaceutical company Clinuvel Pharmaceuticals Limited (ASX: CUV), and network services provider Service Stream Limited (ASX: SSM) have all been added to the index. Whereas soon-to-be-acquired education services provider Navitas Limited (ASX: NVT), media company Seven West Media Ltd (ASX: SWM) and struggling graphite producer Syrah Resources Ltd (ASX: SYR) have been kicked out of the S&P/ASX 200 index.

What now?

When a company is added to an index it can lead to an increase in demand for its shares from exchange traded funds that are designed to track an index and from fund managers that may only be permitted to buy shares on certain indices.

Conversely, when shares are removed it can lead to selling pressure for the same reasons. Because of this, I wouldn’t be surprised to see some of these shares push higher or sinking lower today.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COLESGROUP DEF SET. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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