The S&P/ASX 200 Index (ASX: XJO) waved farewell to eight companies on Monday morning. The benchmark index also welcomed eight others.
The shakeup was part of the S&P Dow Jones Indices quarterly rebalance, which seeks to maintain risks at targeted volatility levels.
The ASX 200 houses the 200 (or so) largest listed companies by market cap. As some of these companies lost a lot of ground over the past three months, they were replaced by other companies.
Below we look at the eight companies that departed the ASX 200 on Monday and how they've performed since Friday's closing bell. For context, the benchmark index is down 0.6% this week.
Leaving the ASX 200 on Monday
The first company to depart the benchmark index is Life360 Inc (ASX: 360), with a market cap of $1.0 billion. Based in the United States, the software development company allows users to keep track of family members via its apps. The Life360 share price is down 1.3% since Friday's closing bell.
Up next is AVZ Minerals Ltd (ASX: AVZ), which has a market cap of $2.7 billion. The resource explorer is focused on developing the lithium-rich Manono Project, located in the Democratic Republic of the Congo. AVZ shares last traded on 6 May, after which the company asked for a halt in trading. And it now looks like shares won't be trading again until at least October.
The third company that got kicked out of the ASX 200 on Monday is City Chic Collective Ltd (ASX: CCX), with a market cap of $377 million. The ASX retailer specialises in plus-size women's apparel, footwear and accessories. City Chic pays a 0.6% trailing dividend yield, fully franked. Shares are down 5.9% this week.
Moving on to the fourth company to exit the benchmark index, we have Clinuvel Pharmaceuticals Ltd (ASX: CUV), with a market cap of $944 million. The biotech share is engaged in developing drugs for the treatment of genetic and vascular disorders. Clinuvel pays a slender 0.2% trailing dividend yield, fully franked. The share price is down 10.5% since Friday's closing bell.
Also exiting the benchmark index
Fintech company EML Payments Ltd (ASX: EML) also departed the ASX 200 on Monday. EML payments has a market cap of $330 million. Shares are down 6.95% this week.
Next, we have Janus Henderson Group PLC (ASX: JHG), which has a market cap of $5.9 billion. The investment management services company pays a 6.2%, unfranked trailing dividend yield. The Janus Henderson share price has slipped 1.9% this week.
Coming in at number seven is Pointsbet Holdings Ltd (ASX: PBH), with a market cap of $641 million. Pointsbet, as the name implies, is a licensed corporate bookmaker with operations in Australia and the United States. The Pointsbet share price is down 2.8% since Friday's closing bell.
And the final company to exit the ASX 200 on Monday is Zip Co Ltd (ASX: ZIP). The buy now, pay later (BNPL) stock has been particularly hard hit by rising interest rates this year, leaving it with a current market cap of $535 million. The Zip share price is down 10.9% this week.
