S&P Dow Jones Indices reshuffling Canada’s main stock index
No changes are being made to the S&P/TSX 60, a selection of most of the largest companies in the composite.
S&P Dow Jones uses “float” – the value of shares that aren’t held by insiders and that therefore trade frequently and are easily available to the public – to judge whether a company should be included in its indexes. The index provider does not release its proprietary float calculations, but only about half the company’s market capitalization is part of its float, according to S&P Global Market Intelligence, a separate arm of the company.
The changes largely track predictions made by analyst Jean-Michel Gauthier of Scotia Capital Inc. Mr. Gauthier also thought S&P might choose to drop Algonquin Power & Utilities Corp. from the S&P/TSX 60 index, a selection of most of the largest companies in the composite. That did not occur Friday. Research by Morningstar Direct for The Globe and Mail found Canadian mutual funds and exchange-traded funds with assets under management amounting to $395-billion had returns that were 95 per cent or more correlated with the S&P/TSX Composite over the 12 months ended Dec. 31, 2023. This included funds that explicitly say they track the index.
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