Pharol, Novabase, Ramada and Ibersol will drop the national benchmark on March 18. With a new name, the PSI, it will start trading with just 15 listed companies, four less than the companies that currently make up the index.
According to the annual report published this Wednesday by Euronext Lisbon, the changes are materializing after the close of the March 18 session, with the new PSI starting to trade in full with the 15 listed, four less than the current 19, on March 21. .
With the changes announced last August taking effect, there is no longer a minimum number of PSI-20 constituents. Unlike until now, where the main window of the Lisbon stock exchange had to fill 18 positions, now listed companies must meet a set of requirements to secure a place in the national benchmark index.
The new rules require index members to have a market capitalization “free float” (market value of a company’s effectively outstanding shares) of at least 100 million euros.
In addition to this new requirement, there is a speed of trading volume test, in which 15% of admitted shares must change hands within 12 months prior to the review. Of the total, only two listed companies could fall below the 10% mark. You must also be listed on the stock exchange for more than 20 days or have a continuous listing (which excludes companies that trade on a call basis, as is the case with certain sports club SADs).
According to Euronext, which manages several European stock exchanges, such as Paris, Amsterdam, Brussels, Dublin, Lisbon, Oslo and Milan, the new PSI comes after “an extensive public consultation process”, including Portuguese and international users of the index. .