Mediclinic Stock Jumps as MSCI to Bring Stock Into IndexJanice Kew
Mediclinic International Ltd. rose following an announcement that South Africa’s largest private-hospital owner by market value will be included in the MSCI Emerging Market Index.
Mediclinic climbed 2.7 percent to 71.90 rand, the highest since May 31, by the close in Johannesburg. More than 10.2 million shares traded, about 10 times the three-month daily average. Mediclinic will join the 819-stock index starting Sept. 2, MSCI Inc. said late yesterday.
Investors “will have to reshuffle their portfolio and index trackers,” Henre Herselman, a derivatives trader at Nedbank Private Wealth in Johannesburg, said today.
Mediclinic, based in Stellenbosch, said on May 22 that sales in the 12 months through March rose 12 percent because of increases in patient numbers and rising average income per stay. The company’s stock also reached the highest since 1990 in December after being included in the FTSE/JSE Top40 Index of companies with the highest capitalization in South Africa.