Working in Algonquin’s favour in remaining in the S&P/TSX 60 – and is a serious headwind to Fairfax – is the precarious industry balance of Canada’s major stock indexes
lives on the S&P/TSX 60 Index of Canada ’s biggest companies. If it leaves, however, don’t expect Fairfax Financial Holdings Ltd.Analyst Jean-Michel Gauthier at Scotia Capital Inc. had expected Algonquin might get axed by S&P Dow Jones Indices in its quarterly rebalancing of major Canadian stock indexes. He had said Fairfax might be the replacement.
with about 220 to 250 members, depending on the quarter. The S&P/TSX 60, it says in its methodology document, “represents Canadian large cap securities with a view to reflecting the sector balance of the S&P/TSX Composite.” business for $2.28-billion of cash plus up to $220-million of future payments, based on profits. Proceeds, Algonquin said, will be used to pay off debt.
Fairfax is next, at a float of $37.8-billion – more than $20-billion greater than the next companies, TFI International Inc. and GFL Environmental Inc.
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