Telecom makes Aussie Top 50 Index

The quarterly review of the Standard & Poor's/ASX indices today added two companies to their top 50 index - Telecom and Stockland Trust.

Pacific Dunlop and Hutchison Telecommunications were removed from the top 50.

The ranking naturally gives Telecom a place in other S&P/ASX indices, including the top 100, 200, 300 and share price index.

Telecom has welcomed the inclusion.

"It's a good reflection of our growing following in Australia," says spokesman Martin Freeth.

Mr Freeth says inclusion in the indices are determined on details such as liquidity and market capitalisation.

He says in the past few years the number of TEL shareholders in Australia has grown from just a few hundred to around 20,000.

Although the recent AAPT purchase has raised the company's profile across the Tasman, Mr Freeth says the support for the company started growing before that, particularly after the withdrawal of shareholder Ameritech.

Standard and Poor's says the changes to the indices will be reflected in the starting portfolio of April 2, 2001.

The ratings agency says company additions or deletions from an S&P equity index aren't an opinion on the investment merits of that company.

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