James Hardie Industries climbs on S&P MidCap inclusion, to replace Roku

Fox

Mon 14:13

** US-listed shares of James Hardie Industries plc JHX.N up 4.6% before the bell to $29.14 ahead of co joining S&P MidCap 400 index .IDX this week
** JHX to replace Roku ROKU.O in IDX effective Weds, Nov 11, S&P Dow Jones Indices announced late Fri
** Fox Corp FOXA.O on Fri completed its $22 bln acquisition of streaming platform Roku
** Stephens analyst Melissa Roberts said in a note she expects passive funds will need to purchase 79 mln JHX shares, implying nearly 10 days of buying demand
** Ireland-based JHX has ~581.65 mln shares outstanding for about $16 bln market cap
** The fiber cement maker last week warned of weaker second-half FY27 earnings as a challenging US housing market weighs on demand
** As of last close, US-listed shares rose 34% YTD, including 13% gain over the past month
     

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))