The Globe and Mail reports in its Monday edition that Toronto Stock Exchange is expected to welcome three new members to its benchmark index next month, including bulked-up construction company Aecon Group, while dropping a slimmed-down Algonquin Power from the S&P/TSX 60 index. The Globe's Dominique Gene writes that S&P Global Inc. is scheduled to update the TSX stock indices on Friday, and analysts predict at least three companies will join the main benchmark, the S&P/TSX Composite Index. The most likely candidate for inclusion is Aecon, with a stock price that has more than doubled over the past 12 months, creating a $1.8-billion market capitalization that analysts say easily exceeds S&P's threshold for index membership. Adding the Toronto-based company to the benchmark would give passive investors such as index funds more exposure to the nuclear industry, a growing source of low carbon emission power in many industrialized countries. Aecon recently acquired New Jersey-based nuclear power construction specialist United Engineers & Constructors for $33-million (U.S.). TerraVest Industries, which makes home heating products and gas transport vehicles, is also expected to be added to the index.
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