Carter Holt Harvey Ltd’s US parent, International Paper Inc, has been dropped from the Dow Jones industrial average.
The list of 30 industrial stocks, oldest index in the US, differs from most indexes which are calculated on market capitalisation. The Dow is weighted by price/share, but also doesn’t change its composition very often.
This is the first change since November 1999. International Paper has been on the Dow since 1956. Also out this time are AT&T and Eastman Kodak. They’re replaced by Pfizer, the American International Group and Verizon Communications.