General Motors returns to S&P 500
General Motors will again be listed on the Standard & Poor's 500 Index after being removed from the American equities listing in 2009 after filing for bankruptcy in the wake of the global financial crisis.
Returning to the S&P 500, an index of the 500 leading publicly traded companies in the US stock market, is a major milestone for the US manufacturer, indicating its continued financial recovery post GFC.
Bloomberg reports that the announcement from S&P Dow Jones Indices that GM, which had been listed in the S&P 500 since the index was established in 1957, would replace HJ Heinz Co. in the S&P 100 and 500 indices from the close of trading on Thursday, saw shares in the carmaker rise by 2.8 per cent to US$35.53.
Based on market values at the close of trading on June 3, Bloomberg suggests GM would rank as the 79th biggest company on the index.
The Detroit-based company filed for Chapter 11 on June 1 in 2009, reporting assets of US$82.29 billion and debts of US$172.81 billion.
The news came on the same day that Chevrolet SS pricing was also confirmed, with the performance sedan to be priced at US$44,470 ($45,700) once on sale in the final quarter of 2013.
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