Syrah to lose ASX 200 spot

GRAPHITE producer Syrah Resources will be removed from the S&P/ASX 200 later this month.
Syrah to lose ASX 200 spot Syrah to lose ASX 200 spot Syrah to lose ASX 200 spot Syrah to lose ASX 200 spot Syrah to lose ASX 200 spot

It was one of the changes in S&P Dow Jones Indices' June quarterly rebalance.

Syrah shares have lost more than 60% over the past year and are down about 28% so far this year as the company struggles to ramp up its massive Balama graphite project in Mozambique.

Yesterday's closing price of A$1.075 was not far off the 52-week low of 97.5c and capitalised the company at $370 million.

Despite a slight June quarter production downgrade last week, Macquarie maintained an outperform rating and $2.70 price target.

Syrah was first added to the ASX 200 in March 2015.

It was also announced near-term gold producer Gold Road Resources would replace Navitas in the S&P/ASX All Australian 200.

The company's 50:50 Gruyere joint venture with Gold Fields is due to pour first gold any day.

Gold Road shares are up more than 50% so far this year.

Gold producer Westgold Resources was removed from the ASX All Australian 200, despite its shares having risen about 85% so far this year.