The Australian Stock Exchange’s 20 largest companies will not include a major gold producer for the first time in four years, with Newmont expected to slide down the ranks as investors steer clear of secondary listings.

The arrival of the American gold mining giant on the ASX, after its $29 billion takeover of Newcrest, is expected to trigger a reshuffle of the country’s largest equity indices in March and generate around $746 million worth of trades from investors, according to Morgan Stanley.