S&P use six-month free-float average market cap and eligible...

S&P use six-month free-float average market cap and eligible additions need to be ranked 179th or better. Based on the 6-mth FF mcap average, BRN is currently sitting 234th in the 300, but you can imagine that will improve by the end of this month. The ranking using yesterday's close is 134th, which would be easily enough to make it in. It is clearly liquid enough to move up, so it will be interesting to see what the index people do with it if the ranking is close to the threshold.

Being added to ASX200 isn't as big a deal as it used to be - most of the big passive investors are benchmarked to ASX 300 and global investors to things like MSCI/FTSE. The futures contract is based on ASX200 though, so there is a potential increase in liquidity as the futures market makers arb the cash market vs futures. This, and some ASX200 benchmarked index funds will induce some short term buying, but the adds generally don't do much more than they already were... if the company does well on a fundamental basis, it generally goes well in the medium/long term. Finally, by being part of the 200, there is a slightly wider pool of potential stock loan to facilitate shorting, but again, that shouldn't matter to a company that is delivering.