Standard & Poor’s is dropping another 13 stocks from the S&P/TSX composite iindex because they no longer meet the more stringent requirements for membership in the index.

The requirements include such things like a minimum trading price, liquidity, or size.

The stocks being dropped from the index are Biomira Inc., Corel Corp., Gerdau AmeriSteel Corp., Hub International Ltd., Mosaic Group Inc., North American Palladium Ltd., O&Y Properties Corp., Slater Steel Inc., Stressgen Biotechnologies Corp., Teknion Corp., Theratechnologies Inc., Vector Aerospace Corp. and Westaim Corp.

The shake-up is the third major shuffle for index since May 1, when it replaced the old TSE 300 Composite Index. Last September, 30 issues were dropped and three added to the index. And in June, 23 stocks were dropped and three added.

Among the dozen new rules for inclusion in the new S&P/TSX Composite Index is the stipulation that an issue must trade at or above $1 per share for a month prior to being adding to the list. To stay in the composite index, stocks must trade above $1 for at least three months.

Stocks that are dropped from the index will not be eligible for reinstatement for at least a year.

The shuffle takes effect after the close of trading on Friday, December. 20.

The next scheduled quarterly revision of the S&P/TSX Composite Index will be in March 2003.