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Standard & Poor's appears set to complete its quarterly review of the S&P/TSX Composite index at the end of next week and UBS expects newspaper chain Torstar Corp. (OTC:TORSF), to get lost in the shuffle.

"[Torstar appears] vulnerable to deletion for failing to satisfy the requirements for continued inclusion," UBS strategist Garry Cooper said in a note Wednesday.

He expects S&P to decide by the end of close on June 12 and the new companies to join the index on June 19.

Torstar, which owns the Toronto Star and the Globe and Mail through a stake in CTVglobemedia, closed down slightly Tuesday at C$5.20 per share.

Mr. Cooper notes that the media company, with a "higher probability" of removal, has an estimated index weight of 0.025%, has had almost 26 days of average volume and is short about 2.3 million shares of what is required for the index.

The other likely candidate for deletion is Highpine Oil & Gas Ltd. (OTC:HPNOF), which is developing two sites in Alberta. Its shares were down about 3% to C$4.74 at Tuesday's close.

Mr. Cooper also anticipates biomedical company MDS (MDZ) will be dropped from the S&P/TSX 60 due to its status as the smallest company on the large-cap benchmark and the lack of representation of the materials sector.

Top candidates for pick up on the composite index are Detour Gold Corp. (OTCPK:DRGDF) and Great Basin Gold Ltd. (NYSEMKT:GBG), while IAMGOLD Corp. (NYSE:IAG) and Eldorado Gold Corp. (NYSE:EGO) have potential to get onto the top-60 index.

Source: Torstar Vulnerable to Deletion from S&P / TSX - UBS