Aberdeen edges closer to FTSE 100 promotion as quarterly review nears

ABERDEEN Asset Management could yet be promoted to the FTSE 100 for the first time in next Wednesday’s index reshuffle, after its shares recovered from a five per cent drubbing earlier in the week.

Aberdeen had already fallen 3.5 per cent in the week to Wednesday, when news broke that Credit Suisse was selling some of its stake in the firm for 240p a share, the bottom end of its selling range.

But the markets went some way to repairing the damage yesterday, with the shares gaining 3.9 per cent to close at 250p.

This gives the firm a market cap of £2.83bn, in the middle of the pack of firms fighting for promotion to the FTSE 100.

Other candidates to move into the prestigious index include Croda, which yesterday had a £2.93bn market cap.

Mondi, another firm gunning for a spot, had a value of £2.81bn yesterday. John Wood Group, Pennon and the London Stock Exchange are also in the running to join the top index, while Essar Energy and Hargreaves Lansdown are at risk of falling into the FTSE 250.

The review, conducted after the markets close on Tuesday, will also mark the debut of free float figures for all FTSE 100 companies.