Ashmore and ICAP set to bid farewell to FTSE 100 listings

 
Michael Bow
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FTSE 100 quarterly reshuffle of listed companies could demote emerging market fund manager Ashmore down to the FTSE 250 today after investors sent its share price down 2.56 per cent yesterday on the back of a dip in full year results.

FTSE reshuffles its listed company indices every three months. The latest rejig will be based on last night’s closing prices on the indices.

Interdealer broker ICAP and Ashmore were eligible for demotion based on yesterday’s close and are set to be replaced by investment company Melrose and oil and gas service Wood Group, FTSE said in a statement last night.

Ashmore, which specialises in emerging market funds, yesterday posted a one per cent drop in pre- tax profits, down from £245.9m to £243.2m. Assets under management also fell $2.1bn, or three per cent, to $63.7bn at 30 June. The results sent Ashmore shares down to 332p. ICAP also saw a 1.51 per cent drop in share price.

New entrants and FTSE small cap companies that could also rise up to the FTSE 250 today include broadcast company Pace, software firm Playtech and fashion retailer SuperGroup.

At risk of demotion to the FTSE Small Cap Index are mining firms Aquarius Platinum and Avocet Mining, energy services company Cape, diamond miner Gem Diamonds and investment fund JP Morgan Asian Investment Trust. A FTSE committee scheduled for today will approve the decisions based on last night’s prices.