ENGINEERING group IMI has been promoted to the blue-chip FTSE 100 index after the latest review, indexes complier FTSE Group said yesterday.
IMI will replace defence contractor Cobham which has been demoted to the FTSE 250 index.
Companies outside the FTSE 100 that grow to rank among the 90 largest by market capitalisation are promoted into the index, while FTSE 100 companies with the lowest value or that fall to 111th spot or below drop into the FTSE Midcap 250 index.
Four other changes were made to the FTSE 250 index, with three recent new issues gaining automatic entry and one company promoted from the FTSE Small Cap index.
Internet betting exchange Betfair, and specialty chemicals company AZ Electronic Materials, both of which floated in October, will join the mid caps.
Real estate investment trust London & Stamford Property, which stepped up from the AIM to the London Stock Exchange’s Official list on 1 October, also gained automatic entry to the FTSE 250.
And Russian-focused oil company Exillon Energy was promoted from the FTSE small cap index.
Milk producer Robert Wiseman Dairies, outsourcing group Xchanging, oil explorer Melrose Resources, and directories company Yell Group were all demoted to the FTSE small cap index from the FTSE 250. The index changes will take effect from 20 December.
FAST FACTS | FTSE RESHUFFLE
Engineer IMI joins FTSE 100, as defence contractor Cobham is relegated to FTSE 250.
Betfair, AZ Electronic Materials, London & Stamford Property and Exillon Energy are being promoted to the FTSE 250.
Robert Wiseman Dairies, Xchanging, Melrose Resources and Yell Group are being demoted from the FTSE 250 to the FTSE small-cap index.
City A.M. Reporter